Madhucon Projects posts Q3 FY26 Unaudited Results; auditors raise concerns
Madhucon Projects Limited announced its Q3 FY26 results. Standalone profit after tax was ₹539.22 lakhs for the quarter, up from a loss last year. Consolidated results showed a loss of ₹11,589.26 lakhs for the quarter. Auditors raised significant concerns regarding investments, loan defaults, and subsidiary insolvency.
The numerous qualifications and concerns raised by the auditors in their limited review report, especially those related to potential impairment of investments, loan defaults, and ongoing insolvency proceedings of subsidiaries, have a significant impact on the company's perceived financial stability and future outlook.
While the standalone results showed a profit improvement, the consolidated results indicated a widening loss. Furthermore, the auditors' report highlighted numerous significant concerns and potential misstatements, casting a negative light on the company's financial health and operational transparency.
Madhucon Projects Limited announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The Board of Directors approved these results along with the Auditors' Limited Review Report in a meeting held on February 7, 2026. The meeting commenced at 11:00 AM and concluded at 4:30 PM.
For the standalone results, the company reported total income of ₹16,781.97 lakhs for the quarter ended December 31, 2025, compared to ₹12,533.27 lakhs in the same period last year. Profit after tax for the quarter stood at ₹539.22 lakhs, a significant improvement from a loss of ₹295.60 lakhs in the prior year quarter. For the nine months ended December 31, 2025, total income was ₹51,043.39 lakhs, with a profit after tax of ₹1,022.64 lakhs.
The consolidated results showed a total income of ₹19,054.70 lakhs for the quarter ended December 31, 2025, compared to ₹17,820.13 lakhs in the corresponding quarter of the previous year. However, the company reported a consolidated loss after tax of ₹11,589.26 lakhs for the quarter, a widening from the loss of ₹44,616.01 lakhs in the previous year quarter. For the nine months ended December 31, 2025, the consolidated loss after tax was ₹37,382.43 lakhs.
The auditors' limited review report highlighted several concerns. These include issues related to the carrying value of investments in subsidiaries, potential impairment losses, write-offs of investments without clear justification, defaults in loan repayments to Punjab National Bank, and recognition of income against advances. Additionally, outstanding statutory dues, non-conduct of internal audits for certain periods, and pending corporate insolvency resolution processes for step-down subsidiaries were noted. The report also mentioned an FIR filed by CBI against Ranchi Expressways Ltd, a step-down subsidiary, and provisional attachments of assets by the Directorate of Enforcement.
What to do with a filing like this
Madhucon Projects Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Madhucon Projects Limited. Read the original for the full detail.