Scan Projects Limited delivered a strong financial performance in Q3 FY26, with the company announcing its unaudited results for the quarter ended December 31, 2025. The results showcase robust growth across revenue and profitability metrics, reflecting the company's operational efficiency and market positioning.

Financial Performance Highlights

The company's financial performance for Q3 FY26 demonstrated significant improvement across key parameters:

The company's total expenditure increased to ₹439.96 lacs from ₹322.31 lacs in Q3 FY25, primarily driven by higher purchase of stock-in-trade (₹188.92 lacs vs ₹185.73 lacs) and significant erection and commissioning charges of ₹126.55 lacs compared to nil in the previous year.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, Scan Projects maintained its growth trajectory:

Segment-wise Business Performance

The company operates through two distinct business segments, both contributing to the overall growth:

Erection, Commissioning, Supervision & Annual Maintenance Contract:

• Q3 FY26 revenue: ₹217.13 lacs (vs ₹124.62 lacs in Q3 FY25)
• Segment result: ₹26.77 lacs (vs ₹62.46 lacs in Q3 FY25)

Trading Activities:

• Q3 FY26 revenue: ₹252.99 lacs (vs ₹201.29 lacs in Q3 FY25)
• Segment result: ₹10.10 lacs (vs ₹25.88 lacs in Q3 FY25)

Corporate Developments

The Board of Directors approved a significant corporate restructuring initiative involving the merger of Chanderpur Industries Private Limited with Scan Projects Limited. The scheme has received no-objection letters from BSE and SEBI under Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company plans to file an application with the National Company Law Tribunal (NCLT) for further approval.

Balance Sheet Strength

The company's financial position remained robust with total assets of ₹875.78 lacs as of December 31, 2025, compared to ₹696.39 lacs in the previous year. Total capital employed increased to ₹603.10 lacs from ₹503.46 lacs, indicating improved capital utilization.

Board Meeting and Compliance

The unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 13, 2026. The meeting commenced at 04:20 p.m. and concluded at 04:45 p.m. The company maintained its paid-up equity share capital at ₹287.33 lacs with a face value of ₹10 per share.

Scan Projects has achieved a crucial milestone in its merger process with Chanderpur Industries Private Limited by receiving an observation letter with "no adverse observations" from BSE Limited on January 6, 2026. This regulatory clearance paves the way for the company to proceed with filing the merger scheme before the National Company Law Tribunal (NCLT).

BSE Approval Details

The observation letter from BSE Limited confirms regulatory compliance for the proposed merger scheme under Regulation 37 of SEBI LODR Regulations, 2015. The approval comes with specific conditions and disclosure requirements that the company must fulfill during the merger process.

Key Merger Structure

The merger scheme, originally approved by the board on September 18, 2025, maintains its fundamental structure with enhanced regulatory backing.

SEBI Compliance Requirements

The BSE approval comes with comprehensive disclosure requirements that Scan Projects must fulfill. Key conditions include:

• Disclosure of all ongoing adjudication and recovery proceedings against the company, promoters, and directors
• Ensuring financial statements used for valuation are not older than six months
• Providing detailed explanations of merger rationale, synergies, and impact on shareholders
• Mandatory demat form for new equity shares issued under the scheme

Company Profiles and Financial Standing

Chanderpur Industries Private Limited

• Business Focus: Manufacturing industrial machinery for oil & gas, petrochemicals, defense, and nuclear industries
• Annual Turnover: ₹8.61 crores
• Net Worth: ₹60.10 crores

Scan Projects Limited

• Business Focus: Servicing and trading engineering machinery for sugar, paper, cement, and chemical industries
• Annual Turnover: ₹5.43 crores
• Net Worth: ₹11.94 crores

Regulatory Timeline and Next Steps

With BSE approval secured, Scan Projects must file the merger scheme with NCLT within the six-month validity period. The company has committed to displaying the observation letter on its website within 24 hours of receipt, ensuring transparency for stakeholders.

This development represents significant progress in the merger process, bringing Scan Projects closer to completing its strategic consolidation with Chanderpur Industries and achieving the planned operational synergies and enhanced market competitiveness.