Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended 30.09.2025
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Bandaram Pharma Packtech (formerly Shiva Medicare) announced weak Q2 FY26 results on a standalone basis. Standalone revenue crashed to Rs. 32.93 lakhs from Rs. 316.61 lakhs in the year-ago quarter, a decline of about 90%. The standalone business swung to a loss of Rs. 34.74 lakhs in Q2 FY26 versus a profit of Rs. 33.08 lakhs YoY, taking the H1 FY26 standalone net loss to Rs. 61.63 lakhs. Standalone operating cash flow was also negative at Rs. (17.61) lakhs in H1 FY26. The consolidated picture, which includes the 55%-owned subsidiary VSR Paper & Packaging, looks healthier with Q2 FY26 revenue of about Rs. 1,222.83 lakhs (up from Rs. 810.37 lakhs YoY) and a net profit of Rs. 14 lakhs. The auditor (M M Reddy & Co.) issued an unqualified limited review report on both sets of results.
A near-total wipeout of the standalone business — revenue down roughly 90% YoY and a return to losses — is a serious red flag for the parent entity and suggests the core standalone operations have largely wound down, leaving the packaging subsidiary VSR Paper & Packaging as the main value driver. Retail investors should expect the standalone weakness to weigh on the stock, even though the consolidated numbers appear stable.