Please find attached Unaudited Financial Results for QE Dec 31, 2025 together with LRR from Statutory Auditors
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Awaiting price reaction for this filing.
NCL Research & Financial Services, an NBFC focused on finance and investments, reported its Q3FY26 standalone results alongside a Limited Review Report from statutory auditor Maheshwari & Co. Income for the December 2025 quarter fell sharply to about ₹32.81 lakhs from ₹85.13 lakhs in the September 2025 quarter, while the nine-month FY26 income came in at ₹578.64 lakhs. Profitability for the nine months turned positive (EPS of ₹0.03) compared with a loss in the same period last year (EPS of ₹(0.01)). The Limited Review Report is clean (unmodified), but the auditor flagged an 'Other Matter' noting that interest income has not been recognised on roughly ₹22.35 crore of loans and advances given to various parties, as documentation to determine the interest rate was not provided. The report also confirms an auditor change, as the prior period figures were reviewed by the predecessor auditor.
Short-term: the sharp quarter-on-quarter drop in income and the auditor's flagging of ₹22.35 crore of unbooked interest on loans raise concerns about earnings quality and recoverability, which could weigh on the stock. Medium-term: the swing to a positive nine-month profit and the absence of any qualification in the review are mild positives, but shareholders should watch for further clarity on the disputed loan book.