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Khaitan (India) Q3 Net Profit Rises 61% to ₹1.24 Cr; Auditor Issues Qualified Opinion
Khaitan (India) Limited reported a strong 50% year-on-year growth in Q3 revenue, reaching ₹26.83 crore, primarily driven by its electrical goods segment. Net profit for the quarter increased significantly to ₹1.24 crore from ₹0.77 crore in the previous year. However, the nine-month profit for FY26 showed a decline to ₹3.14 crore compared to ₹3.54 crore in the prior year. A major point of concern is the auditor's qualified opinion regarding the company's failure to classify its long-suspended sugar mill as a 'discontinued operation'.
Key Highlights
Q3 Revenue from operations increased 50% YoY to ₹2,682.89 Lakhs.
Net Profit for Q3 FY26 rose 61% YoY to ₹123.59 Lakhs.
Electrical Goods segment contributed nearly 99% of total revenue at ₹2,672.66 Lakhs.
Statutory auditors issued a qualified conclusion as the suspended sugar mill is not treated as a discontinued operation.
Nine-month EPS decreased to ₹6.61 from ₹7.45 in the previous year period.
💼 Action for Investors
Investors should focus on the steady growth of the electrical goods segment but exercise caution due to the auditor's qualification and the ongoing financial drag from the suspended sugar operations.
STL Tech Q3 FY26: Order Intake Surges 40.3% to ₹4,263 Cr Driven by AI Data Center Demand
Sterlite Technologies (STL) reported a robust YTD FY26 performance with order intake reaching INR 4,263 crores, a 40.3% YoY increase. The company is strategically pivoting toward AI-led data center infrastructure, which now contributes 20% to revenue with a target of 30% in the medium term. STL maintains a stable 8% global market share in optical fiber cables (ex-China) and is focusing on high-growth regions like North America, where demand is projected to grow at a 13.7% CAGR. Management highlighted significant innovation milestones, including 780+ patents and the development of next-gen Hollow-Core and 160-micron fibers.
Key Highlights
Order intake grew 40.3% YoY to INR 4,263 crores in 9M FY26
Enterprise and Data Center business revenue contribution reached 20% YTD
Maintained 8% global market share in optical fiber cables outside of China
Launched world's slimmest 160-micron fiber and advanced multi-core fiber for AI networks
North American market projected to grow at 13.7% CAGR through 2030, a core focus area
💼 Action for Investors
Investors should focus on the company's ability to convert its strong order book into revenue and the margin expansion potential from the growing data center segment. The technological lead in Hollow-Core fiber provides a competitive edge in the upcoming AI-driven infrastructure cycle.
Pricol Q3 FY26 Results: PAT Jumps 53.7% to ₹63.7 Cr, Revenue Surges 65.7% YoY
Pricol Limited delivered a strong financial performance in Q3 FY26, with consolidated revenue rising 65.67% YoY to ₹1,020.36 crores. Profit After Tax (PAT) for the quarter grew by 53.66% to reach ₹63.69 crores, supported by an EBITDA of ₹124.41 crores. For the nine-month period ending December 2025, the company reported a 34.44% increase in PAT to ₹177.57 crores. The management highlighted steady growth driven by technological innovation and operational excellence in the automotive component sector.
Key Highlights
Consolidated Revenue for Q3 FY26 grew 65.67% YoY to ₹1,020.36 Crores.
Net Profit (PAT) for the quarter increased 53.66% YoY to ₹63.69 Crores.
9M-FY26 Revenue reached ₹2,885.95 Crores, up 54.42% compared to the previous year.
EBITDA margin for Q3 FY26 was maintained at 12.19% with EBITDA growing 59.44% YoY.
Recognized as one of the 'Top 100 Innovative Companies' by CII for 2025.
💼 Action for Investors
The strong top-line and bottom-line growth indicates market share gains and successful product diversification. Investors may consider holding or adding on dips, monitoring the earnings call for guidance on margin sustainability.
Voltas Q3 Net Profit Declines 36% YoY to ₹84 Crore; Total Income Flat at ₹3,120 Crore
Voltas reported a weak Q3 FY26 performance with consolidated Net Profit falling 35.9% YoY to ₹84 crores compared to ₹131 crores in the previous year. Total Income remained nearly stagnant at ₹3,120 crores, down slightly from ₹3,164 crores. Profitability was weighed down by a ₹26 crore impact from the Labour Code and competitive pressures in the cooling segment. Despite the earnings dip, the company maintained its market leadership in Room Air Conditioners and reported steady execution in its domestic projects division.
Key Highlights
Consolidated Net Profit for Q3 FY26 dropped to ₹84 crores from ₹131 crores in Q3 FY25.
Total Income for the quarter stood at ₹3,120 crores, a marginal decline of 1.4% YoY.
Unitary Cooling Products (AC segment) generated revenue of ₹1,924 crores with a segment result of ₹73 crores.
Profit Before Tax (PBT) of ₹116 crores includes a ₹26 crore provision for the Labour Code.
Nine-month (9M FY26) PAT stands at ₹257 crores, down significantly from ₹599 crores in the previous year.
💼 Action for Investors
Investors should monitor the significant margin contraction and the impact of seasonality on the cooling segment. While market leadership remains intact, the sharp decline in 9-month profitability suggests caution until operational efficiencies improve ahead of the peak summer season.
Voltas Q3 FY26 PAT Drops 36% to ₹84 Cr; Total Income Flat at ₹3,120 Cr
Voltas reported a weak performance for Q3 FY26, with consolidated Net Profit declining 36% year-on-year to ₹84 crores. Total income remained largely stagnant at ₹3,120 crores compared to ₹3,164 crores in the previous year's quarter. The company faced seasonal headwinds in its cooling segment and a ₹26 crore impact from the Labour Code, although it maintained market leadership in Room Air Conditioners. For the nine-month period, the profit decline was even sharper, falling from ₹599 crores to ₹257 crores.
Key Highlights
Consolidated Net Profit for Q3 FY26 fell to ₹84 crores from ₹131 crores in Q3 FY25.
Total Income for the quarter stood at ₹3,120 crores, a marginal decline of 1.4% YoY.
Unitary Cooling Products (UCP) segment revenue was ₹1,924 crores with segment results of ₹73 crores.
Nine-month FY26 PAT dropped significantly to ₹257 crores compared to ₹599 crores in the prior year.
Profit Before Tax (PBT) was impacted by a ₹26 crore provision related to the Labour Code.
💼 Action for Investors
Investors should exercise caution as the company faces significant margin pressure and a sharp decline in year-to-date profitability. Focus should remain on the upcoming summer season's volume growth and the management's ability to navigate competitive pricing and regulatory costs.
Voltas Q3 FY26 Net Profit Drops 36% to ₹84 Crores; Revenue Flat at ₹3,120 Crores
Voltas reported a weak performance for Q3 FY26, with consolidated Net Profit declining 36% year-on-year to ₹84 crores. Total income remained stagnant at ₹3,120 crores compared to ₹3,164 crores in the previous year's quarter, reflecting seasonal headwinds in the cooling segment. While the company maintained its leadership in the Room Air Conditioner market, profitability was squeezed by higher costs and a ₹26 crore provision for the Labour Code. The 9-month performance also shows a significant downturn, with PAT falling from ₹599 crores to ₹257 crores.
Key Highlights
Consolidated Net Profit fell 35.8% YoY to ₹84 crores from ₹131 crores in Q3 FY25.
Total Income for the quarter stood at ₹3,120 crores, a marginal decline from ₹3,164 crores YoY.
Unitary Cooling Products (UCP) segment revenue was ₹1,924 crores with a segment profit of ₹73 crores.
9-month FY26 Net Profit witnessed a sharp 57% decline to ₹257 crores compared to ₹599 crores in 9M FY25.
Profit Before Tax (PBT) was impacted by a ₹26 crore charge related to the Labour Code.
💼 Action for Investors
Investors should exercise caution as the company faces significant margin pressure and a sharp decline in year-to-date profitability. The stock's recovery depends on a strong upcoming summer season and improved execution in the international projects segment.
Pricol Q3 FY26 Consolidated Net Profit Jumps 53.6% YoY to ₹63.69 Cr; Revenue Crosses ₹1,000 Cr
Pricol Limited reported a strong performance for the quarter ended December 31, 2025, with consolidated revenue from operations crossing the ₹1,000 crore mark to reach ₹1,020.36 crore. Consolidated Net Profit grew by 53.6% year-on-year to ₹63.69 crore, up from ₹41.45 crore in the same quarter last year. The company maintained steady operational efficiency with Profit Before Tax rising to ₹84.50 crore from ₹54.45 crore YoY. Earnings per share (EPS) improved significantly to ₹5.22 from ₹3.40, reflecting robust growth in the automotive components segment.
Key Highlights
Consolidated Revenue from Operations surged 65.6% YoY to ₹1,020.36 crore in Q3 FY26.
Consolidated Net Profit increased by 53.6% YoY to ₹63.69 crore against ₹41.45 crore in Q3 FY25.
9M FY26 Consolidated Revenue reached ₹2,885.95 crore, a significant jump from ₹1,868.90 crore in 9M FY25.
Consolidated EPS for the quarter stood at ₹5.22, up from ₹3.40 in the corresponding previous year quarter.
Total Expenses for the quarter rose to ₹956.79 crore, primarily driven by higher cost of materials consumed at ₹705.21 crore.
💼 Action for Investors
Investors should take note of the significant revenue milestone and strong bottom-line growth, which indicates market share gains or improved product mix. The stock remains a key play in the automotive instrumentation and components space; monitor the investor call for future margin guidance.
REC Ltd Declares ₹4.60 Interim Dividend; Q3 Revenue Rises to ₹14,911 Crore
REC Limited has declared its third interim dividend of ₹4.60 per share for FY 2025-26, with the record date set for February 6, 2026. The company reported a standalone total revenue from operations of ₹14,910.88 crore for Q3 FY26, a steady increase from ₹14,157.19 crore in the same period last year. Interest income from loan assets remains the primary revenue driver at ₹14,238.65 crore. Additionally, fees and commission income saw a significant jump to ₹392.48 crore from ₹75.73 crore year-on-year.
Key Highlights
Declared 3rd interim dividend of ₹4.60 per equity share (46% of face value).
Standalone Total Revenue from Operations grew to ₹14,910.88 crore in Q3 FY26.
Interest income on loan assets reached ₹14,238.65 crore for the quarter.
Fees and commission income increased sharply to ₹392.48 crore from ₹75.73 crore YoY.
Dividend record date is February 6, 2026, with payment scheduled by February 27, 2026.
💼 Action for Investors
Investors seeking regular income should ensure they hold the stock before the February 6 record date to qualify for the ₹4.60 dividend. The consistent revenue growth and high dividend payout ratio continue to support a positive outlook for this Maharatna PSU.
REC Ltd Q3 Results: Standalone Income at ₹14,952 Cr; Declares ₹4.60 Interim Dividend
REC Limited reported a standalone total income of ₹14,952.50 crore for the quarter ended December 31, 2025, a 5.5% increase from ₹14,172.71 crore in the previous year. Interest income on loan assets grew to ₹14,238.65 crore, reflecting steady credit demand in the power sector. The Board declared a third interim dividend of ₹4.60 per share, maintaining its reputation for high shareholder payouts. While finance costs rose to ₹9,242.93 crore, the overall operational performance remains robust with a record date for dividend set as February 6, 2026.
Key Highlights
Standalone total income for Q3 FY26 rose to ₹14,952.50 crore vs ₹14,172.71 crore YoY.
Declared 3rd interim dividend of ₹4.60 per equity share (46% of face value) for FY 2025-26.
Interest income on loan assets increased to ₹14,238.65 crore from ₹13,692.03 crore in Q3 FY25.
Finance costs for the quarter stood at ₹9,242.93 crore compared to ₹8,837.34 crore YoY.
Consolidated subsidiary REC Power Development contributed ₹107.76 crore to the total income for the quarter.
💼 Action for Investors
Investors should hold for the attractive dividend yield and steady growth in the power-financing loan book. The record date of February 6 is key for those seeking the ₹4.60 per share dividend.
REC Ltd Declares ₹4.60 Interim Dividend; Q3 Total Income Rises to ₹14,952 Crore
REC Limited has declared its third interim dividend of ₹4.60 per equity share for FY 2025-26, maintaining its track record of strong shareholder payouts. The company reported a steady growth in standalone total income for Q3 FY26, reaching ₹14,952.50 crore compared to ₹14,172.71 crore in the previous year. Interest income from loan assets remains the primary driver, contributing ₹14,238.65 crore during the quarter. For the nine-month period ended December 2025, total income grew to ₹44,780.92 crore, reflecting stable operational performance.
Key Highlights
Declared 3rd interim dividend of ₹4.60 per share (46% of face value of ₹10 each)
Standalone Q3 total income increased to ₹14,952.50 crore from ₹14,172.71 crore YoY
Interest income on loan assets for the nine-month period rose to ₹42,770.34 crore
Record date for dividend entitlement is February 6, 2026, with payment by February 27, 2026
Nine-month standalone finance costs stood at ₹27,309.64 crore compared to ₹25,365.05 crore YoY
💼 Action for Investors
Investors should maintain their positions to benefit from the attractive dividend yield and consistent revenue growth. Ensure bank account details and KYC are updated before the February 6 record date to receive the dividend credit.
LT Foods Withdraws Global Green Group Acquisition Following Hungarian Regulatory Rejection
LT Foods Limited has announced the termination of its proposed acquisition of the Global Green Group after the Ministry of National Economy, Hungary, rejected the deal. The acquisition, which was initiated in May 2025, included Global Green Europe Kft., Greenhouse AGRAR Kft., and Global Green International (UK) Limited. The Hungarian government cited national economic and sectoral risks as the primary reasons for the rejection on January 28, 2026. Consequently, the company has withdrawn the transaction and will not proceed with the expansion into these specific entities.
Key Highlights
Proposed acquisition of three Global Green Group entities has been officially withdrawn.
The Ministry of National Economy, Hungary, rejected the transaction on January 28, 2026.
Rejection was based on identified national economic and sectoral risks within Hungary.
The deal involved entities across Hungary and the United Kingdom, first proposed in May 2025.
💼 Action for Investors
Investors should monitor management's next steps regarding capital allocation and whether they seek alternative targets for European expansion. The cancellation may lead to a short-term adjustment in growth expectations previously tied to this acquisition.
GHCL Textiles Q3 FY26 Results: Revenue Up 22.5% YoY to ₹349 Cr, PAT Grows 40.7% YoY
GHCL Textiles reported a strong year-on-year performance for the quarter ended December 31, 2025, with revenue rising 22.5% to ₹349.12 crore. Net profit increased by 40.7% YoY to ₹13.18 crore, although it saw a sequential decline of 17.7% from the previous quarter's ₹16.01 crore. The sequential dip in profitability was primarily driven by higher power and fuel costs, which rose to ₹21.80 crore from ₹16.99 crore in Q2. The company maintains a healthy debt position with total indebtedness at ₹80.33 crore and zero defaults.
Key Highlights
Revenue from operations grew 22.5% YoY to ₹349.12 crore compared to ₹285.00 crore in Q3 FY25.
Net Profit (PAT) stood at ₹13.18 crore, a significant 40.7% increase from ₹9.37 crore in the same period last year.
Quarter-on-quarter (QoQ) profit declined by 17.7% due to rising operational expenses, specifically power and fuel costs.
Earnings Per Share (EPS) improved to ₹1.38 from ₹0.98 in the corresponding quarter of the previous year.
Total financial indebtedness remains manageable at ₹80.33 crore with no outstanding defaults on loans.
💼 Action for Investors
Investors should focus on the strong YoY recovery in the textile segment while monitoring the impact of rising energy costs on margins. The company's low debt profile and steady revenue growth make it a stable play in the textile sector.
GHCL Textiles Q3 FY26: Revenue Rises 22.5% YoY to ₹349 Cr, PAT Up 40.7% YoY
GHCL Textiles reported a strong year-on-year performance for the quarter ended December 31, 2025, with revenue from operations growing 22.5% to ₹349.12 crore. Net profit (PAT) saw a significant jump of 40.7% YoY to ₹13.18 crore, although it declined sequentially from ₹16.01 crore in the previous quarter. Total expenses rose to ₹333.23 crore, primarily driven by a 24% increase in raw material costs compared to the same period last year. The company maintains a stable financial position with a total debt of ₹80.33 crore and zero defaults.
Key Highlights
Revenue from operations increased by 22.5% YoY to ₹349.12 crore from ₹285.00 crore.
Net Profit (PAT) grew 40.7% YoY to ₹13.18 crore compared to ₹9.37 crore in Q3 FY25.
Raw material costs rose significantly to ₹230.93 crore from ₹186.36 crore in the year-ago period.
Earnings Per Share (EPS) improved to ₹1.38 from ₹0.98 in the corresponding quarter last year.
Total financial indebtedness stands at ₹80.33 crore with no outstanding defaults on loans.
💼 Action for Investors
Investors should take note of the robust YoY growth in both top-line and bottom-line figures, indicating strong demand. However, the sequential dip in margins due to rising raw material and power costs warrants monitoring in upcoming quarters.
GHCL Textiles Q3 FY26: Revenue up 22.5% YoY to ₹349 Cr, PAT rises 40.6% YoY
GHCL Textiles reported a strong year-on-year performance for Q3 FY26, with revenue from operations growing 22.5% to ₹349.12 crore. Net profit for the quarter stood at ₹13.18 crore, a significant 40.6% increase compared to ₹9.37 crore in the same period last year. However, on a sequential basis, profit after tax declined by 17.7% from ₹16.01 crore in Q2 FY26, largely due to increased power and fuel costs. The company also announced the recommendation of Mr. Alok Raj, a retired IRS officer, as an Independent Director for a five-year term.
Key Highlights
Revenue from operations increased by 22.5% YoY to ₹349.12 crore from ₹285.00 crore.
Net Profit (PAT) grew by 40.6% YoY to ₹13.18 crore, despite a 17.7% sequential decline.
Total expenses rose to ₹333.23 crore, with power, fuel, and water costs increasing to ₹21.80 crore.
Earnings Per Share (EPS) for the quarter improved to ₹1.38 from ₹0.98 in the previous year's corresponding quarter.
Board recommended the appointment of Mr. Alok Raj (IRS Retd.) as an Independent Director for a 5-year term starting April 2026.
💼 Action for Investors
Investors should take note of the robust YoY growth in both top and bottom lines, indicating a positive trend in the textile business. However, monitoring the impact of rising operational costs on margins in the subsequent quarters is advised.
Star Health Q3 FY26 PAT Surges 414% YoY to ₹449 Cr; Combined Ratio Improves to 98.9%
Star Health reported a massive 414% YoY growth in Profit After Tax (PAT) to ₹449 crore for Q3 FY26, driven by strong premium growth and improved operational efficiency. The Gross Written Premium (GWP) grew 23% YoY to ₹5,047 crore, with the retail segment showing a robust 27% growth. A significant improvement was seen in the Combined Ratio, which dropped to 98.9% from 102.1% a year ago, primarily due to a 301 bps reduction in the Loss Ratio. Investment income also played a crucial role, jumping 176% YoY to ₹569 crore.
Key Highlights
Q3 PAT grew 414% YoY to ₹449 Cr, while 9M PAT rose 87% to ₹966 Cr
Gross Written Premium (GWP) increased 23% YoY to ₹5,047 Cr in Q3 FY26
Combined Ratio improved by 317 bps to 98.9%, indicating underwriting profitability
Retail GWP grew 27% YoY to ₹4,838 Cr, maintaining a 31.3% market share in the retail segment
Investment income surged 176% YoY to ₹569 Cr in Q3 FY26
💼 Action for Investors
The strong improvement in the combined ratio below 100% and robust retail growth signal a turnaround in underwriting profitability. Investors should monitor the sustainability of the loss ratio moderation and the impact of the transition to Ind AS reporting.
Star Health 9M FY26 PAT Jumps 87% to ₹966 Cr; Combined Ratio Improves to 99.8%
Star Health reported a robust 87% YoY increase in Profit After Tax (PAT) to ₹966 crore for 9M FY26, supported by higher investment income and improved underwriting. Gross Written Premium (GWP) rose 16% to ₹13,856 crore, with the core retail segment growing at 20%. The combined ratio improved to 99.8% from 102.1% YoY, reflecting better expense management and lower loss ratios. However, fresh GWP from the bancassurance channel declined by 8% during the period.
Key Highlights
Net Profit (PAT) surged 87% YoY to ₹966 crore in 9M FY26 compared to ₹516 crore in 9M FY25
Combined Ratio improved to 99.8%, signaling a shift towards underwriting profitability
Retail Health GWP reached ₹13,170 crore, representing a 20% YoY growth and 31% market share
Investment income grew to ₹1,320 crore with an annualized yield of 9.6%
Renewal ratio (persistency) strengthened significantly to 99% compared to 95% in 9M FY25
💼 Action for Investors
The stock remains a strong play on the Indian health insurance sector given its market leadership and improving operational metrics. Investors should monitor the sustainability of the combined ratio below 100% and the recovery in the bancassurance channel.
Royal Orchid Hotels Approves Sale of Subsidiary Multi Hotels Limited
Royal Orchid Hotels Limited (ROHL) has approved an enabling resolution for the sale of its entire shareholding in its subsidiary, Multi Hotels Limited. The proposed buyer is M/S Greenleaf Properties Limited, an independent entity, though CMD Chander K Baljee holds a minor 3.33% stake in the subsidiary. Multi Hotels Limited is currently non-operational and has not contributed any turnover or revenue to the company in the last financial year. The board has authorized senior management to negotiate terms and execute the sale agreement at an arm's length basis.
Key Highlights
Board approved the sale of 100% shareholding in subsidiary Multi Hotels Limited.
The subsidiary is currently non-operational with 0% contribution to consolidated turnover.
M/S Greenleaf Properties Limited has been identified as the potential buyer.
CMD Chander K Baljee holds a 3.33% stake in the target, but the deal will be at arm's length.
Management authorized to finalize consideration and execute documents following the enabling resolution.
💼 Action for Investors
Investors should monitor for the final sale price and the intended use of proceeds, though the impact on earnings is likely minimal given the subsidiary's non-operational status.
HCLTech Partners with Guardian Life for AI-Driven Multi-Year Technology Transformation
HCLTech has secured a significant multi-year partnership with Guardian Life Insurance Company of America, a major U.S. life insurer. The collaboration focuses on accelerating Guardian's AI-driven transformation using HCLTech's proprietary GenAI platform, AI Force. This deal covers application development, support, testing, and infrastructure management, aiming to modernize Guardian's core technology foundations. The partnership reinforces HCLTech's strong footprint in the financial services sector, contributing to its $14.5 billion annual revenue base.
Key Highlights
Multi-year strategic partnership with Guardian Life, a leading U.S. life insurance provider.
Utilization of HCLTech's 'AI Force' GenAI platform for enterprise-wide technology innovation.
Scope includes application development, infrastructure management, and IT operations modernization.
HCLTech reported consolidated revenues of $14.5 billion for the 12 months ending December 2025.
The deal strengthens HCLTech's positioning in the high-margin Financial Services vertical.
💼 Action for Investors
Investors should view this as a positive validation of HCLTech's GenAI capabilities and its ability to secure long-term contracts with large U.S. financial institutions. Maintain a positive outlook on the stock as it continues to expand its digital transformation portfolio.
Star Health 9M FY26 PAT Surges 87% to ₹966 Crore; Combined Ratio Improves to 99.8%
Star Health reported a robust performance for 9M FY26, with Profit After Tax (PAT) under IND AS rising 87% YoY to ₹966 crore. A key highlight is the improvement in the combined ratio to 99.8% from 102.1% in 9M FY25, signaling a return to underwriting profitability. Gross Written Premium (GWP) grew 16% YoY to ₹13,856 crore, while the company maintained a dominant 31% market share in the retail health segment. Investment income also provided a significant boost, growing 39% to ₹1,320 crore.
Key Highlights
PAT (IND AS) increased by 87% YoY to ₹966 crore for the nine-month period.
Combined Ratio improved significantly to 99.8% from 102.1% in 9M FY25.
Gross Written Premium (GWP) grew 16% YoY to ₹13,856 crore.
Retail health market share remains industry-leading at 31% with a 99% renewal ratio.
Solvency ratio remains strong at 2.14x, providing a comfortable capital cushion.
💼 Action for Investors
The shift to a sub-100% combined ratio is a major positive milestone for underwriting health. Investors should maintain a positive outlook given the strong PAT growth and market leadership, while monitoring competitive pressures on retail market share.
LT Foods Q3 FY26: Revenue Surges 23% to ₹2,812 Cr; 9M ROCE Improves to 20.3%
LT Foods reported a robust 24% YoY revenue growth for 9M FY26, reaching ₹8,085 crore, primarily driven by the Basmati and Specialty Rice segment. While EBITDA margins slightly compressed to 11.6% due to aggressive brand investments, the company significantly improved its efficiency with working capital days dropping from 227 to 205. The balance sheet remains strong with Net Debt/EBITDA improving to 0.95x. However, the company faces a downward revision in crop production outlook for 2025 due to weather-impacted yields.
Key Highlights
9M FY26 Revenue grew 24% YoY to ₹8,085 crore, with normalized growth at 19% excluding US tariffs.
Return on Capital Employed (ROCE) improved to 20.3% from 19.5% in the previous year.
Net Debt to EBITDA ratio strengthened significantly, reducing from 1.17x to 0.95x.
Basmati segment revenue grew 26% YoY, while the Organic segment saw a 15% increase.
Working capital cycle optimized by 22 days, reaching 205 days in 9M FY26.
💼 Action for Investors
Investors should focus on the company's successful premiumization and market share gains in North America. Monitor the final US CVD determination on February 17, 2026, and the impact of lower crop yields on procurement costs.