RRP Defense Limited (formerly known as Euro Asia Exports Limited) announced its unaudited financial results for the quarter and nine months ended December 31, 2025, presenting a mixed performance picture. The company reported zero revenue for Q3FY26 while maintaining profitability for the nine-month period. Additionally, the Board approved a change in registered office location within New Delhi.

Q3FY26 Quarterly Performance

The company's Q3FY26 performance showed operational challenges with zero revenue from operations and other income of ₹0.00 lakhs, resulting in total income of ₹0.00 lakhs. Despite the absence of revenue, the company incurred total expenses of ₹13.73 lakhs, leading to a net loss after tax of ₹13.73 lakhs.

The quarterly expenses comprised employee benefits expenses of ₹1.60 lakhs and other expenses of ₹12.13 lakhs, with no material costs or finance costs recorded.

Nine-Month Performance Shows Strength

Contrasting the quarterly results, the nine-month period ended December 31, 2025, demonstrated robust performance with revenue from operations of ₹529.80 lakhs and other income of ₹1.11 lakhs, totaling ₹530.91 lakhs in income.

The nine-month expenses included cost of materials consumed at ₹344.50 lakhs, employee benefits expenses of ₹4.40 lakhs, and other expenses of ₹56.06 lakhs.

Capital Structure Changes

A significant development during the period was the substantial increase in paid-up equity share capital to ₹1,371.88 lakhs from ₹156.88 lakhs in the corresponding previous period, representing an increase of ₹1,215.00 lakhs. This capital expansion indicates major fundraising activities undertaken by the company.

Corporate Developments and Office Relocation

The Board of Directors approved the change in registered office from B-149 2nd Floor Dayanand Colony Lajpat Nagar 4 New Delhi 110024 to Flat No. 910, Mercantile House, 9th Floor, 15, Kasturba Gandhi Marg, Connaught Place, New Delhi – 110001. The relocation remains within the same city and under the jurisdiction of the same Registrar of Companies.

The change was communicated to BSE Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and signed by Managing Director Rajendra Kamalakant Chodankar.

Regulatory Compliance

The financial results were prepared in accordance with Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013, and Regulation 33 of the SEBI (LODR) Regulations, 2015. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on March 6, 2026. The statutory auditors T D K & Co., Chartered Accountants, provided limited review reports for both standalone and consolidated financial results.

RRP Group is embarking on a major semiconductor expansion with plans for a ₹12,000 crore fabrication facility in Panvel, near Mumbai, as part of India's semiconductor mission under the Make in India initiative. Chairman and CEO Rajendra Chodankar outlined the company's ambitious growth strategy during the World Economic Forum 2026 in Davos, emphasizing that semiconductors have evolved from luxury items to basic necessities in today's technology-driven world.

Government Support Drives Semiconductor Entry

The Indian government played a decisive role in RRP Group's entry into the semiconductor space through comprehensive policy support and financial incentives. Chodankar credited the government's attractive subsidy structure for providing the confidence needed to invest in expensive machinery and infrastructure required for semiconductor manufacturing.

The company successfully commissioned its first semiconductor facility in Maharashtra in September 2024 after approximately 14 months of development work, marking a significant milestone in India's domestic semiconductor capabilities.

Strategic Investment from Sachin Tendulkar

RRP Group received an unexpected boost when cricket legend Sachin Tendulkar joined as a strategic investor. Tendulkar, who was already associated with the RRP Group, immediately recognized the technology's importance, noting that even household appliances like washing machines now depend on semiconductor chips. Chodankar described Tendulkar's involvement as a source of motivation and credibility, particularly during challenging phases of the project, with the former cricketer's support helping to energize the team and reinforce the long-term vision of building domestic semiconductor capabilities.

Ambitious Expansion Plans in Panvel

The company has secured approximately 100 acres of land in Panvel for its proposed semiconductor fab, with the land allocation including a 50% subsidy that strengthens the project's financial viability. The comprehensive expansion strategy encompasses multiple specialized production lines and advanced manufacturing capabilities.

The facility will include multiple outsourced semiconductor assembly and test (OSAT) lines, as well as a prototype fab focused on compound semiconductor chips. The company is initially concentrating on legacy packaging for automobile applications while preparing to serve other segments including electronics, memory chips, and SIM cards.

Production Timeline and Thermal Imaging Focus

RRP Group aims to roll out its first prototype chip by the end of the next quarter, specifically designed for thermal imaging applications where the company already possesses strong expertise. The prototype development has received positive feedback from visiting semiconductor ecosystem teams, validating the company's technical approach and progress.

Chodankar emphasized that the government's objective extends beyond simple chip manufacturing to include forward integration. As part of this approach, RRP Group plans to integrate its prototype chip into complete thermal imaging camera systems for evaluation by government agencies and customers. Once the technology is validated, the company will progress through pilot production to full-scale manufacturing, expecting to achieve a functional production line for thermal imaging chips by the end of 2027.

Building India's Semiconductor Ecosystem

The expansion represents a key milestone in India's efforts to build a comprehensive domestic semiconductor ecosystem under the Make in India and semiconductor mission framework. RRP Group's approach aligns with the government's vision of not only manufacturing chips but also developing complete integrated solutions that can serve various sectors including automotive, electronics, and defense applications through thermal imaging technology.