Oswal Leasing Q3 FY26 loss widens as income dips

Overview of the latest filing

Oswal Leasing Limited has reported a weaker set of numbers for Q3 FY26, with losses widening year-on-year as its interest income dipped and costs increased. The company announced unaudited financial results for the quarter and nine months ended December 31, 2025. These results were approved by the Board of Directors at a meeting held on February 11, 2026. The update is relevant because the company’s operating revenue is largely driven by interest income, making even small income changes meaningful. The filing also gives a clearer view of how the cost base moved during the period. Alongside the quarterly update, other published data points highlight low revenue scale and continued losses.

Board approval and review process

The company stated that its unaudited financial results were reviewed by the Audit Committee and approved by the Board. It also disclosed that M/s V.V. Bhalla & Co., Chartered Accountants, conducted a limited review of the financial statements. The auditor’s limited review reportedly found no material misstatements in disclosure requirements under SEBI regulations, based on the information provided. While a limited review is not the same as a full audit, it is a standard process for quarterly unaudited results. The statement matters mainly for process credibility, particularly when numbers show persistent losses.

Q3 FY26: income down, expenses up

For Q3 FY26, Oswal Leasing reported interest income of ₹3.19 lakh, down from ₹3.26 lakh in Q3 FY25, a decline of 2.15%. Total expenses increased to ₹4.45 lakh from ₹4.28 lakh, up 3.97%. With expenses exceeding income, the net loss widened to ₹1.27 lakh from ₹1.02 lakh, a rise of 24.51%. Basic EPS for the quarter was reported at -₹0.25 compared with -₹0.20 in Q3 FY25. The company also stated it maintained zero finance expenses across all reporting periods mentioned in the update.

Nine months ended December 2025: losses nearly doubled

For the nine-month period ending December 31, 2025, the company reported interest income of ₹10.73 lakh versus ₹10.84 lakh a year earlier, a decline of 1.01%. Costs, however, moved higher across key lines, pushing losses sharply upward. Net loss for 9M FY26 was ₹3.46 lakh compared with ₹1.76 lakh in 9M FY25, a rise of 96.59%. Employee benefits rose to ₹7.95 lakh from ₹6.79 lakh, up 17.08%. Other expenses increased to ₹6.25 lakh from ₹5.82 lakh, up 7.39%. The disclosed numbers indicate that stable interest income was not enough to absorb the higher operating cost base.

Expense mix: employee costs rise, other costs mixed in Q3

The filing noted that employee benefit expenses increased to ₹2.50 lakh in Q3 FY26 from ₹2.21 lakh in Q3 FY25. Other expenses, in contrast, declined slightly to ₹1.95 lakh from ₹2.07 lakh over the same period. Despite the small drop in other expenses, the net effect of higher overall expenses and lower income contributed to the wider quarterly loss. For the nine-month period, both employee benefits and other expenses were higher, which aligned with the steeper deterioration in cumulative profitability.

Key performance table from the disclosure

Other reported indicators: low scale, negative EPS

Separate published data points in the provided material also indicate continuing losses and a small revenue base. Oswal Leasing’s EPS (TTM) was stated as -1.04. For the “latest quarter,” the company was reported to have sales of 0.34 million INR (₹3.40 lakh), net income of -0.18 million INR (-₹1.80 lakh), and EPS of -0.35. The same source set also stated that revenue moved from 0.32 million INR (₹3.20 lakh) in the previous quarter to 0.34 million INR (₹3.40 lakh) in the latest quarter, while net income moved from -0.13 million INR (-₹1.30 lakh) to -0.18 million INR (-₹1.80 lakh). Revenue per share for the latest quarter was reported at ₹92.88, and elsewhere as ₹93.12, indicating it was around ₹93 per share in the published extracts.

Annual trend data available in the extracts

The material also includes annual total revenue values for multiple fiscal year-ends, with figures shown for FY22 to FY26 as 1.40, 1.42, 1.53, 1.51, and 1.41 (as presented). The corresponding total revenue growth rates were listed as -24.91%, +1.38%, +7.69%, -1.26%, and -6.71% for those years. The extract also referenced “EBITDA 0.00,” without additional detail or context on the period mapping beyond the table headers.

Balance sheet snapshot from the latest quarterly data

The provided content includes a few balance sheet line items from the most recent quarterly filing. Cash and cash equivalents were stated at 0.13 million INR (₹1.30 lakh). Total assets were reported at 28.27 million INR (₹282.70 lakh), total liabilities at 0.21 million INR (₹2.10 lakh), and total equity at 27.19 million INR (₹271.90 lakh). These figures indicate a balance sheet where reported equity significantly exceeds reported liabilities in the provided snapshot.

Market impact and why the numbers matter

The disclosed Q3 FY26 numbers show the company’s cost base outpacing its operating income, resulting in a wider quarterly loss. Because interest income was described as the company’s entire operational revenue, growth depends heavily on sustaining or increasing that income line while managing employee and other operating costs. The near-doubling of nine-month losses, alongside higher employee benefits and other expenses, points to pressure on operating leverage at the current scale. Separately published quarterly sales and net income figures also reflect a small revenue base and continued negative profitability, with TTM EPS remaining negative. The data does not include any guidance, new business drivers, or a turnaround plan, so the immediate market relevance is concentrated in the trend of income versus expenses and the persistence of losses.

Conclusion

Oswal Leasing’s unaudited Q3 FY26 results, approved on February 11, 2026, showed lower interest income and higher expenses, resulting in a wider loss versus Q3 FY25. The nine-month period ended December 31, 2025 reflected a sharper deterioration, with net loss rising to ₹3.46 lakh as employee benefits and other expenses increased. Other published metrics in the provided material also point to negative EPS and low absolute revenue levels. The next key data points for investors would be subsequent quarterly filings and any updated disclosures on cost control or revenue stability, if and when the company provides them.