Riddhi Siddhi Gluco Biols Limited has disclosed receiving a Securities Appellate Tribunal (SAT) order dated March 09, 2026, which provides a mixed outcome on the company's appeals against SEBI orders. The company received the order on March 10, 2026, addressing two separate appeals challenging previous SEBI decisions.

SAT Appeal Outcomes

The tribunal delivered contrasting verdicts on the two appeals filed by the company and its promoters:

Debarment and Compliance Directives

The SAT has imposed specific debarment periods and compliance requirements on various entities and individuals associated with the company:

Minimum Public Shareholding Compliance

The tribunal has directed the company to comply with Minimum Public Shareholding requirements within 5 months from the order date. The SAT upheld SEBI's findings regarding the company's non-compliance with MPS norms, which formed part of the original violations. The company faces allegations related to delisting under various Securities Laws in addition to the MPS requirement violations.

Financial Impact and Previous Penalties

The company has indicated that the SAT order will have no quantifiable monetary impact on its financial or operational activities. However, a penalty of Rs. 5 lakh each imposed on the company and two promoter directors by the Adjudicating Officer's order dated July 02, 2021, was already deposited with SEBI following earlier SAT directions dated August 12, 2021.

Company's Response

Riddhi Siddhi Gluco Biols Limited has stated that it is legally examining the contents of the SAT order and will take appropriate legal actions as advised. The disclosure was made under Regulation 30 of the SEBI Listing Regulations, with the company secretary Sharad Jain signing the compliance document on March 11, 2026.

Riddhi Siddhi Gluco Biols Limited officially announced its unaudited standalone and consolidated financial results for the quarter ended December 31, 2025. The company's Board of Directors approved the results at a meeting held on February 7, 2026, along with limited review reports from statutory auditors Batliboi & Purohit, Chartered Accountants.

Standalone Financial Performance

The company's standalone performance for Q3FY26 showed mixed results with significant profitability challenges. While revenue remained relatively stable, the bottom line was severely impacted.

For the nine months ended December 31, 2025, the company reported revenue from operations of ₹20,194.52 lakhs compared to ₹7,468.59 lakhs in the corresponding period of FY25. Net profit for nine months FY26 stood at ₹5,112.98 lakhs against ₹8,413.52 lakhs in nine months FY25.

Segment-wise Performance Analysis

The company operates primarily in two business segments with varying performance trajectories across different verticals.

The wind energy generation segment demonstrated consistent growth in both quarterly and nine-month periods, while the trading business segment experienced a marginal quarterly decline but substantial nine-month growth.

Consolidated Financial Results

The consolidated performance includes the parent company and its subsidiary Shree Rama Newsprint Limited, with results significantly impacted by discontinued operations.

Regulatory and Legal Matters

The company continues to face ongoing regulatory proceedings with income tax authorities. An appeal has been filed with the Income Tax Appellate Tribunal, Ahmedabad regarding additions of ₹308 lakhs made by the Assessing Officer for assessment years 2013-14 to 2020-21, which the company considers as contingent liability.

Additionally, two matters remain pending before the Securities Appellate Tribunal related to SEBI orders, including a penalty of ₹5 lakhs each on the company and two promoter directors, and compliance requirements for Minimum Public Shareholding. Both matters were heard by SAT on December 16, 2025, with orders reserved.

Financial Position and Outlook

The company maintains total assets of ₹1,99,770.73 lakhs as of December 31, 2025, compared to ₹1,87,737.51 lakhs in the previous year. The paid-up equity share capital remains unchanged at ₹712.97 lakhs with a face value of ₹10 per share. The subsidiary's paper division continues as discontinued operations with piecemeal asset disposal ongoing.