The Board approved the IND-As Compliant Standalone Financial Results along with Limited Review Report for the quarter ended December 31, 2025
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TPI India Limited reported Q3 FY26 revenue from operations of Rs 892.87 lakhs, up about 6% from Rs 839.72 lakhs in Q3 FY25. Profit after tax for the quarter stood at Rs 21.81 lakhs versus Rs 17.31 lakhs a year earlier. For the nine-month period, revenue rose to Rs 2,417.40 lakhs (from Rs 2,209.67 lakhs) while PAT jumped sharply to Rs 62.48 lakhs from Rs 11.38 lakhs. However, the statutory auditor (Jain Jagawat Kamdar & Co.) flagged a serious concern: the company's net worth is fully eroded as accumulated losses have wiped out share capital and reserves, yet results were still prepared on a going-concern basis. The auditor also highlighted uncertainty over employee benefit liabilities due to the new Labour Codes notified in November 2025. Deferred tax assets have not been recognised due to lack of reliable future taxable income estimates.
Despite a strong rebound in nine-month profits, the auditor's explicit flag on fully eroded net worth raises serious going-concern doubts that could weigh on the stock and lender confidence. Investors should treat the headline profit growth with caution given the underlying solvency weakness and pending labour code valuation.