UNAUDITED FINANCIAL RESULTS-31-12-2025
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Awaiting price reaction for this filing.
Mauria Udyog reported standalone revenue from operations of Rs. 8,180.32 lacs for Q3 FY26, sharply lower than Rs. 12,957.27 lacs in Q3 FY25 — a roughly 37% quarterly drop. However, for the nine months ended December 2025, revenue grew about 13% to Rs. 35,350.57 lacs (vs Rs. 31,170.60 lacs in 9M FY25). Standalone profit after tax for the quarter slipped to Rs. 454.62 lacs from Rs. 513.90 lacs, while nine-month PAT jumped roughly 58% to Rs. 2,179.92 lacs from Rs. 1,381.54 lacs. The statutory auditor NKSC & Co. issued a Qualified Opinion, flagging that unquoted equity investments were not fair-valued, that the company did not use the expected credit loss model for trade receivables under Ind AS 109, and that the Amrapali Group/Supreme Court matter (Rs. 16,700 lacs deposit direction, including Rs. 10,182 lacs of Mauria's properties) was neither provided for nor disclosed as a contingent liability. The auditor also drew attention as an Emphasis of Matter to long-pending trade receivables of Rs. 6,958.12 lacs (net of Rs. 3,278.17 lacs provision) and to the SEBI interim order directing the company to deposit Rs. 2,619.69 lacs and restraining it from the securities market.
The strong nine-month PAT growth is a positive, but the sharp single-quarter revenue fall, the qualified audit opinion, the SEBI restraint from securities markets, and the large unprovided-for Supreme Court/SEBI exposures are serious red flags that could weigh on the stock and keep investors cautious about asset quality and contingent risks.