1. Auditor’s Note
- The Independent Auditor’s Limited Review Report for both Standalone and Consolidated financial results contains a qualification related to provision for taxation:
- Provision for taxation including interest amounting to ₹ 269.81 lacs (quarter) and ₹ 691.50 lacs (nine months) ended 31 December 2025 has not been made in the accounts.
- Cumulative provision not made up to nine months ended 31 December 2025 is ₹ 12,535.69 lacs; for the previous financial year ended 31 March 2025 it was ₹ 11,844.19 lacs.
- This non-provision is due to the proposed amalgamation under the Companies Act, 2013.
- The auditors have issued a qualified review report on this basis.
- Other than this, no material misstatements or issues were noted.
- The NCLT order dated 22 January 2026 regarding the Scheme of Arrangement has been disposed with liberty to approach after regulatory compliances; management is reviewing this.
2. Financial Performance
Units: ₹ Lacs
Standalone Financial Results
| Particulars | Q3 FY26 (31.12.2025) | Q2 FY26 (30.09.2025) | Q3 FY25 (31.12.2024) | 9M FY26 (31.12.2025) | 9M FY25 (31.12.2024) | FY25 (31.03.2025) |
|---|
| Income from Operations | | | | | | |
| (a) Revenue from Operations | 19,939.31 | 17,650.85 | 12,457.93 | 51,727.43 | 34,332.07 | 50,325.16 |
| (b) Other Income | 397.68 | 705.22 | 498.60 | 1,639.30 | 1,568.48 | 1,280.85 |
| Total Revenue | 20,336.99 | 18,356.07 | 12,956.53 | 53,366.73 | 35,900.55 | 51,606.01 |
| Expenses | | | | | | |
| (a) Cost of materials consumed | 6,097.45 | 4,661.86 | 3,905.87 | 14,750.20 | 11,497.74 | 16,162.82 |
| (b) Purchase of stock in trade | 19.31 | 5.47 | 8.68 | 29.36 | 27.48 | 40.52 |
| (c) Changes in inventories of finished goods, stock-in-trade & Stock-in-Progress | (539.86) | 490.85 | (502.91) | 0.22 | (1,942.73) | (2,183.62) |
| (d) Employee benefits expense | 2,356.48 | 2,366.67 | 1,928.82 | 6,953.03 | 5,659.88 | 7,952.98 |
| (e) Finance cost | 108.17 | 151.41 | 88.74 | 380.19 | 294.42 | 414.57 |
| (f) Depreciation and amortisation expense | 217.40 | 215.41 | 214.85 | 650.49 | 635.64 | 851.59 |
| (g) Other Expenses | 8,854.22 | 8,215.59 | 6,140.82 | 23,601.64 | 17,150.75 | 24,530.03 |
| Total Expenses | 17,113.17 | 16,107.26 | 11,784.87 | 46,365.13 | 33,323.18 | 47,768.89 |
| Profit before exceptional items & tax (1-2) | 3,223.82 | 2,248.81 | 1,171.66 | 7,001.60 | 2,577.37 | 3,837.12 |
| Exceptional Items (Interest on earlier years income tax refunds) | - | - | 7.21 | - | 619.54 | 692.23 |
| Profit before tax (3-4) | 3,223.82 | 2,248.81 | 1,178.87 | 7,001.60 | 3,196.91 | 4,529.35 |
| Tax expense | | | | | | |
| Current tax | 917.05 | 610.38 | 128.57 | 1,890.95 | 128.57 | 763.25 |
| Deferred tax | (159.56) | (114.85) | 125.12 | (722.51) | 53.60 | (155.63) |
| Total Tax Expense | 757.49 | 495.53 | 253.69 | 1,168.44 | 182.17 | 607.62 |
| Profit for the period (5-6) | 2,466.33 | 1,753.28 | 925.18 | 5,833.16 | 3,014.74 | 3,921.73 |
| Other Comprehensive Income | | | | | | |
| (i) Items that will not be reclassified to profit or loss | (3.10) | (3.09) | (0.97) | (9.54) | (3.42) | (11.75) |
| (ii) Income tax relating to above (i) | 1.17 | 0.99 | 0.34 | 3.33 | 1.20 | 4.11 |
| Other Comprehensive Income for the period | (1.93) | (2.10) | (0.63) | (6.21) | (2.22) | (7.64) |
| Total Comprehensive Income (7+8) | 2,464.40 | 1,751.18 | 924.55 | 5,826.95 | 3,012.52 | 3,914.09 |
| Paid up equity share capital (₹ 10 each) | 4,714.39 | 4,714.39 | 4,714.39 | 4,714.39 | 4,714.39 | 4,714.39 |
| Earning per share (Basic) | 5.23 | 3.72 | 1.96 | 12.37 | 6.39 | 8.32 |
| Earning per share (Diluted) | 5.23 | 3.72 | 1.96 | 12.37 | 6.39 | 8.32 |
Consolidated Financial Results
| Particulars | Q3 FY26 (31.12.2025) | Q2 FY26 (30.09.2025) | Q3 FY25 (31.12.2024) | 9M FY26 (31.12.2025) | 9M FY25 (31.12.2024) | FY25 (31.03.2025) |
|---|
| Income from Operations | | | | | | |
| (a) Revenue from Operations | 19,946.19 | 17,648.68 | 12,458.44 | 51,732.39 | 34,331.46 | 50,327.17 |
| (b) Other Income | 390.30 | 695.10 | 489.36 | 1,614.32 | 1,545.78 | 1,357.61 |
| Total Revenue | 20,336.49 | 18,343.78 | 12,947.80 | 53,346.71 | 35,877.24 | 51,684.78 |
| Expenses | | | | | | |
| (a) Cost of materials consumed | 6,146.36 | 4,662.21 | 3,906.67 | 14,799.71 | 11,499.01 | 16,166.76 |
| (b) Purchase of stock in trade | 19.31 | 5.47 | 8.68 | 29.36 | 27.48 | 55.08 |
| (c) Changes in inventories of finished goods, stock-in-trade & Stock-in-Progress | (608.42) | 491.39 | (502.91) | (67.80) | (1,942.73) | (2,200.77) |
| (d) Employee benefits expense | 2,399.08 | 2,399.24 | 1,932.08 | 7,049.65 | 5,672.77 | 7,975.11 |
| (e) Finance cost | 125.02 | 169.68 | 88.83 | 432.48 | 298.76 | 429.10 |
| (f) Depreciation and amortisation expense | 244.99 | 237.99 | 217.23 | 720.82 | 642.79 | 873.36 |
| (g) Other Expenses | 8,833.76 | 8,213.68 | 6,121.68 | 23,599.69 | 17,126.36 | 24,597.27 |
| Total Expenses | 17,160.10 | 16,179.66 | 11,772.26 | 46,563.91 | 33,324.44 | 47,895.91 |
| Profit before exceptional items & tax (1-2) | 3,176.39 | 2,164.12 | 1,175.54 | 6,782.80 | 2,552.80 | 3,788.87 |
| Exceptional Items (Interest on earlier years income tax refunds) | - | - | 7.21 | - | 619.54 | 692.23 |
| Profit before tax (3-4) | 3,176.39 | 2,164.12 | 1,182.75 | 6,782.80 | 3,172.34 | 4,481.10 |
| Tax expense | | | | | | |
| Current tax | 917.05 | 610.38 | 128.57 | 1,890.95 | 128.57 | 763.25 |
| Deferred tax | (153.54) | (105.52) | 124.74 | (702.73) | 54.40 | (140.36) |
| Total Tax Expense | 763.51 | 504.86 | 253.31 | 1,188.22 | 182.97 | 622.89 |
| Profit for the period (5-6) | 2,412.88 | 1,659.26 | 929.44 | 5,594.58 | 2,989.37 | 3,858.21 |
| Other Comprehensive Income | | | | | | |
| (i) Items that will not be reclassified to profit or loss | (3.10) | (3.09) | (0.97) | (9.54) | (3.42) | (11.75) |
| (ii) Income tax relating to above (i) | 1.17 | 0.99 | 0.34 | 3.33 | 1.20 | 4.11 |
| Other Comprehensive Income for the period | (1.93) | (2.10) | (0.63) | (6.21) | (2.22) | (7.64) |
| Total Comprehensive Income (7+8) | 2,410.95 | 1,657.16 | 928.81 | 5,588.37 | 2,987.15 | 3,850.57 |
| Paid up equity share capital (₹ 10 each) | 4,714.39 | 4,714.39 | 4,714.39 | 4,714.39 | 4,714.39 | 4,714.39 |
| Earning per share (Basic) | 5.12 | 3.52 | 1.97 | 11.87 | 6.34 | 8.18 |
| Earning per share (Diluted) | 5.12 | 3.52 | 1.97 | 11.87 | 6.34 | 8.18 |
3. Detailed Notes / Management Commentary
- The unaudited financial results were reviewed by the Audit Committee and approved by the Board on 10 February 2026.
- The Company has given interest-free unsecured loans:
- ₹ 7,234 lacs (previous year ₹ 6,984 lacs) to a company covered under Section 189 of the Companies Act, 2013, related to the proposed amalgamation. No repayment terms or interest specified.
- ₹ 1,678 lacs (previous year ₹ 843.50 lacs) to wholly owned subsidiary for normal business requirements.
- Provision for taxation including interest aggregating ₹ 269.81 lacs (quarter) and ₹ 691.50 lacs (nine months) has not been made due to proposed amalgamation.
- The Company has opted for the concessional tax regime under Section 115BAA of the Income Tax Act, 1961 during the year, resulting in restatement of deferred tax assets/liabilities.
- The Hon’ble NCLT, Jaipur Bench, disposed of the Company’s petition regarding the Scheme of Arrangement with Modern Denim Limited on 22 January 2026, with liberty to approach after regulatory compliances. Management is reviewing and planning next steps.
- Figures for previous periods have been regrouped/rearranged for comparability.
4. Segment Information
- No segment-wise financial information or breakdown by business/product/geography is provided in the filing.
5. Capex, Projects, and Corporate Activity
- No explicit information on capital expenditure or ongoing/planned projects disclosed.
- No mention of writedowns, writebacks, impairments, or provisions other than the tax provision non-recognition related to amalgamation.
- No acquisitions, disposals, divestitures, mergers, or restructuring efforts detailed except the ongoing Scheme of Arrangement (Amalgamation) with Modern Denim Limited under NCLT consideration.
6. Standalone vs Consolidated
- Both Standalone and Consolidated unaudited financial results for the quarter and nine months ended 31 December 2025 are provided.
- Consolidated results include:
- Wholly owned subsidiary: Modern Composite Private Limited
- Joint ventures: Shriji Designs - MIL JV and Modern Insulators JV Akhandalamani Electricals & Construction
- The auditors note that interim financials of subsidiary and joint ventures included are unreviewed but considered not material to the Group.
- Financial figures for standalone and consolidated results are broadly similar with minor differences reflecting subsidiary and JV contributions.
Summary
- Qualified auditor’s note due to non-provision of tax and interest related to proposed amalgamation.
- Strong revenue growth QoQ and YoY in both standalone and consolidated results.
- Profit before tax and profit after tax have increased significantly compared to previous year.
- Management is actively pursuing regulatory steps for the Scheme of Arrangement approved by NCLT.
- Interest-free loans extended related to amalgamation and subsidiary business.
- No segment or capex details disclosed.
- Both standalone and consolidated results are presented with consistent financial trends.
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