Financial Results for the quarter and half year ended 30th September 2025
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Balurghat Technologies reported Q2 FY26 revenue of Rs 3,261.76 lakhs, up about 56% year-on-year from Rs 2,086.18 lakhs, with H1 FY26 revenue at Rs 6,060.18 lakhs vs Rs 3,777.46 lakhs in H1 FY25 (around 60% growth). However, profitability weakened sharply: Q2 net profit fell to Rs 28.12 lakhs from Rs 66.63 lakhs last year, and H1 net profit dropped to Rs 95.55 lakhs from Rs 108.26 lakhs, as total expenses surged roughly 70% driven by higher operating and finance costs (which more than doubled to Rs 111.86 lakhs). The balance sheet shows eroded other equity of Rs -96.88 lakhs and short-term borrowings rising to Rs 2,147.17 lakhs, while operating cash flow turned sharply negative at Rs -361.66 lakhs versus a positive Rs 153.33 lakhs a year ago. The auditor (Sambhu N. De & Co) issued an unmodified limited review report, but the filing also discloses large pending litigations including a Rs 57.84 crore IDBI Bank corporate guarantee matter, far exceeding the company's total assets of Rs 4,564.03 lakhs.
Strong top-line growth is being eroded by rising costs and finance charges, squeezing margins and pushing the company into negative operating cash flow with already-negative shareholder equity — a red flag for shareholders. The very large IDBI Bank contingent liability is a material risk that could meaningfully affect the stock if it crystallizes.