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VL E-Governance & IT Solutions Ltd

| Quarterly Financial Results Q3 FY 2025-26

BEARISH SENTIMENT

Report Source

⬤7th Feb 26

Summary : VL e-Governance reported significant revenue decline and net loss for Q3 and 9M FY26, with an unmodified auditor review and new internal auditor appointment.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Total Expenses (Q3 FY26): 521.39 Lakhs (vs 1512.24 Lakhs in Q3 FY25)
  2. Total Expenses (9M FY26): 1695.10 Lakhs (vs 2435.24 Lakhs in 9M FY25)
  3. Purchase of stock in trade and other operating expenditure (Q3 FY26): 448.01 Lakhs
  4. Employee benefits expense (Q3 FY26): 33.67 Lakhs
  5. Revenue from operations (Q3 FY26): 448.00 Lakhs (vs 1521.31 Lakhs in Q3 FY25)
  6. Revenue from operations (9M FY26): 1596.89 Lakhs (vs 2571.66 Lakhs in 9M FY25)
  7. Total Income (Q3 FY26): 450.82 Lakhs (vs 1606.83 Lakhs in Q3 FY25)
  8. Total Income (9M FY26): 1642.87 Lakhs (vs 2672.34 Lakhs in 9M FY25)
  9. Results are based on standalone financial statements.

Corporate Overview

  1. Mumbai, India (Headquarters)
  2. Significant decline in revenue and shift to net loss for the quarter and nine months ended December 31, 2025.
  3. E-Governance & IT/ITES Business
  4. Formal and compliant, reporting board decisions.

Risk Factors

  1. Revenue declined significantly year-on-year.
  2. Company reported net loss this period.
  3. Earnings per share turned negative.
  4. Past exceptional item caused huge loss.

Key Drivers

  1. New internal auditor appointed.
  2. Unmodified auditor review report.
  3. Strong compliance with SEBI regulations.

Auditor’s Report

  1. Unmodified opinion on the unaudited standalone financial results.
  2. No specific Key Audit Matters were explicitly highlighted in the Limited Review Report.

Board Commentary

  1. Appointment of K J Kabra & Associates as Internal Auditor for FY 2025-26.
  2. Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Corporate Governance

  1. Audit Committee reviewed financial results and recommended internal auditor.
  2. Audit Committee is in place and active in reviewing financial results.

Management Discussion & Analysis

Critical Risks

  1. Substantial year-on-year decline in revenue from operations.
  2. Transition from profit to net loss in the current period.