P.H. Capital Ltd announced its unaudited financial results for the third quarter ended December 31, 2025, showing a significant decline in performance compared to the previous year. The company, engaged in trading shares and securities, reported a net loss during the quarter under review.

Financial Performance Overview

The company's financial performance for Q3FY26 showed a marked deterioration compared to the same period last year. The results highlight challenges in the company's core trading operations during the quarter.

Revenue and Operational Details

The company's total income from operations declined substantially to ₹155.44 lacs in Q3FY26 from ₹7,462.32 lacs in Q3FY25. Other income contributed ₹63.53 lacs during the quarter, bringing total income to ₹218.98 lacs. The significant reduction in operational revenue reflects challenges in the company's trading activities during the period.

Total expenses for the quarter amounted to ₹384.25 lacs, resulting in a loss before tax of ₹165.28 lacs. After accounting for tax benefits of ₹38.79 lacs, the company reported a net loss of ₹126.49 lacs for the quarter.

Nine-Month Performance

Despite the quarterly loss, P.H. Capital maintained profitability for the nine-month period ended December 31, 2025, though at reduced levels compared to the previous year.

Corporate Governance and Compliance

The unaudited financial results were reviewed by the company's statutory auditors, M/s. S.P Jain & Associates, Chartered Accountants. The results received approval from the Audit Committee and were subsequently approved by the Board of Directors at their meeting held on January 27, 2026. The Board meeting commenced at 12:00 Noon and concluded at 12:30 P.M.

The company's paid-up equity share capital remained unchanged at ₹300.01 lacs, with shares having a face value of ₹10 each. The results were prepared in accordance with Indian Accounting Standards (Ind AS) and comply with SEBI regulations for listed companies.

PL Capital's Director of Institutional Research, Amnish Aggarwal, has shared his investment perspective across key sectors, identifying potential opportunities in cement and banking while highlighting mixed signals in the quick-service restaurant segment.

Cement Sector Poised for Near-Term Recovery

The cement sector presents an interesting opportunity following significant corrections, according to Aggarwal's analysis:

Aggarwal noted that stocks such as Dalmia Bharat have already priced in substantial negative sentiment. The sector has witnessed one round of pricing increases, with prices likely to remain firm. However, he emphasized that the historical problem with cement stocks has been the inability to maintain pricing, which has kept margins unfavorable.

"The problem with the cement stocks has been that the pricing has not been holding on, and that is why the margins have not been on the favourable side," Aggarwal explained.

He characterized cement stocks as tactical rather than long-term structural trades, suggesting they could deliver strong near-term performance if recent price hikes sustain and margins recover over the next two to three months.

Banking Sector Approaching Bottom

Regarding HDFC Bank's recent sharp reaction, Aggarwal believes the downside now appears limited:

While acknowledging that the elevated loan-to-deposit ratio remains a concern and is correcting only gradually, he noted that valuations are no longer expensive. Most banking stocks, including HDFC Bank, are positioned near their bottom, with net interest margins showing signs of stabilization.

QSR Sector Challenges and Opportunities

For Restaurant Brands Asia, Aggarwal presented a nuanced view of the quick-service restaurant operator's prospects:

• India Operations: Steady and operationally sound, though profitability remains challenging
• Indonesia Operations: Continue to generate losses, representing the larger concern
• Capital Requirements: No urgent need for fund infusion currently
• Strategic Investment: Any capital raise bringing new strategic or promoter-level investors could be meaningfully positive

Aggarwal emphasized that clarity on future ownership and business strategy, particularly regarding Indonesia operations, will be critical for the stock's performance.

India-EU Trade Agreement Potential

Looking at broader economic developments, Aggarwal highlighted the potential benefits of an India-EU free trade agreement, especially amid delays in Indo-US trade negotiations:

Beneficiary Sectors:

• Textiles
• Gems and jewelry
• Other export-oriented industries

Long-term Advantages:

• Enhanced market access to European markets
• Easier access to European technologies in defense, semiconductors, and renewable energy
• Reduced pressure to enter less favorable trade agreements elsewhere
• Strengthened technology and manufacturing ecosystem

Aggarwal believes such an agreement could provide breathing space to Indian industry while offering substantial long-term gains through improved technology access and market opportunities.

Investment Strategy Summary

Aggarwal's current market outlook reflects a cautiously optimistic approach, identifying specific opportunities in corrected sectors while acknowledging ongoing challenges. His analysis suggests focusing on tactical opportunities in cement, value plays in banking, and monitoring strategic developments in the QSR space, while keeping an eye on broader trade policy developments that could benefit export-oriented sectors.