Are Vista Pharmaceuticals Ltd latest results good or bad?

Vista Pharmaceuticals Ltd's latest financial results for Q3 FY26 indicate significant operational challenges. The company reported a net loss of ₹2.32 crores, which reflects a substantial year-on-year decline of 75.76%. This loss is accompanied by an operating margin of -123.97%, a deterioration from the previous year's margin of -58.98%, highlighting ongoing structural weaknesses in its operations. Revenue for the quarter stood at ₹2.42 crores, which, while showing a sequential improvement of 65.75% from ₹1.46 crores in Q2 FY26, still represents a 5.47% decline compared to ₹2.56 crores in Q3 FY25. This suggests that despite short-term recovery, the company is struggling to maintain consistent revenue growth over the longer term. The nine-month performance for FY26 further illustrates the difficulties faced by Vista Pharmaceuticals, with total sales declining by 21.17% to ₹5.40 crores from ₹6.85 crores in the corresponding period of FY25. The operating profit before depreciation, interest, tax, and other income (PBDIT excl OI) was a loss of ₹3.00 crores, indicating a severe operational distress. Employee costs have risen, reflecting fixed cost pressures despite declining revenues, which adds to the challenges of achieving profitability. The company's balance sheet shows that shareholder funds are being eroded by persistent losses, raising concerns about its sustainability. Overall, the results depict a company grappling with fundamental operational issues, and there has been an adjustment in its evaluation, reflecting the ongoing difficulties in achieving financial stability and operational efficiency.