Please find enclosed file.
Awaiting price reaction for this filing.
Muzali Arts Ltd reported unaudited results for the quarter and nine months ended 31 December 2025. The company has zero revenue from operations — its only income is 'other income' (₹30.48 lakhs for 9M FY26 vs ₹36.47 lakhs in 9M FY25), which the auditor notes is essentially interest on loans and advances. The company reported a profit after tax of ₹24.45 lakhs for 9M FY26, a big swing from a ₹278.37 lakh loss in 9M FY25, with basic EPS of ₹0.04. The auditor flagged serious concerns: the company has had no active operations since October 2022, it could not independently confirm the carrying value of ₹6.62 crore in loans and advances, and the company's income/asset profile suggests it should be registered as an NBFC with the RBI but has no such registration. The auditor issued a modified (qualified) review report noting these issues.
Multiple red flags — dormant operations, an unverifiable loan book, an RBI NBFC classification concern, and a qualified auditor opinion make this a high-risk stock. The apparent profit turnaround is mostly a base-effect swing from last year's one-time losses rather than signs of a genuine business recovery. Retail investors should be very cautious.