Un audited Financial Results for the quarter ended 31.12.2025
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Vista Pharmaceuticals reported unaudited results for Q3 FY26 (Dec 2025) with revenue from operations of Rs 241.62 lakhs, down from Rs 255.50 lakhs in the same quarter last year. The company swung to a wider loss before tax of Rs 328.04 lakhs in Q3 versus Rs 180.44 lakhs loss a year ago, and the nine-month loss before tax nearly doubled to Rs 838.25 lakhs (from Rs 422.78 lakhs). A major drag in Q3 was a Rs 205.43 lakhs provision for Expected Credit Loss (ECL) on long-pending trade receivables under Ind AS 109. During the half-year, the company issued 1.02 crore convertible share warrants and collected Rs 307.50 lakhs as 25% upfront subscription. The auditor flagged an 'Emphasis of Matter' over the ECL provision and about Rs 395.48 lakhs in unpaid statutory dues (TDS, PF, ESI, professional tax and income tax), though it gave an unmodified review conclusion.
The widening losses, falling revenue, a large write-down on aged receivables and unpaid statutory dues point to ongoing liquidity stress and weak operating performance, which is negative for shareholders. On the positive side, the warrant issue brought in partial fresh capital, but overall the financials remain concerning.