1. Auditor’s Note
- The auditor, B S R & Co. LLP, issued a Limited Review Report on both standalone and consolidated unaudited financial results for the quarter and nine months ended 31 December 2025.
- The review was conducted as per applicable Indian standards and SEBI Listing Regulations.
- No qualifications, concerns, or issues were raised by the auditor.
- The auditor’s conclusion:
"Nothing has come to our attention that causes us to believe that the accompanying Statement ... has not disclosed the information required ... or that it contains any material misstatement."
- The report is a standard unmodified limited review conclusion.
2. Financial Performance
Standalone Financial Results (₹ in Lakhs)
| Particulars | Q3 FY26 (31-Dec-2025) | Q2 FY26 (30-Sep-2025) | Q3 FY25 (31-Dec-2024) | 9M FY26 (31-Dec-2025) | 9M FY25 (31-Dec-2024) | FY25 (31-Mar-2025) |
|---|
| Income | | | | | | |
| Revenue from operations | 253,585.64 | 216,377.11 | 178,215.17 | 675,821.73 | 540,039.69 | 761,823.29 |
| Other income | 1,422.07 | 1,687.12 | 1,343.95 | 4,349.29 | 3,918.10 | 5,111.46 |
| Total income | 255,007.71 | 218,064.23 | 179,559.12 | 680,171.02 | 543,957.79 | 766,934.75 |
| Expenses | | | | | | |
| Cost of materials consumed | 214,669.08 | 178,327.55 | 139,137.20 | 556,982.04 | 428,701.56 | 583,676.10 |
| Purchases of stock-in-trade | 10,860.17 | 11,424.53 | 12,707.85 | 32,878.50 | 36,931.81 | 49,533.16 |
| Changes in inventories (finished goods, stock-in-trade, WIP, scrap) | (17,499.42) | (14,214.45) | (6,304.38) | (37,864.74) | (18,461.45) | (7,714.29) |
| Employee benefits expense | 9,893.90 | 10,122.01 | 9,076.22 | 29,323.87 | 26,885.02 | 34,847.01 |
| Finance costs | 1,891.26 | 1,623.97 | 1,616.04 | 5,028.27 | 4,340.65 | 5,889.71 |
| Depreciation and amortisation expense | 2,392.49 | 2,185.67 | 1,779.83 | 6,609.34 | 5,147.01 | 7,049.86 |
| Other expenses | 15,233.37 | 13,137.53 | 12,544.19 | 42,286.10 | 36,856.03 | 52,917.09 |
| Total expenses | 237,440.85 | 202,606.81 | 170,556.95 | 635,243.38 | 520,400.63 | 726,198.64 |
| Profit before exceptional item and tax (1 - 2) | 17,566.86 | 15,457.42 | 9,002.17 | 44,927.64 | 23,557.16 | 40,736.11 |
| Exceptional item (Statutory impact of new labour codes) | 1,901.05 | - | - | 1,901.05 | - | - |
| Profit before tax (3 - 4) | 15,665.81 | 15,457.42 | 9,002.17 | 43,026.59 | 23,557.16 | 40,736.11 |
| Tax expenses | | | | | | |
| Current tax | 3,660.65 | 3,641.12 | 2,647.68 | 10,244.04 | 6,376.53 | 10,322.70 |
| Deferred tax charge / (credit) | 393.01 | 220.74 | (459.24) | 699.17 | (997.44) | (538.44) |
| Total tax expenses | 4,053.66 | 3,861.86 | 2,188.44 | 10,943.21 | 5,379.09 | 9,784.26 |
| Profit for the period / year (5 - 6) | 11,612.15 | 11,595.56 | 6,813.73 | 32,083.38 | 18,178.07 | 30,951.85 |
| Other comprehensive income (OCI) (net of tax) | (70.00) | (1,040.16) | (2,146.74) | 1,877.88 | 7,236.81 | 6,666.68 |
| Total comprehensive income (net of tax) (7 + 8) | 11,542.15 | 10,555.40 | 4,666.99 | 33,961.26 | 25,414.88 | 37,618.53 |
| Paid up equity share capital (₹ 5 per share) | 5,654.46 | 5,654.39 | 5,653.42 | 5,654.46 | 5,653.42 | 5,653.65 |
| Earning per share (Basic, ₹) | 10.27 | 10.25 | 6.03 | 28.37 | 16.09 | 27.40 |
| Earning per share (Diluted, ₹) | 10.27 | 10.25 | 6.03 | 28.37 | 16.09 | 27.40 |
Consolidated Financial Results (₹ in Lakhs)
| Particulars | Q3 FY26 (31-Dec-2025) | Q2 FY26 (30-Sep-2025) | Q3 FY25 (31-Dec-2024) | 9M FY26 (31-Dec-2025) | 9M FY25 (31-Dec-2024) | FY25 (31-Mar-2025) |
|---|
| Income | | | | | | |
| Revenue from operations | 253,585.64 | 216,377.11 | 178,215.17 | 675,821.73 | 540,039.69 | 761,823.29 |
| Other income | 1,422.07 | 1,687.12 | 1,343.95 | 4,349.29 | 3,918.10 | 5,111.46 |
| Total income | 255,007.71 | 218,064.23 | 179,559.12 | 680,171.02 | 543,957.79 | 766,934.75 |
| Expenses | | | | | | |
| Cost of materials consumed | 214,669.08 | 178,327.55 | 139,137.20 | 556,982.04 | 428,701.56 | 583,676.10 |
| Purchases of stock-in-trade | 10,860.17 | 11,424.53 | 12,707.85 | 32,878.50 | 36,931.81 | 49,533.16 |
| Changes in inventories (finished goods, stock-in-trade, WIP, scrap) | (17,499.42) | (14,214.45) | (6,304.38) | (37,864.74) | (18,461.45) | (7,714.29) |
| Employee benefits expense | 9,893.90 | 10,122.01 | 9,076.22 | 29,323.87 | 26,885.02 | 34,847.01 |
| Finance costs | 1,891.26 | 1,623.97 | 1,616.04 | 5,028.27 | 4,340.65 | 5,889.71 |
| Depreciation and amortisation expense | 2,392.49 | 2,185.67 | 1,779.83 | 6,609.34 | 5,147.01 | 7,049.86 |
| Other expenses | 15,233.37 | 13,137.53 | 12,544.19 | 42,286.10 | 36,856.03 | 52,917.09 |
| Total expenses | 237,440.85 | 202,606.81 | 170,556.95 | 635,243.38 | 520,400.63 | 726,198.64 |
| Profit before exceptional item and tax (1 - 2) | 17,566.86 | 15,457.42 | 9,002.17 | 44,927.64 | 23,557.16 | 40,736.11 |
| Exceptional item (Statutory impact of new labour codes) | 1,901.05 | - | - | 1,901.05 | - | - |
| Profit before share of profit of joint venture and tax (3 - 4) | 15,665.81 | 15,457.42 | 9,002.17 | 43,026.59 | 23,557.16 | 40,736.11 |
| Share of profit/(loss) of joint venture (net of tax) | 212.41 | 30.00 | 43.64 | 343.41 | 70.16 | 209.25 |
| Profit before tax (5 + 6) | 15,878.22 | 15,487.42 | 9,045.81 | 43,370.00 | 23,627.32 | 40,945.36 |
| Tax expenses | | | | | | |
| Current tax | 3,660.65 | 3,641.12 | 2,647.68 | 10,244.04 | 6,376.53 | 10,322.70 |
| Deferred tax charge / (credit) | 393.01 | 220.74 | (459.24) | 699.17 | (997.44) | (538.44) |
| Total tax expenses | 4,053.66 | 3,861.86 | 2,188.44 | 10,943.21 | 5,379.09 | 9,784.26 |
| Profit for the period / year (7 - 8) | 11,824.56 | 11,625.56 | 6,857.37 | 32,426.79 | 18,248.23 | 31,161.10 |
| Other comprehensive income (OCI) (net of tax) | (44.72) | (952.86) | (2,102.67) | 1,979.12 | 7,116.62 | 6,507.74 |
| Total comprehensive income (net of tax) (9 + 10) | 11,779.84 | 10,672.70 | 4,754.70 | 34,405.91 | 25,364.85 | 37,668.84 |
| Paid up equity share capital (₹ 5 per share) | 5,654.46 | 5,654.39 | 5,653.42 | 5,654.46 | 5,653.42 | 5,653.65 |
| Earning per share (Basic, ₹) | 10.46 | 10.28 | 6.07 | 28.69 | 16.15 | 27.56 |
| Earning per share (Diluted, ₹) | 10.46 | 10.28 | 6.07 | 28.69 | 16.15 | 27.56 |
3. Detailed Notes / Management Commentary
- The company has recognized an exceptional item of ₹ 1,901.05 Lakhs in Q3 FY26 and 9M FY26 relating to the statutory impact of new labour codes notified by the Government of India on 21 November 2025.
- This exceptional charge arises primarily from an incremental employee benefit obligation due to the revised definition of wages under the new labour codes.
- The company considers this event regulatory-driven and non-recurring.
- The company is monitoring further notifications and clarifications and will account for any additional impact as and when they arise.
- The results comply with Indian Accounting Standards (Ind AS) and SEBI Listing Regulations.
- The statutory auditors have issued an unmodified review conclusion on both standalone and consolidated results.
- The company has two reportable segments:
- Wires & Cables
- Fast-Moving Electrical Goods (FMEG)
4. Segment Information
Standalone Segment Revenue and Profit (₹ in Lakhs)
| Particulars | Q3 FY26 | Q2 FY26 | Q3 FY25 | 9M FY26 | 9M FY25 | FY25 |
|---|
| Segment Revenue | | | | | | |
| Wires & Cables | 229,261.25 | 197,115.68 | 154,253.24 | 609,729.62 | 473,254.23 | 668,875.76 |
| Fast-Moving Electrical Goods | 24,324.39 | 19,261.43 | 23,961.93 | 66,092.11 | 66,794.83 | 92,959.00 |
| Total Segment Revenue | 253,585.64 | 216,377.11 | 178,215.17 | 675,821.73 | 540,049.06 | 761,834.76 |
| Less: Inter segment revenue | - | - | - | - | 9.37 | 11.47 |
| Revenue from operations | 253,585.64 | 216,377.11 | 178,215.17 | 675,821.73 | 540,039.69 | 761,823.29 |
| Particulars | Q3 FY26 | Q2 FY26 | Q3 FY25 | 9M FY26 | 9M FY25 | FY25 |
|---|
| Segment Profit before tax | | | | | | |
| Wires & Cables | 19,877.46 | 18,039.79 | 10,748.14 | 51,830.74 | 30,234.61 | 49,647.80 |
| Fast-Moving Electrical Goods | (493.01) | (1,167.66) | (441.40) | (2,373.56) | (3,676.82) | (4,590.71) |
| Total Segment Profit | 19,384.45 | 16,872.13 | 10,306.74 | 49,457.18 | 26,557.79 | 45,057.09 |
| Less: Finance costs | 1,891.26 | 1,623.97 | 1,616.04 | 5,028.27 | 4,340.65 | 5,889.71 |
| Add: Finance income | 73.67 | 209.26 | 311.47 | 498.73 | 1,340.02 | 1,568.73 |
| Less: Exceptional items | 1,901.05 | - | - | 1,901.05 | - | - |
| Profit before tax | 15,665.81 | 15,457.42 | 9,002.17 | 43,026.59 | 23,557.16 | 40,736.11 |
Consolidated Segment Revenue and Profit (₹ in Lakhs)
| Particulars | Q3 FY26 | Q2 FY26 | Q3 FY25 | 9M FY26 | 9M FY25 | FY25 |
|---|
| Segment Revenue | | | | | | |
| Wires & Cables | 229,261.25 | 197,115.68 | 154,253.24 | 609,729.62 | 473,254.23 | 668,875.76 |
| Fast-Moving Electrical Goods | 24,324.39 | 19,261.43 | 23,961.93 | 66,092.11 | 66,794.83 | 92,959.00 |
| Total Segment Revenue | 253,585.64 | 216,377.11 | 178,215.17 | 675,821.73 | 540,049.06 | 761,834.76 |
| Less: Inter segment revenue | - | - | - | - | 9.37 | 11.47 |
| Revenue from operations | 253,585.64 | 216,377.11 | 178,215.17 | 675,821.73 | 540,039.69 | 761,823.29 |
| Particulars | Q3 FY26 | Q2 FY26 | Q3 FY25 | 9M FY26 | 9M FY25 | FY25 |
|---|
| Segment Profit before tax | | | | | | |
| Wires & Cables | 19,877.46 | 18,039.79 | 10,748.14 | 51,830.74 | 30,234.61 | 49,647.80 |
| Fast-Moving Electrical Goods | (493.01) | (1,167.66) | (441.40) | (2,373.56) | (3,676.82) | (4,590.71) |
| Total Segment Profit | 19,384.45 | 16,872.13 | 10,306.74 | 49,457.18 | 26,557.79 | 45,057.09 |
| Less: Finance costs | 1,891.26 | 1,623.97 | 1,616.04 | 5,028.27 | 4,340.65 | 5,889.71 |
| Add: Finance income | 73.67 | 209.26 | 311.47 | 498.73 | 1,340.22 | 1,568.73 |
| Less: Exceptional items | 1,901.05 | - | - | 1,901.05 | - | - |
| Profit before share of profit of joint venture and tax | 15,665.81 | 15,457.42 | 9,002.17 | 43,026.59 | 23,557.16 | 40,736.11 |
| Share of profit/(loss) of joint venture (net of tax) | 212.41 | 30.00 | 43.64 | 343.41 | 70.16 | 209.25 |
| Profit before tax | 15,878.22 | 15,487.42 | 9,045.81 | 43,370.00 | 23,627.32 | 40,945.36 |
Segment EBIT/PBIT Margins (Standalone)
| Segment | Q3 FY26 Margin (%) | Q2 FY26 Margin (%) | Q3 FY25 Margin (%) | 9M FY26 Margin (%) | 9M FY25 Margin (%) | FY25 Margin (%) |
|---|
| Wires & Cables | 8.67% | 9.15% | 6.97% | 8.50% | 6.39% | 7.42% |
| FMEG | -2.03% | -6.06% | -1.84% | -3.59% | -5.50% | -4.94% |
Margin calculated as Segment Profit before tax / Segment Revenue (as reported).
5. Capex, Projects, and Corporate Activity
- No explicit information on capital expenditure, ongoing/planned projects, acquisitions, disposals, impairments, or restructuring was disclosed in the filing.
- The only notable corporate activity was management appointments and re-designations:
- Shri Vivek CM re-designated as Chief Sales Officer (CSO) – FMEG Business effective 1 Feb 2026.
- Appointment of Smt. Manjari Modi as Senior Vice President – Centre of Excellence for Wires and Cables Division effective 16 Feb 2026.
- Appointment of Shri Manish Balodi as Vice President – Business Transformation for Wires and Cables Division effective 16 Feb 2026.
6. Standalone vs Consolidated
- Both Standalone and Consolidated financial results are provided and reviewed.
- The consolidated results include the parent company and one joint venture: RR-Imperial Electricals Limited.
- Consolidated results are broadly in line with standalone results, with minor adjustments for joint venture share of profit.
- No material differences or qualifications noted between standalone and consolidated results.
Summary
- No auditor qualifications or concerns.
- Strong revenue growth QoQ and YoY in both standalone and consolidated results.
- Exceptional charge of ₹ 1,901.05 Lakhs recognized due to new labour codes impacting employee benefit obligations.
- Both segments show growth in revenue; however, FMEG segment remains loss-making.
- Management changes announced effective February 2026.
- No other material corporate actions or capex details disclosed.
This extraction is based strictly on the information explicitly stated in the filing.
