ORTIN GLOBAL LIMITED Stock Analysis

Finance costs turned marginally positive at -₹0.05 lakhs in Q3 FY2026 versus ₹0.04 lakhs in Q3 FY2025, indicating minimal debt burden / Depreciation remains negligible at ₹0.01 lakhs quarterly and ₹0.02 lakhs for nine months, suggesting no active asset base deterioration / Tax expense is zero for current tax across all periods, reflecting no taxable income but also no immediate tax liability / Employee benefit expenses reduced 8% YoY for nine months to ₹12.56 lakhs from ₹11.85 lakhs, though still disproportionate to revenue

Revenue has collapsed 78% YoY to ₹6.61 lakhs for nine months ended December 2025 versus ₹29.69 lakhs prior year, indicating near-total business shutdown / Other Expenditure exploded to ₹63.37 lakhs for 9M FY2026 (up from ₹65.43 lakhs in prior comparable period), representing 959% of revenue and suggesting uncontrolled costs or potential write-offs / Cumulative net loss of ₹73.11 lakhs for nine months with negative EPS of ₹0.90 per share (versus ₹0.84 prior year) demonstrates deteriorating shareholder value / Other equity stands at negative ₹615.39 lakhs as of December 2025, meaning the company has completely eroded 76% of its ₹813.14 lakhs paid-up capital through accumulated losses / Q2 FY2026 shows the most severe quarterly loss of ₹50.25 lakhs with 'Other Expenditure' at ₹47.80 lakhs against revenue of just ₹1.40 lakhs, indicating a potential one-time provision or impairment / Cost of materials consumed is ₹4.70 lakhs versus revenue of ₹6.61 lakhs for nine months, leaving gross margin of only 29%, which is entirely consumed by operating expenses

Quarterly PAT loss narrowed materially to Rs -5.32 lakh in Q3 FY26 from Rs -50.25 lakh in Q2 FY26. / PBT loss improved sequentially to Rs -4.90 lakh in Q3 FY26 versus Rs -50.26 lakh in Q2 FY26. / Total expenses fell sharply to Rs 6.13 lakh in Q3 FY26 from Rs 51.66 lakh in Q2 FY26, indicating near-term cost correction. / Other expenditure moved to Rs -0.56 lakh in Q3 FY26 versus Rs 47.80 lakh in Q2 FY26, which supported sequential loss reduction. / No exceptional item was booked in Q3 FY26 (Rs 0.00 lakh) compared with Rs -1.92 lakh in Q3 FY25.

Revenue base is very weak: net sales were Rs 1.23 lakh in Q3 FY26, down about 63% YoY from Rs 3.35 lakh and down about 12% QoQ from Rs 1.40 lakh. / 9M FY26 total income was Rs 10.72 lakh versus Rs 29.72 lakh in 9M FY25, a decline of roughly 64%, showing severe scale erosion. / Losses remain persistent and large relative to revenue: 9M FY26 PAT was Rs -73.11 lakh and Q3 FY26 PAT was Rs -5.32 lakh. / Per-share earnings remain negative with 9M EPS at -0.90 versus -0.84 in 9M FY25, indicating continued shareholder value dilution through losses. / Balance sheet stress signal is visible from negative other equity of Rs -615.39 lakh (with paid-up capital of Rs 813.14 lakh), limiting financial flexibility.