Unaudited Financials (Standalone & Consolidated) of the Company for the quarter and half year ended 30th september,2025
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Azad India Mobility, which makes EV luxury buses, reported its first meaningful quarter of operating revenue: Q2 FY26 standalone net sales were Rs. 1,980.66 lakhs versus nil in Q2 FY25 (H1 FY26 net sales of Rs. 2,750.11 lakhs vs nil in H1 FY25). The company swung to a standalone profit after tax of Rs. 22.89 lakhs in Q2 FY26 (vs Rs. 12.82 lakhs) and Rs. 30.29 lakhs for H1 FY26 versus a loss of Rs. 4.45 lakhs in H1 FY25. Total assets roughly doubled to Rs. 13,509.64 lakhs, supported by a large equity infusion of Rs. 6,885.18 lakhs during the period. Trade receivables ballooned nearly 10x to Rs. 2,074.29 lakhs and other current assets rose sharply, resulting in a deeply negative operating cash flow of Rs. (3,379.70) lakhs for H1 FY26. Auditor R. Bhargava & Associates issued an unqualified limited review report on both standalone and consolidated results.
Positive earnings momentum and a clear revenue ramp-up are offset by very weak operating cash generation and a large spike in receivables, signalling working-capital stress despite the equity-funded balance sheet strength — investors should watch collection of receivables and cash conversion closely.