Veedol Corporation Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025, showcasing robust performance across key financial metrics. The Board of Directors approved these results at their meeting held on February 2, 2026, along with several strategic appointments and a substantial dividend declaration.

Financial Performance Overview

The company delivered strong financial results for Q3FY26, demonstrating consistent growth momentum across both standalone and consolidated operations. The company achieved an EBITDA of ₹52.50 crores compared to ₹38.00 crores in the corresponding quarter of the previous year, with EBITDA margin improving to 9.76% from 7.88%.

Standalone Financial Results

For the nine months period ended December 31, 2025, standalone revenue from operations reached ₹1,119.30 crores compared to ₹1,128.35 crores in the corresponding period of the previous year. Net profit for the nine-month period stood at ₹86.32 crores versus ₹79.90 crores in the previous year.

Consolidated Financial Performance

On a consolidated basis for nine months, revenue from operations increased to ₹1,560.58 crores from ₹1,437.51 crores in the previous year, while net profit grew to ₹134.16 crores from ₹109.05 crores.

Second Interim Dividend Declaration

The Board of Directors declared a second interim dividend of 700% for the financial year 2025-26, translating to ₹14 per ordinary share of face value ₹2 each. The company has determined Friday, February 6, 2026 as the record date for dividend distribution, with payment to be completed within 30 days from the declaration date.

Key Appointments and Corporate Developments

The company announced several important appointments during the board meeting:

Leadership Changes

Shri Kulbhushan Malhotra brings over 34 years of diverse government service experience, currently serving as Deputy Secretary in the Ministry of Heavy Industries since October 2025. The appointment is subject to shareholder approval through postal ballot.

Operational Highlights

The company's business operations continue to focus on the lubricants segment, which remains its single reportable operating segment. The consolidated results include financial performance from the holding company and its subsidiaries including Veedol International Limited, Veedol International FZCO, Veedol UK Limited and its subsidiaries, along with the joint venture Eneos VCL India Private Limited.

During the quarter, the company accounted for an incremental impact of ₹0.31 crores related to employee benefits liability due to the implementation of new Labour Codes consolidated by the Government of India on November 21, 2025.

Looking Forward

The company continues to monitor developments related to the finalization of Central and State Rules under the new Labour Codes and will account for any additional impacts as they become clear. Veedol Corporation maintains its focus on the lubricants business while expanding its operational footprint through strategic subsidiaries and joint venture partnerships.

Veedol corporation Limited has appointed M/s. Hawsons Chartered Accountants as the statutory auditor for its UK-based material subsidiary, effective January 28, 2026. The appointment addresses the casual vacancy created following the resignation of the previous auditor in December 2025.

Auditor Appointment Details

The company disclosed that Veedol UK Limited (formerly Price Thomas Holdings Limited), along with Veedol International Limited and Granville Oil & Chemicals Limited, approved the auditor appointment in their respective board meetings held on January 28, 2026. The new appointment covers the financial year 2025-26 onwards.

Background and Context

The appointment follows the resignation of M/s. SHORTS, Chartered Accountants (ICAEW Firm Number: C005300514), which was previously disclosed to stock exchanges on December 6, 2025. The resignation affected multiple UK subsidiaries including the material subsidiary Veedol UK Limited, subsidiary Veedol International Limited, and step-down subsidiary Granville Oil & Chemicals Limited.

About the New Auditor

M/s. Hawsons Chartered Accountants brings substantial experience to the role, offering comprehensive accounting, audit, tax, and financial planning services. The firm has over 170 years of history in providing high-quality client service, positioning it well to handle the auditing requirements of Veedol Corporation's UK operations.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended, read with Part A of Schedule III thereof. The company has informed both the National Stock Exchange of India Limited and BSE Limited about this statutory auditor change as required under the regulations.

This appointment ensures continuity in the auditing processes for Veedol Corporation's UK subsidiaries and maintains compliance with regulatory requirements across jurisdictions.