Lexus Granito (India) Ltd., a micro-cap diversified consumer products company with a market capitalisation of ₹72.00 crores, reported deeply troubling Q3 FY26 results that underscore mounting operational distress. The company posted a net profit of ₹0.71 crores for the December 2025 quarter, up 91.89% quarter-on-quarter from ₹0.37 crores but down 787.50% year-on-year from ₹0.08 crores. However, this headline profit figure masks a catastrophic revenue collapse and severe margin deterioration that signal fundamental business challenges.

Parmax Pharma Ltd., a micro-cap pharmaceutical company specialising in Active Pharmaceutical Ingredients (API) and Contract Manufacturing Operations (CMO), has reported deeply concerning financial results for Q3 FY26, with net losses widening to ₹0.73 crores whilst revenues collapsed 72.74% year-on-year to ₹2.53 crores. The company, trading at ₹32.00 with a market capitalisation of just ₹12.00 crores, has now recorded consecutive quarterly losses throughout FY26, raising serious questions about operational viability and management execution.

Dalmia Industrial Development Ltd., a micro-cap trading and distribution company, reported a challenging third quarter for FY2026, posting a net loss of ₹0.11 crores in Q3 FY26 compared to a profit of ₹0.19 crores in the preceding quarter. The company's market capitalisation stands at ₹19.00 crores, with shares trading at ₹9.60 following a 4.46% gain on February 16, 2026, as investors reacted to the mixed quarterly performance.

Lorenzini Apparels Ltd., a micro-cap garments and apparels manufacturer with a market capitalisation of ₹146.00 crores, reported a modest return to profitability in Q3 FY26 with net profit of ₹1.10 crores, declining 22.54% quarter-on-quarter but reversing from a loss of ₹1.62 crores in the year-ago period. However, the quarter's results reveal persistent margin pressures and operational challenges that continue to weigh on the company's financial performance.

The December 2025 quarter earnings season has unfolded with a nuanced picture across market capitalisations, sectors, and individual companies. With over 4,000 stocks reporting, the aggregate data reveals a modest improvement in positive results, led by mid-cap companies, while large caps continue to face challenges amid a cautious economic backdrop.

Chandrima Mercantiles Ltd., a micro-cap agricultural products trading company with a market capitalisation of ₹224.00 crores, reported net profit of ₹0.41 crores for Q3 FY26 (October-December 2025), representing a sharp 90.31% decline quarter-on-quarter from ₹4.23 crores in Q2 FY26. Year-on-year, profits rose 2.50% from ₹0.40 crores in Q3 FY25. The stock closed at ₹6.38 on February 16, 2026, down 0.78% on the day, trading 55.94% below its 52-week high of ₹14.48 but still up 173.82% from its 52-week low of ₹2.33.

La Opala RG Ltd., the Kolkata-based premium glassware and lifestyle products manufacturer, reported a net profit of ₹24.00 crores for Q3 FY26, marking a marginal decline of 3.57% quarter-on-quarter but a modest improvement of 3.58% year-on-year. The company, with a market capitalisation of ₹2,153 crores, continues to navigate challenging demand conditions whilst maintaining profitability through disciplined cost management. However, the stock has faced significant selling pressure, declining 3.83% on February 16, 2026, to close at ₹190.85, reflecting investor concerns about sustained revenue headwinds and margin compression.

Heera Ispat Ltd., the Gujarat-based iron and steel products manufacturer, reported another quarter of operational inactivity in Q3 FY26 (October-December 2025), with zero revenue generation and continued losses. The company posted a net loss of ₹0.01 crores for the quarter, marking no improvement from the previous quarter's loss of ₹0.05 crores. With a minuscule market capitalisation of just ₹4.00 crores and a negative book value per share of ₹0.95, the company remains in a state of effective dormancy, having generated no sales revenue for several consecutive quarters.

GP Petroleums Ltd., a Mumbai-based lubricants manufacturer with a market capitalisation of ₹175.00 crores, reported mixed results for Q3 FY26 (October-December 2025), with net profit declining 4.21% quarter-on-quarter to ₹5.24 crores despite robust revenue expansion. The stock plunged 6.51% to ₹32.59 following the announcement, reflecting investor disappointment over margin compression that overshadowed the company's 11.22% sequential sales growth to ₹169.23 crores.

True Green Bio Energy Ltd., a micro-cap player in the garments and apparels sector, reported a dramatic revenue surge in Q3 FY26, with net sales skyrocketing to ₹84.20 crores—a staggering 3,727.27% quarter-on-quarter increase and 4,476.09% year-on-year growth. However, the company's net profit of ₹2.19 crores, whilst representing the highest quarterly profit in recent history, reflects a PAT margin of just 2.60%, raising questions about the sustainability and quality of this explosive growth. Trading at ₹71.15 with a market capitalisation of ₹243.00 crores, the stock has declined 32.27% over the past year, significantly underperforming the sector's 1.26% gain.

Rajasthan Tube Manufacturing Company Ltd., a micro-cap steel pipes and tubes manufacturer, reported a dramatic turnaround in Q3 FY26 profitability whilst simultaneously experiencing a catastrophic revenue collapse that raises fundamental questions about business sustainability. The company posted net profit of ₹2.89 crores in Q3 FY26, a remarkable recovery from a loss of ₹0.28 crores in Q3 FY25, yet this improvement came against the backdrop of net sales plummeting 80.07% year-on-year to just ₹3.51 crores from ₹17.61 crores in the corresponding quarter last year.

Kay Power & Paper Ltd., a Maharashtra-based MG Kraft paper manufacturer, reported a net loss of ₹0.09 crores in Q3 FY26 (October-December 2025), marking a sharp deterioration from the marginal profit of ₹0.02 crores in Q2 FY26. The 550% quarter-on-quarter decline represents the company's worst quarterly performance in recent periods, as revenues collapsed 37.75% sequentially to just ₹4.75 crores. The micro-cap company, valued at ₹33 crores, saw its shares plunge 10.17% on February 16, 2026, closing at ₹8.48—a staggering 72.47% below its 52-week high of ₹30.80.

Sigma Advanced System Ltd., the Chennai-based telecom services company, reported a dramatic revenue revival in Q3 FY26, posting net sales of ₹145.70 crores—a staggering 702.75% quarter-on-quarter surge and 667.25% year-on-year growth. However, the company's consolidated net profit turned negative at ₹-1.03 crores, falling 124.35% from the previous quarter's ₹4.23 crores, raising serious questions about the sustainability and profitability of this revenue expansion. The stock closed at ₹176.20 on February 16, 2026, down 4.94% from the previous day, reflecting investor concerns about the company's ability to translate top-line growth into bottom-line performance.