Outcome of Board Meeting for issuance of Warrants and approved Unaudited Financial Results (Standalone and Consolidated) for the quarter ended December 31, 2025
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Shree Salasar Investments' board approved unaudited financial results for Q3 FY26 (ended Dec 31, 2025) and cleared a preferential issue of up to 18.5 lakh warrants convertible into equity shares. Standalone results were weak, with Q3 revenue showing a negative Rs. 18.48 lakhs against Rs. 30.67 lakhs a year ago, and a loss after tax of Rs. 19.98 lakhs (EPS of negative 0.29). Consolidated numbers told a very different story: Q3 revenue surged to Rs. 3,099 lakhs from Rs. 1,213.67 lakhs YoY (roughly 155% growth), with profit after tax and minority interest at Rs. 538.02 lakhs versus Rs. 132.89 lakhs (around 305% growth). The wide gap between standalone and consolidated shows that subsidiaries (Vinca Realtors, Marine Drive Realtors, Hariyana Developers) are the real earnings engine. Of the 18.5 lakh warrants, 18 lakh (97%) are being subscribed by the two promoters — Ajay Sarupria and Shailesh Hingarh — who will each see their holding rise from about 33.5% to roughly 36.7% once warrants are exercised.
If fully converted, the warrants will dilute existing public shareholders by around 21% on the current equity base of 69.72 lakh shares, but the heavy promoter subscription signals insider confidence in the business. Investors should weigh the strong consolidated growth against the weak standalone performance and the fact that 3 subsidiaries' interim financials were not independently reviewed by auditors.