Audited Financial Results (Standalone and Consolidated) for the quarter and year ended March 31, 2026
JINDALPHOT · price
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Jindal Photo Limited reported standalone profit of Rs. 383 Lakhs for FY26 versus a loss of Rs. 274 Lakhs in FY25. However, consolidated results show a loss of Rs. 2,279 Lakhs due to share of net loss of Rs. 2,662 Lakhs from joint ventures and associates (mainly Mandakini Coal Company Ltd). Standalone income jumped to Rs. 1,261 Lakhs from Rs. 247 Lakhs, driven by dividend income of Rs. 1,046 Lakhs and fair value gains. Other Comprehensive Income surged to Rs. 81,469 Lakhs due to Rs. 95,066 Lakhs in fair valuation gains from shares allotted following the Jindal India Powertech Limited demerger. The auditors issued an unmodified (clean) opinion but included an Emphasis of Matter noting non-provision of Rs. 537 Lakhs doubtful loan and Rs. 5,132 Lakhs recoverable from joint venture MCCL, with compensation claims pending. Q4 standalone loss widened to Rs. 108 Lakhs from Rs. 60 Lakhs year-on-year.
The standalone profit is misleading as the consolidated entity is in loss due to poor performance of joint ventures. The large OCI gains from demerger inflated book value but do not represent cash earnings. Shareholders should monitor the MCCL recovery risk as the coal mine compensation dispute remains unresolved with Rs. 5,669 Lakhs at stake.