Unaudited Financial Results for the quarter ended 31st December 2025
Awaiting price reaction for this filing.
McNally Bharat reported Q3 FY26 standalone revenue of Rs 2,491.61 lakhs, up from Rs 1,844.62 lakhs in the previous quarter but down 22% YoY at the nine-month level (Rs 5,828.52 lakhs vs Rs 7,465.04 lakhs). The company posted a loss before tax of Rs 6,122.15 lakhs for Q3 and Rs 39,944.36 lakhs for 9M FY26, but reported a large one-time exceptional gain of Rs 3,91,813.42 lakhs from the implementation of its NCLT-approved Resolution Plan, turning 9M PAT positive at Rs 3,51,869.06 lakhs. The Resolution Plan implementation saw 95% of existing share capital extinguished, with Mandal Vyapar Pvt Ltd (SPV of BTL EPC, the Successful Resolution Applicant) now holding 90% of the restructured equity. The auditor issued an unmodified limited review opinion with an Emphasis of Matter on the resolution plan accounting treatment, pending reconciliations of current assets/liabilities, and the new Labour Codes. An EPFO demand of about Rs 960 lakhs (damages and interest) remains stayed by the Jharkhand High Court.
Shareholders should note that the headline profit is entirely driven by a one-time accounting gain from debt extinguishment under the IBC resolution plan and does not reflect profitable operations, with underlying losses continuing. The company's core revenue is shrinking and trade receivables/payables remain unreconciled, keeping operational uncertainty high. Existing shareholders were diluted to 5% of the restructured capital, with the new promoter group (Mandal Vyapar/ BTG EPC) now in control.