Outcome of Board meeting dated 11th November, 2025 is attached.
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The board approved unaudited standalone and consolidated financial results for Q2 and H1 FY25-26 ended September 30, 2025, with a limited review (unmodified opinion) by the auditors. Standalone numbers are dominated by dividend income of ₹8,982.74 lakhs from subsidiary Balmer Lawrie & Co, yielding a standalone PAT of ₹9,184.97 lakhs for Q2. On a consolidated basis, Q2 revenue was ₹63,839.38 lakhs (marginally down from ₹64,156.50 lakhs YoY) and consolidated PAT fell ~9.3% YoY to ₹5,710.30 lakhs; H1 revenue grew ~3.1% to ₹1,32,187.35 lakhs while H1 PAT dipped slightly to ₹12,651.73 lakhs. The board also took on record the appointment of M/s. K. K. Chanani & Associates as Statutory Auditor for FY 2025-26 by the C&AG, and noted BSE fines for non-compliance with board composition and committee norms under Regulations 17(1), 17(2A), 18(1), 19(1)/19(2) and 20(2A), attributing the gap to CPSE status and ministerial appointments while seeking waiver.
Mixed quarter – consolidated profitability softened on a YoY basis, with standalone earnings essentially a pass-through of subsidiary dividends, so underlying operating performance is what investors should focus on. The BSE fines over governance non-compliance are a minor overhang, though the company's CPSE explanation and waiver request may limit the impact on sentiment.