Pursuant to the provisions of Regulation 30 and 33 read with Schedule III and other applicable provisions of the SEBI (LODR) Regulations, 2015, "SEBI (Listing Regulations, 2015") we hereby ....
AEPL · price
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Artemis Electricals reported strong growth for Q2 FY26 with standalone revenue from operations of ₹1,579.66 lakhs, up sharply from ₹401.73 lakhs in Q2 FY25. Half-yearly revenue more than doubled to ₹3,555.14 lakhs (vs ₹1,640.12 lakhs in H1 FY25), and profit after tax surged to ₹492.21 lakhs (vs ₹120.39 lakhs), translating to an EPS of ₹0.20. Consolidated PAT for H1 FY26 stood at ₹485.07 lakhs. However, operating cash flow turned negative at -₹57.17 lakhs in H1 FY26 (vs +₹4,119.24 lakhs for full FY25), largely due to a sharp jump in trade receivables from ₹2,504 lakhs to ₹6,236 lakhs. The auditor flagged multiple Emphasis of Matter items: manufacturing activities at the factory were negligible, a major lithium-ion battery plant contract is with a related party (Electroforce India Pvt Ltd) targeted for commissioning by March 2026, and physical inventory verification was not performed.
Topline and profit growth are impressive on paper, but the negative operating cash flow and ballooning receivables are red flags that suggest collections are weak. The related-party lithium-ion project remains a key monitorable, while negligible manufacturing activity raises questions about the core business sustainability.