Outcome of Board Meeting dated 12.11.2025
Price
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On the reaction day the stock moved 0.3 pts less than Nifty Microcap 250 and 0.2 pts more than its Commodity Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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AG Ventures (formerly Oriental Carbon & Chemicals) reported its Q2 FY26 results along with the half-year figures. On a standalone basis, revenue from operations jumped to Rs 1,191.01 lakhs in Q2 FY26 from Rs 388.57 lakhs a year ago, largely because the chemicals business was demerged and is now shown as discontinued operations. For H1 FY26, standalone revenue was Rs 1,418.03 lakhs vs Rs 636.49 lakhs in H1 FY25, with profit after tax of Rs 259.81 lakhs compared with a Rs 36,810.96 lakh loss a year ago. On a consolidated basis, including subsidiary Duncan Engineering, revenue from continuing operations was Rs 2,995.05 lakhs in Q2 vs Rs 3,211.13 lakhs YoY, and H1 revenue was nearly flat at Rs 5,085.02 lakhs. Consolidated profit after tax from continuing operations rose to Rs 469.17 lakhs in H1 FY26 from Rs 190.79 lakhs in H1 FY25. The prior year financials were recast to show the demerged chemicals business separately, and an exceptional loss of Rs 37,494.57 lakhs had been booked in H1 FY25 on account of the demerger. Auditor S S Kothari Mehta & Co LLP issued an unqualified limited review report on both sets of results.
The headline PAT turnaround is mainly a reflection of the chemicals demerger and reclassification of prior periods, rather than pure core-business growth at the consolidated level where revenue is essentially flat. Shareholders now own a leaner company focused on investments & trading and engineering products (via Duncan Engineering), so future results should be read on a like-for-like continuing-operations basis. The clean auditor report and clean balance sheet (negligible debt vs equity of about Rs 295 crore) are positives, but limited top-line growth means the stock reaction will depend on how the remaining businesses perform going forward.