Ashnisha Industries Limited has released its unaudited financial results for the third quarter and nine months ended December 31, 2025. The company's Board of Directors convened on February 14, 2026, to approve and record these financial statements in accordance with regulatory requirements.

Board Approval and Regulatory Compliance

The Board of Directors meeting held on Saturday, February 14, 2026, formally approved the unaudited standalone and consolidated financial results for the reporting period. These results have been prepared in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring adherence to prescribed disclosure norms.

Financial Results Accessibility

The comprehensive financial statements, accompanied by the limited review report, have been made publicly available through multiple channels:

Corporate Information

Ashnisha Industries Limited operates under CIN L74110GJ2009PLC057629, with its registered office located at 7th Floor, Ashoka Chambers, Mithakhali Six Road, Ahmedabad 380006, Gujarat, India. The company maintains communication channels through phone number 079-26463227 and email address ashnishalimited@gmail.com .

Management Authorization

The financial results announcement was authorized by Ashok C. Shah, Managing Director (DIN: 02467830), confirming the company's commitment to transparent financial reporting and stakeholder communication.

Regulatory Framework

The announcement aligns with SEBI's regulatory framework for listed companies, ensuring timely disclosure of financial performance to investors and market participants. The availability of results through both stock exchange and company platforms facilitates easy access for all stakeholders seeking financial information about the company's performance during the specified reporting period.

Ashnisha Industries Limited's rights issue proceeds utilization has been monitored by CARE Ratings Limited for the quarter ended December 31, 2025. The monitoring agency report reveals significant deployment of funds across various strategic objectives, with the company utilizing ₹34.17 crore out of the total ₹49.24 crore raised through the rights issue.

Rights Issue Overview

The company successfully completed its rights issue during October-November 2025, raising ₹49.24 crore through the allotment of 164,125,000 fully paid-up equity shares at ₹3 per share. The issue was offered to eligible shareholders in the ratio of 13 rights equity shares for every 8 fully paid-up equity shares held on the record date of October 6, 2025.

Proceeds Utilization Analysis

During Q3FY26, the company deployed funds across four key areas as outlined in the offer document. The monitoring agency confirmed that all utilization was in line with stated objectives without any material deviations.

Working Capital Deployment

The largest utilization was towards working capital requirements, with ₹22.17 crore deployed primarily for advance payments made for goods. This represents a substantial portion of the allocated funds and reflects the company's strategy to secure favorable pricing and ensure supply continuity in prevailing market conditions.

Solar Power Project Progress

For the solar power project, ₹7.67 crore was utilized during the quarter, comprising ₹7.50 crore towards advance payment for solar equipment and ₹0.17 crore for site development. The project aims to establish a 1.5 MW AC capacity (1.75 MW DC capacity) solar power plant, though approvals are still under process.

General Corporate Purposes Breakdown

The company utilized ₹3.79 crore for general corporate purposes during Q3FY26, distributed across various strategic initiatives:

Monitoring Agency Observations

CARE Ratings highlighted several key observations in their monitoring report. The solar power project cost of ₹15 crore for 1.5 MW capacity appears higher compared to industry standards, potentially affecting expected returns. Additionally, the company's advance payments for goods totaling ₹20.50 crore represent approximately 1.5 times the average sales of the last three years.

Promoter Shareholding Impact

A notable development was the reduction in promoter shareholding from 17.35% as of September 30, 2025, to 6.61% as of December 31, 2025. This occurred as promoters and the promoter group did not subscribe to shares offered in the rights issue, which the company stated was intended to enhance public participation.

Fund Management

The unutilized proceeds of ₹15.07 crore are currently maintained in a current account with ICICI Bank. The monitoring agency confirmed that funds were transferred from the escrow account to the current account as utilization occurred, with proper documentation maintained for tracking purposes.

The monitoring agency report confirms no deviations from the stated objects and validates that the company is progressing according to its disclosed plans, with statutory approvals for the solar project currently under process.