Result Analysis

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.

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.