Solana Biofuels Limited (formerly Southern Online Bio Technologies Limited) announced its unaudited standalone financial results for the third quarter ended December 31, 2025, revealing continued operational challenges with widening losses and declining revenue performance.

Financial Performance Overview

The company reported a net loss of ₹276.46 lakhs for Q3 FY26, significantly higher than the ₹70.33 lakhs loss recorded in the corresponding quarter of the previous year. Revenue from operations declined 26.8% year-on-year to ₹2,318.64 lakhs compared to ₹3,167.22 lakhs in Q3 FY25.

Nine-Month Performance Analysis

The nine-month period ending December 31, 2025, showed even more pronounced deterioration in financial performance. The company recorded a net loss of ₹955.52 lakhs compared to ₹191.55 lakhs loss in the corresponding nine-month period of FY25. Revenue from operations for the nine-month period declined substantially by 41.9% to ₹7,125.04 lakhs from ₹12,274.36 lakhs in the previous year.

Segment-wise Performance

The company operates in two primary segments: biofuels and internet services. The biofuels segment, which generates the majority of revenue, contributed ₹2,305.79 lakhs in Q3 FY26 compared to ₹3,184.54 lakhs in Q3 FY25. The segment reported negative EBITDA of ₹141.16 lakhs in Q3 FY26, a significant deterioration from the positive ₹57.23 lakhs EBITDA recorded in Q3 FY25.

The internet services segment contributed ₹19.41 lakhs to revenue in Q3 FY26, down from ₹22.98 lakhs in the previous year, with negative EBITDA of ₹5.17 lakhs.

Balance Sheet Position

The company's financial position continued to weaken during the quarter. Net worth declined to ₹2,706.03 lakhs as of December 31, 2025, compared to ₹3,578.28 lakhs in the corresponding period last year. Other equity showed a negative balance of ₹1,793.97 lakhs, reflecting accumulated losses. The paid-up equity share capital remained stable at ₹4,500.00 lakhs with a face value of ₹10 per share.

Regulatory Compliance

The financial results were reviewed by the audit committee and approved by the Board of Directors in their meeting held on February 13, 2026. The results have been prepared in accordance with Indian Accounting Standards (Ind AS) and reviewed by statutory auditors M/s. Darapaneni & Co., Chartered Accountants, who issued a limited review report confirming compliance with regulatory requirements under SEBI listing regulations.

Solana Biofuels Limited (formerly Southern Online Bio Technologies Limited) has successfully concluded its 1st Extraordinary General Meeting (EGM) in FY 2025-26, with shareholders unanimously approving key board appointments. The meeting, held on February 02, 2026, at the Anion Conference Room in Hyderabad, focused on strengthening the company's board structure through the appointment of two new independent directors.

Meeting Overview and Participation

The EGM witnessed strong participation from the company's shareholder base. Out of 7 total shareholders on the record date, 5 promoter and promoter group members attended the meeting in person, while no public shareholders were present.

Board Appointments Approved

Both resolutions on the agenda received unanimous support from shareholders. The appointments were structured as special resolutions, reflecting their significance for the company's governance framework.

Resolution 1: Appointment of Mrs. Shravya Kondapalli (DIN: 11378639) as Non-Executive Independent Director received complete shareholder backing.

Resolution 2: Appointment of Dr. Divya Sunitha Raj Burra (DIN: 03412586) as Non-Executive Independent Director was similarly approved without opposition.

Voting Results and Process

The voting process combined electronic voting and physical polling at the meeting venue. The comprehensive voting mechanism ensured maximum shareholder participation and transparency.

Regulatory Compliance and Documentation

The company maintained full compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, particularly Regulation 44(3). Jineshwar Kumar Sankhala from P.S. Rao & Associates served as the scrutinizer, ensuring the voting process met all regulatory standards.

The e-voting facility was provided through Central Depository Services (India) Limited (CDSL), with the cut-off date set as January 24, 2026. All voting records and poll papers were properly sealed and handed over to the company secretary for safekeeping.

Company Leadership

Dr. Devaiah Pagidipati, Chairman & Managing Director (DIN: 05147621), signed the voting results submission to BSE Limited on February 03, 2026. The company operates from its registered office in Hyderabad, with manufacturing units in Telangana and Andhra Pradesh.