Please find eclosed herewith un-audited financial results for the Quarter and Nine Months ended 31st December 2025
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Sudal Industries' Board approved unaudited financial results for Q3 FY26 and nine months ended December 31, 2025, reviewed by statutory auditors Bagaria & Co LLP. The auditor issued a qualified conclusion with a material uncertainty related to going concern, citing an ongoing legal matter: the NCLAT set aside the NCLT's August 2023 order on the company's Pre-packaged Insolvency Resolution Plan (PIRP), and the company has appealed to the Supreme Court, which granted a stay in October 2024. The auditor is unable to comment on the impact on profits, liabilities, and equity as the case is sub-judice. Revenue from operations for Q3 FY26 stood at Rs 4,539.28 lakhs versus Rs 4,048.04 lakhs in Q3 FY25, while nine-month revenue grew to Rs 13,205.25 lakhs from Rs 10,862.42 lakhs. The company swung to a nine-month profit after tax of Rs 238.24 lakhs from a loss of Rs 258.18 lakhs in the prior year period.
Despite improved topline and a turnaround to profit at the nine-month level, the auditor's qualified opinion and explicit going-concern flag create significant uncertainty. Shareholders should closely watch the Supreme Court ruling on the insolvency resolution plan, as it could materially affect the company's liabilities, equity, and continuity as a going concern.