Outcome of the Board Meeting held on Today, November 11, 2025
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The Board approved unaudited standalone and consolidated financial results for Q2 FY26 and H1 FY26, both reviewed by auditors Manek & Associates with an unmodified (clean) review report. On a standalone basis, H1 FY26 total income grew sharply to ₹437.67 lakhs vs ₹235.62 lakhs in H1 FY25 (~86% growth), driven by both higher revenue from operations (₹251.51 lakhs, up ~31% YoY) and other income. However, standalone losses widened to ₹108.03 lakhs vs ₹67.69 lakhs in H1 FY25, mainly due to a spike in expenses (₹432.95 lakhs vs ₹269.64 lakhs), including large 'Net Loss on Fair Value Changes'. On a consolidated basis, total income fell ~36% YoY to ₹2,294.03 lakhs (from ₹3,572.68 lakhs), though H1 FY26 loss after tax narrowed slightly to ₹224.61 lakhs vs ₹276.30 lakhs.
Mixed picture for shareholders: standalone topline is expanding but bottom-line losses are deepening, suggesting cost/fair-value pressures are outpacing revenue gains. Consolidated revenue contraction is a concern, although the consolidated loss has narrowed modestly and the auditor issued an unqualified review report. Cash flow quality is weak at the consolidated level, which investors should watch.