Un-audited financial results for the 2nd quarter ended 30th September 2025 - details enclosed.
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Artson Limited reported Q2 FY26 revenue from operations of ₹4,812 lakhs, up sharply by about 147% compared to ₹1,951 lakhs in Q2 FY25. Half-yearly revenue nearly doubled to ₹9,287 lakhs from ₹4,449 lakhs a year ago, driven by stronger project execution. Despite this strong top-line growth, the company continued to post a loss, though it narrowed — Q2 loss came in at ₹224 lakhs versus ₹300 lakhs last year, and H1 loss reduced to ₹202 lakhs from ₹350 lakhs. The auditor (Price Waterhouse & Co Chartered Accountants LLP) issued an unmodified limited review opinion, and the company separately confirmed no audit qualification. However, management explicitly flagged a going concern assessment, noting significant accumulated losses and reliance on a letter of support from its holding company, Tata Projects Limited. Cash on hand collapsed to just ₹1.3 lakhs from ₹500 lakhs, and operating cash flow was negative ₹248 lakhs in H1.
While revenue growth is impressive, the company remains loss-making with a deeply stressed balance sheet — borrowings of around ₹4,736 lakhs against equity of just ₹262 lakhs imply an extremely high leverage profile, and survival depends on continued backing from parent Tata Projects. This is a high-risk stock with weak near-term cash generation despite improving scale.