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Agarwal Fortune India Ltd reported strong revenue growth in Q2 FY26, with revenue from operations rising to ₹228.80 lakhs from just ₹50.50 lakhs in Q2 FY25 — a jump of over 350%. Half-year revenue also nearly tripled to ₹443.26 lakhs versus ₹164.98 lakhs a year ago, driven by the trading of glasses business. However, profitability weakened: Q2 profit after tax fell to ₹1.05 lakhs from ₹3.51 lakhs, and half-year PAT dipped to ₹4.25 lakhs from ₹5.93 lakhs, as cost of purchases scaled up sharply. The company's balance sheet remains weak, with negative other equity of ₹-273.42 lakhs and total borrowings of ₹189.15 lakhs against total equity of only ₹70.12 lakhs. Operating cash flow was also negative at ₹-55.54 lakhs for the half year. The statutory auditor M/s Jethani & Associates issued an unmodified (clean) limited review report.
Top-line growth is impressive but margin compression and weak cash generation are red flags for retail investors; the deeply eroded reserves and high debt-to-equity ratio (~2.7x) signal financial fragility despite the revenue uptick.