Bharat Agri Fert & Realty Limited announced its unaudited financial results for the quarter ended December 31, 2025, showing continued operational challenges across its diversified business segments. The board meeting was conducted by independent directors following the unfortunate passing of Chairman and Managing Director Mr. Yogendra Patel on February 11, 2026.

Financial Performance Overview

The company reported deteriorating financial performance in Q3 FY26 with significant losses across key metrics. Revenue from operations declined year-on-year while expenses remained elevated, resulting in widened losses.

For the nine months ended December 31, 2025, the company recorded revenue from operations of Rs 1,628.88 lacs compared to Rs 1,828.66 lacs in the corresponding period of the previous year. Net loss for the nine-month period widened to Rs 625.83 lacs from Rs 335.28 lacs.

Segment-wise Performance

The company operates across three primary business segments with mixed performance indicators during the quarter.

The fertiliser segment experienced significant revenue decline while the resort segment showed marginal growth. The construction segment continued to report substantial losses despite no revenue recognition during the quarter.

Business Development Updates

The Government of India's Department of Fertilizers increased subsidy rates on Single Super Phosphate (SSP) effective October 1, 2025. Management expressed confidence that this development will improve operational margins and restore sustainable profitability in the fertilizer segment.

The company's flagship Anchaviyo Resort is undergoing major expansion with 116 additional keys being added to the existing 120 keys. The expansion is targeted for completion within two years and will feature:

• Three grand banquets
• World-class recreation facilities
• State-of-the-art SPA and Wellness center
• Man-made Mandap accommodating up to 1,000 guests

Real Estate Progress

The Wembely-60 project at Majiwada, Thane has achieved construction progress up to the 20th floor. Sales activity remains robust with significant unit bookings and additional sales expected during the October-February festive season. An additional construction loan of Rs 15 crore has been sanctioned to expedite construction from the 8th to 60th floor, covering 457 flats of 2/3 BHK configuration.

Auditor Qualifications

The auditors issued a qualified review report highlighting carrying value of old overdue trade receivables worth Rs 10.34 crores without adequate provision. The fertiliser segment's significant losses and capacity utilization below nil levels raised impairment concerns for Property Plant Equipment, though specific provision amounts could not be determined.

Legal Matters

The company has ongoing legal proceedings involving Rs 1.16 crores related to short receipt of Transferable Development Rights (TDR) from Hubtown Limited and Rs 0.33 crores in maintenance charges. These matters remain sub judice with cases filed in NCLT.