Outcome of the Board Meeting held on 10th February, 2026.
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The Board approved unaudited standalone and consolidated results for the quarter and nine months ended 31 December 2025. Standalone revenue from operations came in at Rs. 115.55 crore for the quarter, down from Rs. 139.88 crore in Q3 FY25, while nine-month revenue was Rs. 381.65 crore versus Rs. 417.63 crore last year. Nine-month loss widened to Rs. 69.51 crore from Rs. 57.26 crore, with EPS at Rs. (14.59). Anil Kumar Goel was appointed as Company Secretary and Compliance Officer, while continuing as CFO. The Board also approved a One-Time Settlement of Rs. 141.77 crore with related party Modi Industries Ltd (common directors) against a recoverable debt of Rs. 146.86 crore, resulting in a settlement loss of Rs. 5.09 crore booked this quarter. Of this, Rs. 59.50 crore has already been received, leaving Rs. 59.50 crore outstanding bearing 8% interest. The auditors issued a qualified review, flagging non-provisioning of Rs. 27.05 crore as interest on late cane dues.
Widening losses and a related-party debt haircut of about Rs. 5 crore are negatives, but steady cash recovery of nearly Rs. 60 crore from MIL provides liquidity support. The auditor's qualified opinion over unpaid cane interest remains a key overhang, while consolidating CS and CFO roles under one person may raise governance concerns for some investors.