Unaudited Financial Results for Half Year Ended 30th September, 2025, along with a limited review report
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Asston Pharmaceuticals reported unaudited results for the half year ended September 30, 2025. Total income stood at about Rs. 1,690.30 lakhs versus Rs. 1,660.86 lakhs in H1 FY25, roughly flat year-on-year. Net profit plunged to just Rs. 3.40 lakhs from Rs. 190.11 lakhs in H1 FY25, a near-98% drop, because the company booked Rs. 334.82 lakhs as an exceptional expense related to its recent IPO. Underlying profit before exceptional items actually grew to Rs. 337.32 lakhs from Rs. 245.94 lakhs, showing the core business is healthier than the headline number suggests. Operating cash flow was sharply negative at Rs. (1,034.54) lakhs, mainly because trade receivables ballooned by Rs. 901.91 lakhs. The company also announced a major capacity expansion to nearly triple tablet output from 5-6 crore to 14-15 crore tablets per month by Q4 FY26, funded by IPO proceeds and internal accruals (~Rs. 600 lakhs). Auditor Doshi Doshi & Co issued a clean, unqualified limited review report with no flags.
The headline PAT collapse is a one-time technical effect of IPO listing costs and not a sign of business deterioration, so operational performance is actually improving. However, the steep jump in trade receivables and negative operating cash flow are red flags worth tracking. The planned 3x capacity expansion signals management confidence in demand growth.