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Vikalp Securities Ltd reported weak unaudited financial results for Q3 FY26 and the nine months ended 31st December 2025. Total income for Q3 stood at just Rs 0.26 lakhs versus Rs 0.11 lakhs in the year-ago quarter, while nine-month income was nearly flat at Rs 14.03 lakhs (vs Rs 14.12 lakhs last year). The company posted a loss after tax of Rs 3.89 lakhs in Q3 compared to a small profit of Rs 0.26 lakhs a year ago. For nine months, the loss widened slightly to Rs 7.36 lakhs from Rs 10.81 lakhs earlier, while the full-year FY25 loss stood at Rs 73.82 lakhs. Basic EPS for the quarter was negative Rs 0.13. The statutory auditor issued a Limited Review Report with an Emphasis of Matter flagging that the company has given unsecured loans without RBI registration under Section 45-IA of the RBI Act, 1934.
The company continues to make losses and shows very weak revenue generation, which is negative for shareholders. The auditor's emphasis on non-registration with the RBI for lending activity is a serious regulatory red flag that could attract scrutiny and limits investor confidence in the stock.