Submission of Standalone Unaudited financial results for the quarter ending 30th September, 2025 and limited review report thereon
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AMS Polymers reported Q2 FY26 standalone revenue of Rs 2,743.87 lakhs, up about 8% YoY from Rs 2,537.60 lakhs. For H1 FY26, revenue rose to Rs 5,412.65 lakhs (from Rs 4,630.35 lakhs, up ~17%) and profit after tax nearly doubled to Rs 71.40 lakhs (from Rs 37.89 lakhs). However, Q2 standalone PAT was very thin at just Rs 11.07 lakhs (EPS Rs 0.03), only marginally matching Rs 11.20 lakhs in the year-ago quarter, showing weak underlying profitability with a sub-0.5% net margin. The auditor flagged an emphasis-of-matter note saying branch-wise and consolidated results were not fully compliant with certain Ind AS calculation, disclosure, and presentation requirements, though conclusions remained unmodified. Operating cash flow was sharply negative at Rs (247.77) lakhs for the half-year, and short-term borrowings rose to Rs 1,751.62 lakhs against equity of Rs 595.04 lakhs, pushing the debt-equity ratio to roughly 2.9x. Trade receivables stayed elevated at Rs 5,371.64 lakhs.
Despite decent top-line and H1 PAT growth, the razor-thin Q2 margin, steep negative operating cash flow, and high leverage suggest financial fragility that could weigh on the stock. The auditor's emphasis-of-matter note on Ind AS non-compliance adds a governance red flag for retail investors.