Outcome of Board Meeting
Price
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The Board of Directors of Kay Power and Paper Ltd met on February 14, 2026, and approved unaudited financial results (standalone and consolidated) for Q3 and nine months ended December 31, 2025. Revenue from operations for Q3 FY26 fell sharply to Rs 474.84 lakhs from Rs 762.57 lakhs in the previous quarter, and the company reported a net loss of Rs 8.54 lakhs versus a profit of Rs 1.96 lakhs in Q2 FY26. For the nine months ended December 2025, the company posted a loss of Rs 5.37 lakhs against a profit of Rs 16.17 lakhs in the same period last year. The company disclosed that its plant remained non-operational for 64 days during the quarter due to boiler fuel-feeding issues, and it has ordered an automatic fuel-feeding system expected to be commissioned by April 15, 2026. The Board accepted the resignation of statutory auditors M/s R.Y. Kulkarni & Associates (due to expiry of peer review certificate and health reasons) and appointed M/s Ankush Shinde and Company in their place. The company also reported raising Rs 29.01 crores during the quarter through conversion of 1,28,50,000 warrants into equity shares, with funds earmarked for working capital, raw material purchase, loan repayment, and setting up an aerospace and defense industrial park.
Weak quarterly performance with a return to losses and operational disruption from a 64-day plant shutdown is negative for short-term sentiment, but the planned commissioning of the automatic fuel-feeding system by April 2026 and fresh equity infusion of Rs 29 crores could support a turnaround. Shareholders should note the change in statutory auditors and continued losses as key risks.