Financial Results for quarter and nine months ended December 31, 2025
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Kesar India Ltd reported standalone revenue from operations of ₹9,160.28 lakhs for Q3 FY26, sharply higher than ₹1,579.74 lakhs in Q3 FY25. For the nine-month period, revenue rose to ₹12,141.72 lakhs from ₹6,628.82 lakhs, about 83% growth year-on-year. Standalone profit after tax for the quarter jumped to ₹1,677.74 lakhs (vs ₹229.75 lakhs), while 9M PAT was largely flat at ₹1,822.81 lakhs vs ₹1,818.08 lakhs. The big Q3 spike was driven by recognition of ₹81 crore revenue from a land sale (land bought for ₹59.16 crores and sold for ₹115.72 crores) under Ind AS 115. The company also issued equity shares and convertible warrants aggregating ₹273.72 crore on a preferential basis, with 45.35 lakh warrants still outstanding. The auditor (RHAD & Co.) issued an unmodified limited review report on both standalone and consolidated results. The company is migrating from the SME platform to the Main Board and has adopted Ind AS from Q3 FY25.
The headline Q3 earnings look exceptional but are largely inflated by a one-time land sale; investors should focus on the 9M numbers which show modest underlying PAT growth. The pending conversion of warrants and further land transactions could add volatility to future quarters.