Elitecon International Limited has announced its unaudited financial results for the quarter and nine months ended December 31, 2025, demonstrating substantial growth across key financial metrics. The Board of Directors approved these results during their meeting held on March 07, 2026.

Standalone Financial Performance

The company's standalone operations showed remarkable improvement in Q3FY26. Revenue from operations surged significantly, while profitability metrics remained strong despite the challenging business environment.

For the nine months ended December 31, 2025, standalone revenue reached ₹120,684.95 lakhs compared to ₹17,709.73 lakhs in the corresponding period of the previous year. Net profit for the nine-month period stood at ₹5,012.02 lakhs versus ₹1,999.89 lakhs in the previous year.

Consolidated Results

The consolidated financial performance reflected even stronger growth, benefiting from the company's expanded operations through subsidiaries and acquisitions.

The nine-month consolidated revenue reached ₹547,688.65 lakhs compared to ₹23,559.70 lakhs in the previous year, while consolidated net profit increased to ₹31,116.69 lakhs from ₹2,667.60 lakhs.

Segment Performance

Elitecon International operates through two primary business segments: Tobacco Products and FMCG Products. Both segments contributed to the overall growth during the quarter.

Standalone Segment Results (Q3FY26)

Consolidated Segment Results (Q3FY26)

Corporate Actions and Developments

During the nine months ended December 31, 2025, the company completed a subdivision of its equity shares from ₹10 each to ₹1 each. The subdivision was approved by members through an ordinary resolution passed on June 2, 2025, with necessary approvals received from regulatory authorities.

The company entered into Share Purchase Agreements dated September 4, 2025, for acquiring equity stakes in Sunbridge Agro Private Limited and Landsmill Agro Private Limited. While a portion of the consideration has been discharged, the balance consideration was proposed to be funded through a Qualified Institutional Placement (QIP), which could not be concluded.

Regulatory and Legal Matters

Elitecon International faces several ongoing regulatory challenges that require monitoring:

GST Matters: The company continues to address a Show Cause Notice dated May 9, 2025, issued by the Directorate General of GST Intelligence (DGGI) regarding input tax credit for the period from October 2020 to October 2024. A personal hearing was attended on February 4, 2026, with no adjudication order passed yet.

FDA Inspection: Subsequent to the quarter end, officials from the Food and Drug Administration (FDA), Nashik, conducted inspections at the company's manufacturing facility on January 8, 2026, and at subsidiary Golden Cryo Private Limited on January 9, 2026. Certain tobacco product inventories and related machinery were seized during these inspections.

Legal Proceedings: The company is involved in legal proceedings with Advik Capital Limited, with matters pending before the High Court of Delhi and the National Company Law Tribunal (NCLT). The company is contesting these matters and taking appropriate legal steps.

Financial Position and Outlook

The company's paid-up equity share capital stands at ₹15,985.00 lakhs with a face value of ₹1 per share. The substantial revenue growth reflects the company's expanded operations and successful business diversification across tobacco and FMCG segments.

Management continues to evaluate the financial implications of regulatory actions and is working on resolving pending matters while maintaining normal business operations across other segments.

Minerva Ventures Fund, a Mauritius-based investment entity, has filed a disclosure under Regulation 29 of SEBI's Substantial Acquisition of Shares and Takeovers (SAST) Regulations, 2011, announcing its acquisition of a significant stake in elitecon international Limited. The disclosure reveals the fund's strategic entry into the Indian company through a substantial shareholding acquisition.

Acquisition Details

The transaction involved Minerva Ventures Fund acquiring 137088605 shares in Elitecon International Limited, representing 8.5761% of the company's total share and voting capital. The acquisition was executed through a combination of warrants issue and open market purchases, demonstrating a multi-channel approach to building the stake.

Pre and Post-Acquisition Holdings

Prior to this transaction, Minerva Ventures Fund held no shares in Elitecon International Limited. The disclosure confirms that the fund had nil holdings across all categories including shares carrying voting rights, encumbered shares, voting rights otherwise than by shares, and convertible instruments.

Following the acquisition, the fund's total holding stands at 137088605 shares, representing 8.5761% of both the total share capital and diluted share capital of the target company.

Company Structure and Compliance

Minerva Ventures Fund, headquartered at 11th Floor, Bramer House, Hotel Avenue, Ebene, Mauritius, has clarified that it does not belong to the promoter or promoter group of Elitecon International Limited. This classification positions the fund as a financial investor rather than a strategic or promoter entity.

Elitecon International Limited maintains its listing on the Bombay Stock Exchange (BSE), with the company's equity share capital and total voting capital remaining at 137088605 and 1598500000 respectively, both before and after the acquisition. The total diluted share capital also stands at the same figures post-acquisition.

Regulatory Framework

The disclosure was made in accordance with SEBI's SAST Regulations, which mandate reporting of substantial acquisitions exceeding specified thresholds. The filing includes comprehensive details of the transaction structure, shareholding patterns, and acquisition methodology, ensuring transparency in the capital market operations.

The document was executed in Mauritius on February 27, 2026, bearing the common seal of Minerva Ventures Fund and authorized signatures, completing the regulatory compliance requirements for the substantial acquisition disclosure.