Hariyana Ship Breakers Limited has delivered exceptional financial performance in the third quarter of FY26, demonstrating significant growth across key financial metrics. The company's Board of Directors approved the unaudited standalone and consolidated financial results for the quarter ended December 31, 2025, during their meeting held on February 13, 2026.

Outstanding Quarterly Performance

The company reported remarkable financial results for Q3FY26, with net profit reaching ₹681.89 lakhs compared to ₹42.38 lakhs in Q3FY24, representing an extraordinary growth of 1509%. Revenue from operations showed substantial improvement, growing to ₹219.61 lakhs from nil in the corresponding quarter of the previous year.

Nine-Month Period Performance

For the nine months ended December 31, 2025, Hariyana Ship Breakers achieved outstanding results with net profit of ₹974.98 lakhs, marking a substantial increase of 749% from ₹114.83 lakhs in the corresponding period of FY25. Revenue from operations for the nine-month period reached ₹349.61 lakhs compared to ₹22.45 lakhs in the previous year.

Segment-wise Analysis

The company operates primarily through two geographic segments - Mumbai and Bhavnagar. The Mumbai segment generated revenue of ₹739.05 lakhs in Q3FY26 compared to ₹219.17 lakhs in Q3FY24, while the Bhavnagar segment contributed ₹219.69 lakhs compared to ₹0.08 lakhs in the previous year's quarter.

Financial Position and Structure

Hariyana Ship Breakers maintained a stable capital structure with paid-up equity share capital of ₹616.67 lakhs, consisting of shares with a face value of ₹10 each. The company's total assets stood at ₹16,757.40 lakhs as of December 31, 2025, compared to ₹16,464.53 lakhs in the previous year.

Corporate Governance

The financial results were reviewed by the Audit Committee and subsequently approved by the Board of Directors. The results have been prepared in accordance with Indian Accounting Standards (Ind-AS) prescribed under section 133 of the Companies Act 2013. The company's consolidated financial statements include results from its subsidiary Haryana Air Products and associates including Goyal Haryana Realty, Orchid Lakeview Developers, Whitefield Projects, and Swastik Developers.

Hariyana Ship Breakers Limited, a company primarily engaged in ship-breaking activities, has released its financial results for the quarter ended September 30, 2025, revealing significant challenges in its operations and investments.

Financial Performance

The company reported a stark contrast in its financial performance compared to the previous year:

All figures in lacs

The complete absence of revenue from operations in Q2 FY26 marks a significant downturn from the Rs 2.45 lacs reported in the same quarter of the previous year. Despite the lack of operational revenue, the company managed to post a profit before tax of Rs 37.74 lacs, though the context for this profit remains unclear without comparative data from the previous year.

Investment Risks

Hariyana Ship-Breakers faces substantial investment risks, with Rs 1,319 lacs, representing 7.81% of its total assets, currently tied up in a real estate project. The company reports that it has neither received possession of the property nor recovered the invested amount. In response to this situation, the company has filed a complaint with the economic offence wing, indicating potential legal action to address the investment concerns.

Corporate Governance

The company's Board of Directors convened on November 13, 2025, to review and approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025. The meeting, which commenced at 3:00 p.m. and concluded at 3:45 p.m., also included a review by the Audit Committee.

Segment Information

Hariyana Ship-Breakers operates primarily in two business segments: Mumbai and Bhavnagar. The company prepares its financial statements in accordance with Indian Accounting Standards (Ind-AS) and follows the "Management Approach" as defined in Ind AS 108 for evaluating performance and allocating resources across geographic segments.

Consolidated Financial Statements

The company's consolidated financial statements include results from its subsidiary, Hariyana Air Products, and associates including Goyal Hariyana Realty, Orchid Lakeview Developers, Whitefield Projects, and Swastik Developers. These statements are prepared in line with Indian Accounting Standard 110.

The financial results and investment challenges reported by Hariyana Ship-Breakers Limited underscore a period of significant operational difficulties and financial risks. The company's ability to address these challenges and potentially recover its substantial real estate investment may be crucial factors in its future performance and financial stability.