Seya Industries Ltd, operating under Corporate Insolvency Resolution Process (CIRP), has submitted its unaudited standalone financial results for the quarter and nine months ended December 31, 2025. The specialty chemical intermediates company showed mixed performance with quarterly losses narrowing but nine-month losses widening compared to the previous year.

Financial Performance Overview

The company's financial performance for Q3FY26 showed some improvement at the quarterly level but deterioration over the nine-month period:

Revenue and Income Analysis

Seya Industries recorded total income of ₹381.00 lakh in Q3FY26, representing a 12.5% increase from ₹338.59 lakh in Q3FY25. The company's income structure reveals complete dependence on other income, with no revenue from operations during the quarter. For the nine-month period, total income declined to ₹1,284.00 lakh from ₹1,432.29 lakh in the previous year, marking a 10.4% decrease.

Expense Management

Total expenses for Q3FY26 decreased to ₹494.26 lakh from ₹534.06 lakh in Q3FY25, showing the company's cost control efforts:

Depreciation and amortization expenses remained the largest cost component at ₹444.91 lakh for the quarter, while employee benefit expenses showed significant reduction to ₹31.24 lakh from ₹51.24 lakh in the previous year.

Corporate Insolvency Resolution Process Status

The company continues to operate under CIRP following an order dated November 2, 2023, by the National Company Law Tribunal, Mumbai. The Corporate Insolvency Resolution Process was initiated based on a Section 7 application filed by a financial creditor. Bhavesh Mansukhbhai Rathod serves as the Interim Resolution Professional, with powers of the Board of Directors currently suspended.

The financial results were approved by an Independent Committee constituted by the IRP and subsequently approved by the IRP on February 13, 2026. The results comply with Regulation 33 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Business Operations and Outlook

Seya Industries operates in the specialty chemical intermediates segment as its single reportable business segment. The company faces ongoing legal disputes with certain lenders regarding credit facility classifications and has not provided for interest costs on loans during the reporting period due to these disputes.

The financial statements indicate that the company has not charged or provided for significant interest amounts on borrowings, with unprovided interest costs mentioned for both operating and project assets during the reporting period.

SER Industries Limited's Board of Directors held a meeting on January 22, 2026, approving several important corporate governance decisions. The meeting, which commenced at 07:00 p.m. (IST) and concluded at 08:00 p.m. (IST), focused on regulatory compliance and operational restructuring.

Board Meeting Outcomes

The board approved three key resolutions during the meeting, all aimed at modernizing the company's corporate structure and ensuring regulatory compliance.

Memorandum of Association Updates

The company's existing MOA was originally framed under the Companies Act 1956 and requires alignment with the Companies Act 2013 provisions. The proposed amendments focus on re-aligning the Object Clause and Liability Clause to conform with Table A of Schedule I to the Companies Act 2013.

The revision aims to provide clearer and more comprehensive descriptions of the company's business activities while enabling operational flexibility for future business undertakings. Previous board meetings on November 7, 2025, and January 20, 2026, had already approved related changes including modifications to Main Objects, company name changes, registered office relocation between states, and authorized share capital increases.

Articles of Association Modernization

The current AOA contains references to specific sections of the Companies Act 1956, making several regulations non-compliant with the Companies Act 2013. Rather than making numerous individual amendments, the board decided to adopt a comprehensive new set of AOA that completely replaces the existing articles.

This approach ensures full compliance with current regulatory requirements and eliminates potential conflicts between old and new provisions.

Corporate Office Relocation

The board approved shifting the corporate office to a new location in Pune, Maharashtra. The new address will be Plot No 79, 501, 5th Floor Lalwani House, Sakore Nagar Viman Nagar, Pune, Maharashtra, India, 411014.

Regulatory Compliance

All decisions were made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has informed BSE Limited about these developments, with the scrip code 507984 and trading symbol SERIND.

The MOA and AOA amendments require shareholder approval before implementation, while the corporate office relocation has received final board approval.