Outcome of Board Meeting held on November 13, 2025 is enclosed
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The Board approved unaudited financial results for Q2 and H1 FY26 (ended September 30, 2025). Revenue from operations for H1 FY26 was ₹2,241.85 lakhs, sharply lower than ₹5,611.40 lakhs in H1 FY25, indicating a steep top-line decline. The company swung back to a marginal profit, with Q2 PBT of ₹0.72 lakhs (versus a loss of ₹81.03 lakhs in Q2 FY25) and H1 PBT of ₹5.11 lakhs (versus a loss of ₹134.08 lakhs in H1 FY25). EPS for H1 stood at ₹0.06. Statutory auditor M/s. Mukund and Rohit issued a clean limited review report. The auditor disclosed that GST authorities carried out a search at the factory on July 3, 2024 over alleged wrongful ITC claims, the matter is still under investigation, and the company has deposited ₹1 crore under protest as penalty.
Marginal return to profitability is encouraging, but it comes on significantly lower revenues, suggesting business contraction or pricing pressure. The unresolved GST investigation with ₹1 crore locked up under protest and high borrowings (total debt ~₹3,182 lakhs against equity of ~₹1,522 lakhs) remain key risks for shareholders.