Morgan Ventures Limited has announced its unaudited standalone financial results for the quarter and nine months ended December 31, 2025, revealing a challenging quarter with significant losses. The company's board of directors approved these results during their meeting held on February 12, 2026.

Financial Performance Overview

The company's financial performance showed a marked deterioration in Q3FY26 compared to the same period in the previous year:

Revenue Analysis

The significant decline in total income was primarily attributed to the absence of gains from fair value changes of investments, which contributed zero in Q3FY26 compared to ₹1062.47 lakhs in Q3FY25. Investment income also decreased substantially to ₹129.19 lakhs from ₹383.28 lakhs year-on-year. The company reported no revenue from operations, fees income, or other income during the quarter.

Expense Structure

Total expenses increased to ₹712.41 lakhs in Q3FY26 from ₹205.03 lakhs in Q3FY25, primarily due to:

• Net loss from fair value changes of investments: ₹278.68 lakhs (compared to zero in Q3FY25)
• Interest paid on loans: ₹423.15 lakhs (increased from ₹199.41 lakhs)
• Employee costs: ₹6.05 lakhs (up from ₹3.21 lakhs)

Nine-Month Performance

For the nine months ended December 31, 2025, Morgan Ventures reported:

Key Financial Ratios

The company's financial ratios reflected the challenging performance:

• Debt equity ratio increased to 2.10 from 1.80 in Q3FY25
• Debt service coverage ratio turned negative at -0.38 compared to 7.22 in Q3FY25
• Interest service coverage ratio also declined to -0.38 from 7.22

Segment Performance

The investments segment, which forms the core of Morgan Ventures' business, generated revenue of ₹129.19 lakhs in Q3FY26 compared to ₹1445.75 lakhs in Q3FY25. The segment reported a loss of ₹158.14 lakhs before interest and tax, contrasting with a profit of ₹1442.07 lakhs in the corresponding quarter of the previous year.

Corporate Governance

The financial results were reviewed by the audit committee and approved by the board of directors. The statutory auditors, DHA & Co. Chartered Accountants, conducted a limited review of the quarterly results. The company maintained its paid-up equity share capital at ₹994.93 lakhs with a face value of ₹10.00 per share.

Morgan ventures Limited has announced that BSE Limited has waived the Rs. 5900 fine imposed on the company for delayed submission of Related Party Transaction (RPT) disclosure. The waiver was communicated to the company via email on January 29, 2026, following a successful representation made by the company.

Background of the Fine

BSE Limited had originally imposed the fine on June 28, 2024, for a one-day delay in submitting the Related Party Transaction disclosure under Regulation 23(9) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company had filed its financial results for the half-year ended March 2024 on May 29, 2024, but submitted the RPT disclosure on May 30, 2024.

Company's Waiver Request

Morgan Ventures Limited made a representation to BSE Limited on July 17, 2024, requesting waiver of the fine. The company cited technical issues in BSE's filing system as the primary reason for the delay. According to the company's submission, they had informed the stock exchange about XBRL filing technical issues via email on May 29, 2024, and received a response from the exchange late at night on the same date.

BSE's Decision Details

The Internal Regulatory Oversight and Review Group (IRORG) of BSE reviewed the waiver representation and decided to accept it after considering the facts of the case. The decision details are as follows:

Basis for Waiver Decision

The IRORG noted several key factors in its decision to waive the fine. The group acknowledged that the company had published its financial results for the half-year ended March 2024 on May 29, 2024, and filed the RPT disclosure on May 30, 2024. Importantly, the group recognized that the company had proactively informed the stock exchange about technical issues related to XBRL filing on May 29, 2024, and received resolution from the exchange late at night. The company subsequently submitted the RPT disclosure early morning the next day at 9:37 AM.

Regulatory Compliance

This development demonstrates the company's commitment to regulatory compliance and the importance of timely communication with stock exchanges regarding technical difficulties. The waiver eliminates any outstanding penalty obligations for Morgan Ventures Limited related to this specific regulatory filing delay, allowing the company to maintain its clean compliance record.