Outcome of Board Meeting held on Tuesday, January 27, 2026.
Awaiting price reaction for this filing.
The Board of Carnation Industries approved its Q3 FY26 (Oct-Dec 2025) and 9M FY26 (Apr-Dec 2025) unaudited financial results, which were also reviewed by auditors Jain Saraogi & Co LLP. The company reported a net loss of Rs. 53.70 lakhs in Q3 FY26, worsening from a Rs. 27.14 lakhs loss in Q3 FY25, and a 9-month loss of Rs. 88.78 lakhs versus a profit of Rs. 191.91 lakhs in 9M FY25. Total income fell to just Rs. 24.16 lakhs for the quarter (entirely from disposal of an asset held for sale, with nil revenue from operations). The auditor flagged several emphasis-of-matter items including past borrowings exceeding Section 180(1)(c) limits without prior shareholder approval (later regularized in Sept 2025), loans/investments of Rs. 905.59 lakhs breaching Section 186(2) limits, and pending satisfaction of charge filing for ICICI Bank. The company is pursuing a strategic acquisition of Oniv Beverages (up to Rs. 5 crore share swap) and paid an advance of Rs. 329.18 lakhs to Integra Essentia under a business purchase agreement.
Shareholders should note deepening operating losses and an essentially dormant core business (no revenue from operations), partially offset by strategic acquisitions that signal a turnaround attempt. Multiple governance and compliance flags (breach of borrowing/investment limits, NCLT resolution history, pending ROC filings) warrant caution despite retrospective shareholder approval.