Relic Technologies Limited has released its unaudited financial results for the quarter and nine months ended December 31, 2025, revealing a stark contrast between its standalone and consolidated performance. The Mumbai-based company, which is transitioning its business activities to pharma and wellness products, demonstrated mixed operational outcomes during the reporting period.

Standalone Financial Performance

The company's standalone operations showed positive results for Q3FY26, despite the absence of operational revenue. Key financial metrics for the quarter demonstrate the company's reliance on non-operational income sources.

For the nine-month period ended December 31, 2025, standalone operations generated a net profit of ₹44.71 lakhs compared to a loss of ₹147.49 lakhs in the corresponding period of the previous year. The company maintained zero revenue from operations throughout the nine-month period, with total income of ₹92.76 lakhs coming entirely from other income sources.

Consolidated Results Show Operational Challenges

The consolidated financial results, which include subsidiaries Relic Pharma Ltd and Truhealthy Wellness Private Ltd, presented a different picture with operational revenue but significant losses.

The consolidated nine-month results showed a substantial net loss of ₹400.79 lakhs compared to ₹96.08 lakhs in the previous year. This significant increase in losses was attributed to higher operational expenses, particularly employee benefit expenses which rose to ₹333.38 lakhs from ₹22.73 lakhs in the corresponding period.

Capital Structure Enhancement

During Q3FY26, Relic Technologies strengthened its capital base through warrant conversions. The company successfully converted 4,41,164 warrants into equity shares following receipt of the balance 75% application money from warrant holders.

This capital expansion increased the company's paid-up equity capital from ₹515.00 lakhs in the previous quarter to ₹559.12 lakhs as of December 31, 2025.

Business Transition Update

The company provided an important update regarding its strategic shift toward pharma and wellness products. Management disclosed that the planned change of activities to dealing in pharma and wellness products had not yet commenced revenue generation by December 31, 2025, as the company was still in the process of obtaining necessary regulatory permissions.

Subsidiary Performance Impact

The consolidated results were significantly influenced by subsidiary operations, with the two subsidiaries contributing ₹32.30 lakhs in revenue for the quarter and ₹220.48 lakhs for the nine-month period. However, these subsidiaries also reported substantial losses, with net loss before tax of ₹172.77 lakhs for the quarter and ₹414.32 lakhs for the nine-month period, highlighting operational challenges in the subsidiary businesses.

The financial results were approved by the Board of Directors in their meeting held on February 12, 2026, and have received unmodified review opinions from the company's statutory auditors, D. Kothary & Co., Chartered Accountants.

Relic Technologies Limited has disclosed multiple acquisitions of equity shares by its promoters through warrant conversion, as reported to BSE Limited on December 15, 2025. The acquisitions involved the conversion of warrants issued on a preferential basis into equity shares on December 13, 2025.

Key Acquisition Details

The warrant conversion exercise involved three primary promoter entities acquiring equity shares. ENAI Trading and Investment Private Limited emerged as the largest acquirer, obtaining 39,384 equity shares representing 0.76% of the company's share capital. Neha Narendra Gandhi acquired 30,500 equity shares (0.59%), while Kunal Narendra Gandhi obtained 36,280 equity shares (0.70%).

Shareholding Pattern Changes

The warrant conversion significantly altered the promoter's shareholding structure in Relic Technologies. The acquisitions were made by persons acting in concert (PAC), including Kunal Narendra Gandhi, ENAI Trading and Investment Private Limited, Neha Narendra Gandhi, and Alisha Kunal Gandhi.

Share Capital Impact

The warrant conversion resulted in an expansion of Relic Technologies' equity share capital. The company's share capital increased from ₹5.15 crores, divided into 5,150,000 equity shares of ₹10.00 each, to ₹5.59 crores, comprising 5,591,164 equity shares of ₹10.00 each post-conversion.

Regulatory Compliance

The disclosures were made in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011. ENAI Trading and Investment Private Limited filed its disclosure through director Kunal Narendra Gandhi, ensuring transparency regarding changes in promoter shareholding patterns and maintaining regulatory compliance for the BSE-listed company with scrip code 511712.