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Banganga Paper Industries reported consolidated revenue from operations of Rs. 2,412.03 lakhs in Q2 FY26, up about 43% from Rs. 1,687.89 lakhs in Q2 FY25. H1 FY26 consolidated revenue stood at Rs. 4,528.25 lakhs with a profit after tax of Rs. 82.10 lakhs, sharply higher than Rs. 12.29 lakhs in H1 FY25 (the year-earlier comparison is, however, affected by the timing of subsidiary consolidation). Q2 PAT was Rs. 16.94 lakhs vs Rs. 12.59 lakhs, and H1 EPS came in at Rs. 0.07. The standalone holding company remained in a small loss of Rs. 3.14 lakhs in Q2 and Rs. 5.77 lakhs in H1, as operations sit in the subsidiary, Banganga Paper Mills. The statutory auditor M/s Jain Chhajed & Associates issued an unmodified (clean) review opinion, and consolidated operating cash flow turned strongly positive at Rs. 400.23 lakhs versus a negative figure a year ago.
Strong revenue growth and a return to healthy consolidated profits are positive for shareholders, backed by a clean audit and positive operating cash flow. However, margins remain thin (EBITDA margin around 3-4%) and the standalone parent is loss-making, so the value ultimately depends on the paper-mill subsidiary performing well.