When companies release quarterly numbers, it’s usually about revenues and margins.
But this time, there was more — a leadership change, a large one-time charge, bonus shares, and a new product push.
Let’s break it down.
For the nine months ended December 31, 2025 (9M FY26):
| Particulars (Cr) | 9M FY 26 | 9M FY 25 |
|---|---|---|
| Revenue from operations | 303 | 356 |
| Other Income | 5 | 8 |
| Total Income | 308 | 364 |
| Exceptional Expense | 4.5 | 0 |
| Total Expenses | 264 | 320 |
| EBITDA | 48 | 49 |
| EBITDA Margins ' | 16% | 14% |
| PBT | 39 | 43 |
| PAT | 28 | 32 |
| PAt Margins | 9% | 9% |
Revenue: ₹303 Cr
PAT: ₹29 Cr
EPS: ₹23.64
Compared to last year’s nine-month PAT of ₹316.3 million, profits are slightly lower year-on-year — but still healthy.
The company reported an exceptional item of ₹4.5 Cr
What happened?
The Government of India notified new labour codes. Based on management assessment, this led to an incremental gratuity-related charge, which the company booked as a one-time exceptional expense.
Translation: This is not part of regular operations. It’s regulatory-driven and non-recurring.
Without this charge, profits would have looked stronger.
Mr. Subhrendu Sarkar resigned as Whole-Time Director and CFO effective February 13, 2026.
The board moved quickly.
Ms. Mariamma Myloth has been appointed:
Whole-Time Director
Chief Financial Officer
Additional Director (3-year term, subject to shareholder approval)
She brings 20+ years of finance experience, including over a decade across global and India-focused roles within the Schneider ecosystem.
The leadership transition appears planned and structured — not abrupt.
In November 2025, the company:
Increased authorised capital
Issued 1:1 bonus shares (6,048,000 shares)
That effectively doubled the share count. EPS numbers for previous periods were restated accordingly.
This typically signals balance sheet comfort and capital confidence.
The Board approved reallocation of FY26 capital expenditure.
A key highlight:
Launch of APC IT Cabinet – SX+ / Open Compute Platform Cabinet
Category: Data Centre / Net Shelter Racks
Target Market: Domestic
Launch Timeline: Q2 2026
This positions the company deeper into the data centre infrastructure ecosystem — a sector benefiting from AI and cloud expansion.
This wasn’t just a routine quarterly update.
It was a structural quarter.
A leadership reset, regulatory adjustment, capital restructuring, and strategic product positioning — all in one announcement.
The real question now:
Will the new CFO era drive margin expansion and scale in the fast-growing data centre segment?
Because the numbers are steady.
The strategy is evolving.