Are Trigyn Technologies Ltd latest results good or bad?

Trigyn Technologies Ltd's latest financial results for Q3 FY26 reveal significant operational challenges despite achieving record revenue levels. The company reported net sales of ₹258.03 crores, reflecting a quarter-on-quarter growth of 6.65% and a year-on-year increase of 24.78%. However, this revenue growth did not translate into profitability, as the consolidated net profit fell sharply to ₹0.69 crores from ₹5.27 crores in the previous quarter, marking an 86.91% decline. The operating profit margin, excluding other income, collapsed to a mere 0.06%, down from 0.91% in Q2 FY26. This indicates severe cost pressures or pricing challenges that the company is facing. Additionally, the profit after tax (PAT) margin also contracted to 0.26%, down from 2.19% in the previous quarter, highlighting ongoing difficulties in maintaining profitability amidst rising operational costs. Over the nine-month period ending December 2025, the company's consolidated net profit totaled just ₹2.14 crores, representing a substantial 77.66% decline compared to the same period in the previous fiscal year. This suggests that the profitability issues are not isolated to a single quarter but reflect deeper structural challenges within the business model. The financial performance indicates a troubling disconnect between the company's revenue growth and its ability to generate profit, raising concerns about operational efficiency and capital deployment. Furthermore, the company has seen an adjustment in its evaluation, reflecting the market's response to these ongoing challenges. Overall, while Trigyn Technologies has achieved notable revenue growth, the significant decline in profitability and operational margins raises critical questions about its future performance and ability to sustain investor confidence.