Attached the Un-audited Financial results and Limited Review Report for the quarter ended 31st December 2025
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On the reaction day the stock moved 5.6 pts more than Nifty Microcap 250 and 5.0 pts more than its Hotels & Resorts peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Velan Hotels reported a loss of Rs 49.56 lakhs for Q3 FY26 (vs Rs 44.05 lakhs loss in Q3 FY25), with negligible revenue of just Rs 0.50 lakhs as hotel operations remain suspended since March 2020. Total expenses stood at Rs 49.56 lakhs, primarily comprising employee costs, finance costs, and depreciation. For the nine months ended December 2025, the cumulative loss widened to Rs 150.18 lakhs. The company's net worth is fully eroded, with negative reserves of Rs 4,634.56 lakhs against equity capital of Rs 3,196.41 lakhs. The statutory auditor (Krishaan & Co.) has flagged a material uncertainty on the company's ability to continue as a going concern, noting that survival depends on asset sale proceeds. So far, Rs 82.52 crores has been remitted to RARE Asset Reconstruction Company (which holds the company's debt) from asset sales. Statutory dues including GST, VAT, and Service Tax remain overdue by more than 12 months.
This is a deeply negative filing for shareholders — operations are shut, losses continue, net worth is wiped out, and the auditor has explicitly raised a going concern doubt. The stock is likely to remain distressed with value depending entirely on asset sale realizations rather than business operations.