Laxmi Cotspin Limited has informed the Exchange regarding Board meeting held on February 13, 2026.
LAXMICOT · price
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On the reaction day the stock moved 9.3 pts less than Nifty Microcap 250 and 9.3 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Laxmi Cotspin reported weak Q3 FY26 results, with revenue from operations falling about 40% year-on-year to ₹2,456.97 lakhs (vs ₹4,114.54 lakhs) and a net loss of ₹147 lakhs against a profit of ₹27.20 lakhs in Q3 FY25. For the nine months ended December 2025, the company posted a net loss of ₹698.68 lakhs versus a profit of ₹48.14 lakhs a year earlier. The statutory auditor (D M K H & Co.) issued a qualified conclusion on both standalone and consolidated results, flagging six issues including inadequate inventory records, an unauthorized ₹5.51 crore loan to subsidiary Laxmi Spintex without board approval, depreciation calculation non-compliance with Ind AS 16, an advance to a creditor showing signs of financial stress, and an unregistered land sale to the subsidiary. The board revised executive directors' remuneration to nil from January 1 to March 31, 2026, accepted the resignation of non-executive women director Mrs. Prafullata Rathi due to health reasons, and said it is exploring business opportunities for subsidiary Laxmi Style & Design or considering its closure if nothing feasible is found.
The sharp revenue fall, swing to loss, and a multi-issue qualified auditor opinion highlight serious governance and compliance concerns that are likely to weigh negatively on the stock. The nil executive director remuneration and signal to potentially shut an inactive subsidiary suggest cost discipline, but unresolved related-party and loan-to-subsidiary issues raise risk for minority shareholders.