The Ravalgaon Sugar Farm Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The submission was made to BSE Limited on April 6, 2026, fulfilling the company's regulatory obligations regarding share dematerialization processes.

Regulatory Compliance Filing

The certificate was issued by Purva Sharegistry (I) Pvt. Ltd., the company's appointed Registrar and Transfer Agent, dated April 1, 2026. Nihal Doshi, Director and Chief Financial Officer of The Ravalgaon Sugar Farm Limited, submitted the compliance documentation to the Department of Corporate Services at BSE Limited.

Dematerialization Activity

During the quarter ended March 31, 2026, the company processed dematerialization requests in accordance with SEBI regulations. The certificate confirms that all securities received from depository participants for dematerialization were properly confirmed to the depositories within prescribed timelines.

Compliance Confirmation

Purva Sharegistry (I) Pvt. Ltd., through Compliance Officer Ms. Deepali Gaonkar, confirmed that all dematerialization procedures were executed properly. The certificate states that security certificates received for dematerialization were mutilated and cancelled after due verification by the depository participant, and the names of the depositories were substituted in the register of members as registered owners within prescribed timelines.

Regulatory Framework

The filing under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 is a mandatory quarterly requirement for listed companies. This regulation ensures transparency in the dematerialization process and confirms that all securities comprised in the certificates have been listed on stock exchanges where the company's earlier issued securities are traded.

The Ravalgaon Sugar Farm Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025, showing improved performance compared to the previous year despite continued losses. The Board of Directors approved these results at their meeting held on February 11, 2026.

Financial Performance Overview

The company's financial performance for Q3FY26 showed signs of improvement across key metrics:

Nine-Month Performance Analysis

The nine-month period ending December 31, 2025, demonstrated substantial improvement in the company's financial position:

Revenue and Expense Breakdown

The company's income structure for Q3FY26 consisted entirely of other income amounting to ₹41.63 lakhs, with no revenue from operations reported during the quarter. This pattern was consistent with the previous quarter and the corresponding quarter of the previous year.

Expense analysis revealed cost optimization across multiple categories. Employee benefits expense decreased to ₹18.49 lakhs in Q3FY26 from ₹21.65 lakhs in Q3FY25. Finance costs reduced significantly to ₹4.73 lakhs from ₹8.94 lakhs year-over-year. Other expenses remained relatively stable at ₹31.33 lakhs compared to ₹30.39 lakhs in the previous year.

Board Decisions and Appointments

The Board of Directors approved the re-appointment of M/s. Sandesh Kadam & Associates, Chartered Accountants, as Internal Auditors for Financial Year 2025-26:

CA Sandesh Narayan Kadam, leading the firm, brings over four years of professional experience specializing in accounting, auditing, tax compliance, and regulatory services.

Legal and Regulatory Matters

The company faces several ongoing legal disputes that could impact future financial performance. A significant gratuity claim from 21 former seasonal workers totals ₹28.23 lakhs plus interest of ₹33.87 lakhs, with the company having deposited ₹63.14 lakhs as security with the Industrial Court, Nashik. Additionally, disputes with Maharashtra's Irrigation Department involve pending claims of ₹19.93 lakhs for industrial use and ₹3.14 lakhs for domestic use. The Gram Panchayat, Ravalgaon, has demanded outstanding tax of ₹231.91 lakhs, against which the company has made partial payments totaling ₹65 lakhs across different financial years.

Capital Structure

The company maintained a stable capital structure with paid-up equity share capital of ₹34.00 lakhs, consisting of shares with a face value of ₹10 each. The earnings per share improved to a loss of ₹5.74 for Q3FY26 compared to a loss of ₹7.84 in Q3FY25.