Outcome of Board Meeting held on 3rd February, 2026.
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Suraj Products Ltd's Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. Standalone Q3 FY26 revenue from operations stood at Rs 6,550.02 lakhs, down about 2.6% YoY from Rs 6,722.08 lakhs in Q3 FY25, but up roughly 11.6% sequentially from Rs 5,869.35 lakhs in Q2 FY26. For the nine-month period, revenue fell about 13% YoY to Rs 20,488.95 lakhs from Rs 23,553.65 lakhs, while profit after tax declined around 31% YoY to Rs 1,183.37 lakhs from Rs 1,718.33 lakhs. Q3 standalone PAT was Rs 403.86 lakhs versus Rs 398.59 lakhs in Q3 FY25, with EPS of Rs 3.54 for the quarter. The auditor issued an unmodified review report with an emphasis-of-matter note regarding the new Labour Codes effective from November 21, 2025. The company also disclosed a favourable arbitration award on a power plant dispute as a contingent asset (not yet received) and an income tax demand of Rs 32.31 lakhs for FY24, which it is appealing.
Mixed picture for shareholders - sequential recovery in Q3 revenue and PAT is a positive, but the 13% revenue decline and 31% PAT decline over the nine-month period, along with EBITDA margin compression from about 11.5% to 9.5%, point to weakening underlying performance. Watch the pending arbitration receipt and income tax appeal outcome, both of which could materially affect future earnings.