This is to inform the Exchange that pursuant to Regulation 30(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the ....

Revenue growth above 20%Profit growth above 25%Negative operating cash flowResults View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

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Nifty Microcap 250market · in no size index; the smallest one is used+0.6%-2.6% vs market

Other Financial Services peers, median of 77sector-0.6%-1.4% vs sector

On the reaction day the stock moved 2.6 pts less than Nifty Microcap 250 and 1.4 pts less than its Other Financial Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

The board of Ashirwad Capital Ltd, held on November 14, 2025, approved the unaudited financial results for Q2 and H1 FY26, along with a clean limited review report from Sanjay Raja Jain & Co. Revenue from operations surged to Rs. 113.35 lakh in Q2 FY26 from Rs. 40.50 lakh in Q2 FY25 (up about 180%), while H1 revenue rose to Rs. 115.77 lakh from Rs. 77.08 lakh. Net profit for Q2 jumped to Rs. 84.64 lakh (from Rs. 40.31 lakh) and H1 net profit grew to Rs. 86.89 lakh (from Rs. 72.26 lakh). Total expenses also climbed to Rs. 27.25 lakh in Q2 from Rs. 4.07 lakh, largely due to finance costs of Rs. 14.09 lakh and other expenses of Rs. 12.36 lakh. The balance sheet remains light on borrowings (Rs. 277 lakh) against equity of Rs. 2,026 lakh, though operating cash flow turned negative at Rs. (110) lakh for H1.

Likely market impact

Strong top-line and profit growth in Q2 is positive for shareholders, supported by an unmodified auditor review. However, investors should note the negative operating cash flow and rising finance costs, which warrant a closer look at cash quality versus reported earnings.