SPEL Semiconductor Limited announced its unaudited financial results for the quarter ended December 31, 2025, revealing significant operational challenges and continued losses. The company's Board of Directors, in their meeting held on April 15, 2026, approved the quarterly results under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Meeting Outcome

Pursuant to Regulation 30, 33 and other applicable provisions of SEBI regulations, the Board of Directors approved the unaudited financial results as per Indian Accounting Standards (IndAS) for the quarter ended December 31, 2025. The board meeting commenced at 10:00 AM and concluded at 2:50 PM on April 15, 2026. The results were submitted to the Audit Committee for review before receiving board approval.

Financial Performance Overview

The company reported substantial losses for the quarter, reflecting ongoing operational difficulties and market challenges across key financial metrics.

Nine-Month Performance Analysis

The nine-month period ended December 31, 2025, showed continued pressure on the company's financial position. Total revenue from operations declined to ₹409.58 lakhs compared to ₹541.17 lakhs in the corresponding period of the previous year. The company reported a net loss of ₹2,461.15 lakhs for the nine-month period, significantly higher than the ₹1,305.07 lakhs loss in the previous year.

Operational Expenses and Exceptional Items

The company's expense structure revealed several areas of concern during the quarter:

Exceptional items of ₹458.26 lakhs during the quarter primarily consisted of inventory written off, contributing significantly to the overall loss.

Balance Sheet Position and Strategic Measures

As of December 31, 2025, the company's balance sheet showed total assets of ₹11,530.81 lakhs compared to ₹12,809.50 lakhs as of March 31, 2025. The equity position turned negative at ₹442.52 lakhs, indicating severe financial stress. Assets held for sale increased to ₹3,591.81 lakhs from ₹3,079.81 lakhs, reflecting the company's efforts to monetize assets.

To address liquidity challenges, the Board of Directors approved the sale of 3.8 acres of land from the company's immovable property. The company has suspended factory operations pending further fund infusion, as reported to BSE on January 14, 2026.

Auditor's Qualified Review

The statutory auditors issued a qualified review report, highlighting material uncertainty regarding the company's ability to continue as a going concern. The auditors noted the company's history of losses, negative cash flows, and current operational challenges. Despite these concerns, the financial statements have been prepared on a going concern basis, pending resolution of the underlying issues. The company identified only one reportable segment - manufacture and sale of Integrated Circuits.

SPEL Semiconductor Limited has submitted its quarterly compliance certificate to BSE Limited, fulfilling regulatory requirements under SEBI (Depositories and Participants) Regulations, 2018. The certificate pertains to the quarter ended March 31, 2026, and was signed by P. Balamurugan, Head Operations & Whole-Time Director.

Regulatory Compliance Certificate Details

The confirmation certificate was issued under Regulation 74(5) of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018. Cameo Corporate Services Limited, serving as the company's share transfer agent, provided the certificate confirming proper adherence to dematerialisation procedures during the reporting period.

Share Transfer Agent Confirmation

Cameo Corporate Services Limited confirmed that securities received from depository participants for dematerialisation during the quarter were properly processed within stipulated timeframes. The share transfer agent verified that all security certificates received for dematerialisation were mutilated and cancelled after due verification by depository participants.

The certificate also confirms that depositories' names have been substituted in the register of members as registered owners within the time limits specified under the captioned regulations. This ensures proper maintenance of shareholder records and compliance with regulatory frameworks.

Corporate Governance Compliance

The submission of this quarterly certificate demonstrates SPEL Semiconductor's commitment to maintaining transparency and regulatory compliance. Such certificates are mandatory under SEBI regulations to ensure proper functioning of the depository system and protection of investor interests.

The company's adherence to these reporting requirements reflects its commitment to corporate governance standards and regulatory compliance in the securities market.