Mercury Trade Links Limited announced its unaudited standalone financial results for the quarter ended December 31, 2025, revealing a challenging performance despite revenue growth. The company's board of directors approved the results at their meeting held on February 12, 2026.

Financial Performance Overview

The company reported contrasting results with significant revenue growth offset by operational challenges. Mercury Trade Links recorded a net loss of ₹504.45 lakhs in Q3 FY26 compared to a net profit of ₹58.29 lakhs in the corresponding quarter of the previous year.

Operational Challenges Impact Results

Despite the substantial revenue increase, the company faced significant operational headwinds. Purchase and direct expenses surged to ₹2,820.21 lakhs in Q3 FY26 compared to ₹1,336.62 lakhs in Q3 FY25. Additionally, inventory changes adversely affected the results, with the company reporting ₹319.38 lakhs in Q3 FY26 versus a favorable change of ₹426.81 lakhs in the previous year's quarter.

The auditor's limited review report highlighted that inventory was affected by moisture due to unseasonal rain, with samples sent for quality inspection. Total expenses increased dramatically to ₹3,141.62 lakhs in Q3 FY26 from ₹955.77 lakhs in Q3 FY25.

Nine-Month Performance Analysis

The nine-month period ended December 31, 2025, showed similar trends with revenue growth accompanied by operational challenges.

Capital Structure and Share Information

The company maintained its paid-up equity share capital at ₹1,361.25 lakhs with a face value of ₹10.00 per share. This represents a significant increase from ₹272.25 lakhs in the corresponding periods of the previous year, indicating a capital restructuring during FY25.

Regulatory Compliance and Governance

The financial results were prepared in accordance with Indian Accounting Standards (Ind AS) and reviewed by the audit committee before board approval. The company's statutory auditors, M/s. Bhatt Shah Mekhia & Co. (formerly M/s. Patel Jain & Associates), conducted the limited review as per SEBI regulations. The results comply with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency for stakeholders.

Mercury Trade Links Limited has recently undergone significant changes in its auditing structure, as disclosed in multiple corporate announcements. The company, headquartered in Ahmedabad, has seen the resignation of its statutory auditor and the subsequent appointment of a new firm to fill the role.

Resignation of J Singh Associates

M/s J Singh Associates (FRN: 110266W) tendered their resignation as the statutory auditor of Mercury Trade Links Limited, effective from November 10, 2025. The auditing firm cited pre-occupation with other professional commitments as the primary reason for their departure. J Singh Associates had been appointed on September 30, 2024, for a five-year term that was originally set to conclude at the end of the 44th Annual General Meeting in 2029.

During their tenure, J Singh Associates had:

• Issued an unmodified audit opinion on the company's financial statements for the fiscal year ending March 31, 2025
• Provided a limited review report for the quarter ending June 30, 2025

The Board of Directors acknowledged the resignation and expressed appreciation for the services provided by J Singh Associates during their time as the company's auditors.

Appointment of New Statutory Auditor

In response to the auditor's resignation, the Board of Directors of Mercury Trade Links Limited convened a meeting on November 11, 2025. Based on the recommendation and approval of the audit committee, the board approved the appointment of M/S. Patel Jain Associates, Chartered Accountants (Firm's Registration No. 129797W), as the new Statutory Auditors of the company.

Key details of the new appointment:

• Effective Date: November 11, 2025
• Term: Until the conclusion of the ensuing General Meeting of the company

Profile of New Auditor

M/s. Patel Jain Associates brings over 15 years of experience to their new role. The firm's expertise encompasses:

• Debt syndication & Capital financing
• Auditing and Assurance
• Business process Re-engineering
• Search and seizure advisory
• Appellate representation
• Management consultancy

Upcoming Board Meeting

Mercury Trade Links Limited has announced a Board of Directors meeting scheduled for November 14, 2025. The agenda includes:

1. Consideration and approval of the Unaudited financial results for the period ended September 30, 2025
2. Any other items with the permission of the chair

These developments signify a period of transition for Mercury Trade Links Limited, as the company adapts to changes in its auditing structure while maintaining its commitment to financial transparency and corporate governance.

Investors and stakeholders are advised to monitor further announcements from the company regarding the finalization of financial results and any additional outcomes from the upcoming board meeting.