Suraj Industries Limited announced its Q3FY26 financial results for the quarter ended December 31, 2025, showing mixed performance across standalone and consolidated operations. The Board of Directors approved the unaudited financial results at their meeting held on February 14, 2026.

Standalone Financial Performance

The company's standalone operations reflected challenging market conditions during Q3FY26. Revenue from operations declined to ₹347.28 lakhs compared to ₹402.24 lakhs in the corresponding quarter of the previous year, representing a decrease of 13.67%.

Consolidated Operations Show Growth

Contrasting the standalone performance, consolidated operations demonstrated significant growth with revenue from operations reaching ₹3,058.12 lakhs in Q3FY26 compared to ₹402.24 lakhs in Q3FY25. The consolidated entity reported a net profit of ₹85.15 lakhs versus ₹137.67 lakhs in the previous year quarter.

Segment Performance Analysis

The company operates primarily in liquor operations, with trading operations remaining inactive during the current period. Liquor operations generated the entire revenue of ₹3,058.12 lakhs in consolidated results, while standalone liquor operations reported ₹347.28 lakhs for Q3FY26.

Share of Associate Company Profits

A significant contributor to consolidated performance was the share of profit from associate company, which stood at ₹279.81 lakhs in Q3FY26 compared to ₹207.97 lakhs in Q3FY25. For the nine-month period, associate company profits contributed ₹333.23 lakhs versus ₹516.95 lakhs in the previous year.

Capital Structure and Rights Issue

The company's paid-up equity share capital includes ₹1,852.52 lakhs of fully paid shares and ₹748.13 lakhs of partly paid shares at ₹2.50 per share, totaling ₹2,600.65 lakhs. This reflects the impact of the rights issue completed during the period, with a total issue size of ₹119.70 crore as previously reported.

Operational Challenges

Standalone operations faced headwinds with increased finance costs rising to ₹49.16 lakhs from ₹2.45 lakhs in Q3FY25. Cost of materials consumed remained relatively stable at ₹210.82 lakhs compared to ₹207.65 lakhs in the previous year quarter.

Suraj Industries Limited has issued a comprehensive first call notice to holders of partly paid-up equity shares, marking a significant step in completing its rights issue process initiated in October 2025. The company has established clear timelines and payment procedures for shareholders to convert their partly paid-up shares to a higher paid-up status.

Call Notice Details and Timeline

The Rights Issue Committee of the Board of Directors, in their meeting held on January 20, 2026, approved the first call of Rs. 10/- per rights share for 2,99,25,394 partly paid-up equity shares. The committee has established the following key dates and parameters:

Rights Issue Background

The original rights issue was conducted pursuant to the Letter of Offer dated October 09, 2025, where the company issued partly paid-up equity shares of face value Rs. 10/- at an issue price of Rs. 40/-. The rights were offered in the ratio of 21 rights equity shares for every 13 fully paid-up equity shares held as on the record date of October 13, 2025. Initially, shareholders paid Rs. 10/- per share (comprising Rs. 2.50/- towards face value and Rs. 7.50/- towards share premium) as application money, with the shares being allotted on November 10, 2025.

Payment Methods and Instructions

Shareholders have multiple payment options available during the call money period:

ASBA and Online Payment Options

• Online ASBA: Through Self-Certified Syndicate Banks (SCSBs) websites
• Physical ASBA: By submitting application forms to designated SCSB branches
• 3-in-1 Account: Using linked trading-demat-bank accounts offered by brokers

Traditional Payment Methods

For cheque and demand draft payments, shareholders must use accounts payable to:

• Resident Shareholders: SURAJ INDUSTRIES LTD CALL MONEY RESIDENT ACCOUNT
• Non-Resident Shareholders: SURAJ INDUSTRIES LTD CALL MONEY NON-RESIDENT ACCOUNT

Payments must be submitted at designated IDBI Bank Limited branches across Delhi, Mumbai, Kolkata, and Chennai, or sent to the registrar Beetal Financial & Computer Services Private Limited.

Trading Suspension and New ISIN

Trading in the current partly paid-up equity shares under ISIN IN9170U01027 has been suspended effective January 27, 2026. Upon successful payment of the first call, shareholders will receive partly paid-up equity shares of Rs. 10/- each (Rs. 5/- paid-up) under the new ISIN IN9170U01035. The corporate action process is expected to be completed within two weeks from February 16, 2026.

Consequences of Non-Payment

The company has outlined specific consequences for shareholders who fail to make timely payments:

• Interest Charges: 12% per annum on delayed payments beyond February 16, 2026
• Dividend Deduction: The company may deduct outstanding call money from future dividend payments
• Forfeiture Risk: Partly paid-up equity shares, including amounts already paid, may be forfeited according to the company's Articles of Association

Partial Payment Provisions

The company has established provisions for partial payments, where shareholders paying less than the full amount due may receive a proportionate number of fully paid-up equity shares. For example, if a shareholder holds 10 partly paid-up equity shares (requiring Rs. 100/- total payment) but pays only Rs. 50/-, they will receive a proportionate number of converted shares, while unpaid shares may face forfeiture.

The first call notice represents a crucial milestone in Suraj Industries' rights issue completion process, providing shareholders with clear guidelines and multiple payment channels to participate in the company's capital enhancement initiative.