FINANCIAL RESULTS AS ON 30.09.25
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Baroda Extrusion reported strong revenue growth, with Q2 FY26 revenue up about 24% year-on-year to ₹4,420.49 lakhs and H1 FY26 revenue up nearly 20% to ₹8,226.42 lakhs versus ₹6,872.05 lakhs a year ago. Profit after tax for H1 FY26 jumped to ₹212.82 lakhs from just ₹19.18 lakhs in H1 FY25, reflecting a sharp improvement in operating margins (EBITDA margin expanded from roughly 0.4% to about 4%). The company undertook a major capital infusion during the quarter via a preferential issue of 4.53 crore equity shares at ₹8.25 each, raising about ₹37.4 crores — of which ₹20 crores came from converting an unsecured loan into equity and ₹17.4 crores was fresh capital. This has turned the company's balance sheet from negative net worth to positive net worth of ₹1,970.81 lakhs and sharply reduced long-term borrowings. However, the statutory auditor issued a qualified opinion flagging that ₹64.96 lakhs of advances received from a party for supply of goods were not refunded or adjusted within 365 days, in violation of Section 73 of the Companies Act, 2013. Operating cashflow for the half-year was sharply negative at ₹(1,634.95) lakhs compared to a positive ₹222.07 lakhs a year ago, driven by inventory build-up and increase in receivables.
The strong revenue and profit growth, along with balance sheet repair via the preferential issue, is a positive sign, but the qualified audit opinion over the Section 73 violation and the large negative operating cashflow raise governance and working-capital concerns that retail investors should weigh. The stock may react to mixed signals — operational improvement versus audit qualification.