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PTL Enterprises Ltd

| Quarterly Financial Results Q3 FY 2025-26

NEUTRAL SENTIMENT

Report Source

⬤4th Feb 26

Summary : PTL Enterprises Limited declared an interim dividend of 150% and reported strong unaudited financial results for Q3 and 9M FY26, despite increased employee benefit expenses due to new Labour Codes, with an unmodified auditor's review.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Employee benefits expense: Q3 FY26: 105.11 Lakhs; 9M FY26: 245.37 Lakhs.
  2. Finance costs: Q3 FY26: 113.54 Lakhs; 9M FY26: 348.67 Lakhs.
  3. Depreciation and amortization expense: Q3 FY26: 56.20 Lakhs; 9M FY26: 158.84 Lakhs.
  4. Other expenses: Q3 FY26: 61.93 Lakhs; 9M FY26: 199.67 Lakhs.
  5. Revenue from operations: Q3 FY26: 1,609.19 Lakhs; 9M FY26: 4,826.69 Lakhs.
  6. Other income: Q3 FY26: 7.93 Lakhs; 9M FY26: 568.46 Lakhs.
  7. Paid-up equity share capital: 1,323.77 Lakhs.
  8. Reserves excluding revaluation reserves: 54,222.49 Lakhs (as of March 31, 2025).
  9. Income from lease of Plant to Apollo Tyres Ltd. (implied related party).
  10. The report presents results for 'the Company' without explicitly stating standalone or consolidated.

Corporate Overview

  1. Implementation of new Labour Codes resulted in increased employee benefit expenses.
  2. Highly dependent on Apollo Tyres Ltd. for revenue generation.
  3. Predominantly income from lease of Plant to Apollo Tyres Ltd.
  4. Formal and factual, reporting routine board decisions and financial outcomes.
  5. Apollo Tyres Ltd. is the primary customer.
  6. Only one business segment: Income from lease of Plant.

Risk Factors

  1. High dependence on Apollo Tyres.
  2. New labor codes increase expenses.
  3. Regulatory compliance costs may rise.
  4. Internal auditor change.

Key Drivers

  1. Declared 150% interim dividend.
  2. Strong profit for the period.
  3. Positive other comprehensive income.
  4. Unmodified auditor's review.

Auditor’s Report

  1. Unmodified conclusion on the unaudited financial results.

Board Commentary

  1. Appointment of Mr. Prateek Rastogi as Internal Auditor w.e.f. February 5, 2026.
  2. Resignation of Mr. Praveen Moon from the position of Internal Auditor w.e.f. February 4, 2026.
  3. Interim Dividend declared at 150% (Rs. 1.50/- per equity share of face value Rs. 1/- each) for FY 2025-26.
  4. Regulatory changes from new Labour Codes affecting employee benefit expenses.
  5. Impact of new Labour Codes on employee benefit provisions, leading to increased expenses.

Corporate Governance

  1. Audit Committee recommended the financial results to the Board.

Management Discussion & Analysis

Future Strategy

  1. Monitoring developments on new Labour Codes and assessing accounting implications.

Macroeconomic Outlook

  1. Government of India notified new Labour Codes impacting employee benefits.

Operational Focus Areas

  1. Ensuring compliance with new Labour Codes and SEBI regulations.

Performance Drivers

  1. Lease income derived from Apollo Tyres Ltd.

Risk Control Measures

  1. Actively monitoring rules and guidance for Labour Codes implementation.

Critical Risks

  1. Regulatory changes impacting employee benefit expenses due to new Labour Codes.