Morganite crucible (India) Limited has formally submitted the resignation letter of its Chief Financial Officer Hanumant Mandale to the Bombay Stock Exchange, following a delayed filing that required regulatory clarification. The resignation became effective from the end of business hours on February 11, 2026.

Resignation Details and Timing

The CFO resignation was initially announced through a corporate filing on February 11, 2026, at 08:18:06 PM under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. However, the company inadvertently omitted the resignation letter attachment during the original filing process.

Reason for CFO Transition

In his resignation letter addressed to the Board of Directors, Hanumant Mandale cited specific organizational reasons for his departure from the CFO position. The decision was made based on management advice to support the recent change in ownership and control of the company. Additionally, the resignation aligns with ongoing consolidation of senior management positions between Morganite Crucible India Ltd and its parent company Foseco India Ltd.

Continued Role Within Organization

Despite stepping down from the CFO position, Mandale will remain with the organization in a different capacity. He will continue to serve as Manager of Finance Shared Service Centre (MMS), ensuring continuity in the company's financial operations during the transition period.

Regulatory Compliance and Documentation

Company Secretary and Compliance Officer Pooja Jindal submitted the delayed resignation letter documentation to ensure full regulatory compliance. The company emphasized that while the resignation announcement was filed immediately on February 11, 2026, the supporting documentation required resubmission to meet BSE requirements. The filing was completed from the company's registered office in Chhatrapati Sambhajinagar (Aurangabad), Maharashtra.

Morganite Crucible (India) Limited announced its unaudited financial results for the third quarter ended December 31, 2025, showing a mixed performance with revenue growth accompanied by declining profitability. The company's results were approved by the Board of Directors at their meeting held on February 11, 2026.

Financial Performance Overview

The company reported net profit of ₹556.80 lakhs for Q3FY26, marking a significant decline of 29.05% compared to ₹784.65 lakhs in the corresponding quarter of the previous year. Despite this profit decline, revenue from operations showed positive momentum, growing 3.20% year-on-year to ₹4,609.31 lakhs from ₹4,466.28 lakhs in Q3FY25.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, the company demonstrated resilience in revenue generation while facing profitability challenges. Revenue from operations increased 2.05% to ₹13,456.62 lakhs compared to ₹13,186.53 lakhs in the corresponding period of FY25. However, net profit declined 18.42% to ₹2,011.55 lakhs from ₹2,465.89 lakhs in the previous year.

Exceptional Items Impact

A significant factor affecting the company's profitability was the recognition of exceptional charges totaling ₹277.73 lakhs in Q3FY26. These charges arose from the implementation of India's new consolidated labour codes, which became effective from November 21, 2025. The exceptional items included ₹228 lakhs for gratuity and ₹49 lakhs for leave encashment, calculated based on guidance from the Institute of Chartered Accountants of India.

Operational Expenses and Margins

The company's total expenses for Q3FY26 decreased to ₹3,509.51 lakhs from ₹3,654.93 lakhs in Q3FY25. Key expense components included cost of materials consumed at ₹1,524.40 lakhs, employee benefits expense of ₹512.24 lakhs, and depreciation and amortization expense of ₹319.29 lakhs. The profit before exceptional items and tax stood at ₹1,163.88 lakhs, representing a 7.16% increase from ₹1,086.09 lakhs in the previous year.

Corporate Developments

The company underwent a significant ownership change during the period. On August 22, 2025, Morgan Advanced Materials plc entered into a Share Purchase Agreement with Vesuvius Plc to divest its Molten Metal Systems business, including a 75% equity stake in Morganite Crucible (India) Limited. Foseco India Limited acquired control over the company on November 12, 2025, and the company is in the process of changing its name to Foseco Crucible (India) Limited.

Share Capital and Earnings Per Share

The company maintained its paid-up equity share capital at ₹280.00 lakhs with a face value of ₹5 per share. Basic and diluted earnings per share for Q3FY26 stood at ₹9.94, down from ₹14.01 in the corresponding quarter of the previous year. For the nine-month period, EPS declined to ₹35.92 from ₹44.03 in the previous year.