Statement of Deviation & Variation
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Shyamkamal Investments reported a strong turnaround for Q3 FY26 (quarter ended Dec 31, 2025), with net sales jumping to ₹46.62 lakhs from just ₹13.36 lakhs in the same quarter last year, a roughly 249% YoY rise. Profit after tax for Q3 was ₹52.31 lakhs versus a loss of ₹37.13 lakhs in Q3 FY25. For the nine months ended Dec 2025, revenue doubled to ₹140.32 lakhs (vs ₹67.78 lakhs) and PAT swung to a profit of ₹72.08 lakhs from a loss of ₹52.48 lakhs. EPS for 9M FY26 stood at ₹0.42 versus a negative ₹0.39 a year ago. The company also disclosed a preferential issue on Dec 12, 2025, allotting 1.29 crore equity shares at face value (₹10) and raising ₹12.92 crore, fully utilized for working capital and business expansion with no deviation reported. The statutory auditor (Mukeshkumar Jain & Co.) issued an unmodified review report but flagged concerns including absence of an audit trail in accounting software, an unrecoverable outstanding of ₹75.07 lakhs from a joint venture counterparty, and non-availability of bank statements for HDFC and Canara Bank for verification.
The sharp swing from loss to profit and strong revenue growth are positive signals for shareholders, but the preferential allotment at face value has resulted in significant equity dilution. The auditor's emphasis-of-matter notes on weak internal controls, unverified receivables, and missing bank statements warrant cautious investor attention despite the improved headline numbers.