UNAUDITED FINANCIAL RESULTS OF THE COMPANY FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2025 AND ANY OTHER MATTER WITH THE PERMISSION
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Zenlabs Ethica posted a net loss of ₹200.76 Lakhs in Q3 FY26 versus a profit of ₹8.51 Lakhs in Q3 FY25, and a nine-month loss of ₹193.67 Lakhs versus a profit of ₹17.86 Lakhs a year ago. The swing to losses was driven by a ₹207.81 Lakhs exceptional item after the Reserve Bank of India cancelled the company's NBFC registration on 7 November 2025, forcing it to write off investments and loans no longer consistent with its permitted business. Revenue from operations dipped to ₹1,242.78 Lakhs in Q3 (vs ₹1,272.29 Lakhs) and to ₹3,633.84 Lakhs for 9M (vs ₹3,843.71 Lakhs). Operating profit before the exceptional charge fell to ₹6.35 Lakhs in Q3 from ₹12.54 Lakhs, reflecting margin compression. The statutory auditor issued an unmodified (clean) review report but drew specific attention to the NBFC cancellation note. The company also appointed a new Company Secretary after the previous one resigned in December 2025.
Shareholders face a sharp swing to losses largely due to a one-time regulatory write-off, but core trading operations remain marginally profitable. The loss of NBFC status is a structural change that removes the company's financial services business and may weigh on the stock, though the underlying pharma trading revenue base appears intact. Investors should monitor management's new business direction post-RBI action.