Financial Result Submitted along with Auditor Report
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Shervani Industrial Syndicate reported sharply weaker results for Q3 FY26 and the nine-month period. Standalone revenue from operations fell to Rs. 539 lakh in Q3 from Rs. 1,056 lakh a year ago, and to Rs. 1,538 lakh for 9M from Rs. 3,863 lakh (a ~60% decline). Standalone net profit collapsed to just Rs. 5 lakh in Q3 (vs Rs. 60 lakh) and Rs. 18 lakh for 9M (vs Rs. 214 lakh, a ~92% drop). On a consolidated basis, 9M revenue was Rs. 1,881 lakh vs Rs. 4,198 lakh last year, with net profit of only Rs. 10 lakh vs Rs. 184 lakh. Standalone EPS for 9M fell to Rs. 0.69 from Rs. 8.26. The auditor's review carried an 'except for' qualification relating to Ind AS 109, as the fair value of the company's investment in its erstwhile associate Star Hotel Pvt Ltd could not be determined due to non-availability of financial information, and the investment continues to be carried at cost.
Sharp year-on-year decline in both revenue and profit, with profits now marginal, is a negative signal for shareholders. The auditor's qualification on the valuation of the Star Hotel associate investment adds a governance/transparency concern and may weigh on the stock.