September 2026 results: qualified review flags doubt about ability to keep operating

Qualified audit opinionRevenue growth above 20%Negative operating cash flowDebt to equity above the thresholdResults View source PDF Explain this filing

BALKRISHNA · price

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

-2.6%Reaction day

₹16.00

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Nifty Microcap 250market · in no size index; the smallest one is used+1.4%-4.0% vs market

Paper & Paper Products peers, median of 33sector+0.3%-2.8% vs sector

On the reaction day the stock moved 4.0 pts less than Nifty Microcap 250 and 2.8 pts less than its Paper & Paper Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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Reaction day

-2.6+1.4-4.0+0.3-2.8

Next day

-6.3+1.7-8.0+0.2-6.4

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UpDownMarket · Nifty Microcap 250Sector · Paper & Paper Products peers, median of 33Pending

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AI summary

For the half year to September 2026, revenue from continuing operations rose 53% to Rs 326.95 lakh from Rs 213.17 lakh. Continuing operations lost Rs 286.84 lakh, but a Rs 332.96 lakh exceptional gain lifted net profit to Rs 6.30 lakh. Operating cash outflow was Rs 120.25 lakh. The auditor gave a qualified conclusion, citing negative net worth of Rs 17,537.72 lakh and doubt about the company's ability to keep operating.

Likely market impact

Negative for shareholders: core operating losses, negative cash flow and going-concern doubt. Reported profit relied on a one-off gain.

By the numbersStandalone · Q2 FY27 vs Q2 FY26

	Q2 FY27	Q2 FY26	Change
Revenue	₹1.51 Cr	₹1.02 Cr	+48.7%
Profit after tax	₹1.86 Cr	−₹1.78 Cr	turned positive

From the company's XBRL filing, not from the text above. Operating profit and EBITDA margin are not shown for banks and lenders, whose other income is their business.