Mirza International Limited announced its unaudited financial results for the quarter ended December 31, 2025, revealing challenging operational performance amid market headwinds. The company's Board of Directors approved the Q3FY26 results in their meeting held on February 7, 2026, in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance Overview

The company reported deteriorated financial performance across key metrics during the third quarter of FY26. On a standalone basis, net loss widened significantly compared to the previous year, while revenue from operations declined year-on-year.

Consolidated Results

On a consolidated basis, the company's performance reflected similar challenges with increased losses despite marginally higher revenue compared to standalone operations.

Segment-wise Performance Analysis

The company operates through two primary business segments - footwear and tannery operations. The footwear segment, which constitutes the larger portion of revenue, experienced a notable decline during the quarter.

Footwear Segment

• Revenue decreased to ₹8733.89 lakh from ₹10448.44 lakh in Q3FY25
• Segment loss of ₹549.35 lakh compared to profit of ₹292.37 lakh in the previous year
• The segment faced margin pressures and operational challenges

Tannery Segment

• Revenue increased to ₹2359.55 lakh from ₹1579.83 lakh in Q3FY25
• However, segment loss widened to ₹149.56 lakh from ₹705.32 lakh loss in Q3FY25
• Despite higher revenue, profitability remained under pressure

Nine-Month Performance

For the nine months ended December 31, 2025, the company showed mixed results with exceptional items contributing to overall profitability on a standalone basis.

Regulatory Compliance and Corporate Governance

The Board meeting commenced at 1:00 p.m. and concluded at 2:30 p.m. on February 7, 2026. The financial results were reviewed by the Audit Committee before board approval. The statutory auditors conducted a limited review and expressed an unmodified opinion on the unaudited financial results.

The company continues to focus on operational improvements and market recovery strategies while maintaining transparency in financial reporting and regulatory compliance.

Mirza International has secured in-principle approval from both the National Stock Exchange of India Limited and BSE Limited for its employee stock option scheme. The approval, received on January 6, 2026, enables the company to issue equity shares to employees under the MIL Employees Stock Option Scheme 2025.

Approval Details

The stock exchanges have granted permission for the issuance of shares with specific parameters and conditions:

Regulatory Framework

The approval falls under the Securities Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. Both exchanges have outlined comprehensive compliance requirements that the company must fulfill before the actual issuance and listing of shares.

Key Compliance Conditions

The exchanges have specified several mandatory conditions for the scheme implementation:

• Notification to exchanges under Regulation 10(c) after allotment and credit to beneficiaries' accounts
• Receipt of all statutory approvals from SEBI, RBI, and MCA
• Compliance with SEBI LODR Regulations 2015
• Adherence to Companies Act 2013 and other applicable laws
• Submission of required documentation including board resolutions and allottee lists
• Payment of prescribed fees

Documentation Requirements

The exchanges have mandated submission of specific documents including certified copies of statements under Regulation 10(c), NSDL/CDSL credit confirmations, board resolutions for allotment, and detailed lists of allottees. Additionally, companies must provide details of employees receiving options exceeding 1% of share capital in one year and confirm any director participation in the scheme.

Exchange Reservations

Both NSE and BSE have reserved the right to withdraw in-principle approval if submitted information is found incomplete, incorrect, misleading, or in contravention of exchange rules and regulations. The final trading permission will be granted only upon receipt of proper notifications and compliance with all stated conditions.

The company has informed both stock exchanges about the approval receipt pursuant to Regulation 30 of SEBI LODR Regulations 2015, ensuring proper disclosure to market participants.