Unaudited Financial Results for 2nd quarter and half year ended 30/9/2025
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Arman Holdings reported standalone Q2 FY26 revenue of ₹35.20 lakhs, slightly up from ₹32.58 lakhs in Q1 FY26 but well below the ₹366.88 lakhs earned in the full FY25 (mostly from Precious Metal & Stones segment). H1 FY26 revenue stood at ₹67.78 lakhs with a small loss of ₹0.21 lakhs, compared with a profit of ₹10.17 lakhs in H1 FY25. Net profit for the quarter fell sharply to ₹0.52 lakhs versus ₹3.29 lakhs in Q2 FY25. Total expenses rose to ₹34.66 lakhs in Q2 FY26 from ₹33.29 lakhs a year ago. Operating cash flow for H1 FY26 remained negative at ₹(3.69) lakhs. The statutory auditor issued an unmodified review report but flagged an emphasis-of-matter regarding investments not being revalued at fair market value. The Board also approved changes to independent directors and committee compositions.
Sharp year-on-year drop in profits and persistent negative operating cash flows suggest weak operational momentum, which may weigh on the stock. Investors should watch the auditor's emphasis on investment valuations and the sharp H1 FY25-to-H1 FY26 profit decline.