Morganite Crucible (India) Limited announced its unaudited financial results for the third quarter ended December 31, 2025, showing a mixed performance with revenue growth accompanied by declining profitability. The company's results were approved by the Board of Directors at their meeting held on February 11, 2026.

Financial Performance Overview

The company reported net profit of ₹556.80 lakhs for Q3FY26, marking a significant decline of 29.05% compared to ₹784.65 lakhs in the corresponding quarter of the previous year. Despite this profit decline, revenue from operations showed positive momentum, growing 3.20% year-on-year to ₹4,609.31 lakhs from ₹4,466.28 lakhs in Q3FY25.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, the company demonstrated resilience in revenue generation while facing profitability challenges. Revenue from operations increased 2.05% to ₹13,456.62 lakhs compared to ₹13,186.53 lakhs in the corresponding period of FY25. However, net profit declined 18.42% to ₹2,011.55 lakhs from ₹2,465.89 lakhs in the previous year.

Exceptional Items Impact

A significant factor affecting the company's profitability was the recognition of exceptional charges totaling ₹277.73 lakhs in Q3FY26. These charges arose from the implementation of India's new consolidated labour codes, which became effective from November 21, 2025. The exceptional items included ₹228 lakhs for gratuity and ₹49 lakhs for leave encashment, calculated based on guidance from the Institute of Chartered Accountants of India.

Operational Expenses and Margins

The company's total expenses for Q3FY26 decreased to ₹3,509.51 lakhs from ₹3,654.93 lakhs in Q3FY25. Key expense components included cost of materials consumed at ₹1,524.40 lakhs, employee benefits expense of ₹512.24 lakhs, and depreciation and amortization expense of ₹319.29 lakhs. The profit before exceptional items and tax stood at ₹1,163.88 lakhs, representing a 7.16% increase from ₹1,086.09 lakhs in the previous year.

Corporate Developments

The company underwent a significant ownership change during the period. On August 22, 2025, Morgan Advanced Materials plc entered into a Share Purchase Agreement with Vesuvius Plc to divest its Molten Metal Systems business, including a 75% equity stake in Morganite Crucible (India) Limited. Foseco India Limited acquired control over the company on November 12, 2025, and the company is in the process of changing its name to Foseco Crucible (India) Limited.

Share Capital and Earnings Per Share

The company maintained its paid-up equity share capital at ₹280.00 lakhs with a face value of ₹5 per share. Basic and diluted earnings per share for Q3FY26 stood at ₹9.94, down from ₹14.01 in the corresponding quarter of the previous year. For the nine-month period, EPS declined to ₹35.92 from ₹44.03 in the previous year.

Morganite Crucible (India) Limited has successfully completed its postal ballot process, with shareholders approving nine critical resolutions including a significant name change and multiple director appointments. The e-voting process concluded on January 28, 2026, with overwhelming shareholder support across all proposed resolutions.

Company Name Change Approved

The most notable resolution approved was the change of company name from 'Morganite Crucible (India) Limited' to 'Foseco Crucible (India) Limited'. This special resolution received unanimous support from shareholders, marking a significant rebranding initiative for the company. The company has subsequently altered its Memorandum of Association and Articles of Association to reflect this name change.

Comprehensive Director Appointments

Shareholders approved the appointment of seven directors across various categories:

Additionally, shareholders approved the continuation of Ulhas Narayanrao Gaoli (DIN: 00286833) as a Non-Executive Independent Director through a special resolution.

Voting Results and Participation

The postal ballot demonstrated strong shareholder confidence with consistent voting patterns across all resolutions:

Shareholder Category Breakdown

The voting participation varied significantly across shareholder categories. Promoter and Promoter Group showed complete participation with 100.0000% of their 4200000 shares voted, all in favor of the resolutions. Public Institutions demonstrated strong engagement with 85.9960% participation from their 76278 shares, while Public Non-Institutions had lower participation at 1.5827% from their 1323722 shares.

Process and Compliance

The e-voting process was conducted through MUFG Intime India Private Limited from December 30, 2025 (9:00 A.M.) to January 28, 2026 (5:00 P.M.). CS Jayesh Parmar of Prajot Tungare & Associates served as the scrutinizer, ensuring compliance with Section 110 of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company followed MCA circulars by sending notices via email to shareholders whose names appeared in the Register of Members as of the cut-off date of December 26, 2025. A newspaper advertisement was also published on December 30, 2025, to inform members about the voting process and email registration procedures.

With all resolutions approved by the requisite majority, the company has successfully implemented its governance restructuring and rebranding initiative, positioning itself for future operations under the Foseco Crucible identity.