Un-audited financial results for the quarter and half year ended on September 30, 2025.
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Baroda Rayon Corporation reported H1 FY26 revenue from operations of Rs 2,775 lakhs, down about 6% from Rs 2,960 lakhs in H1 FY25, with Q2 standalone revenue at Rs 1,306 lakhs versus Rs 1,542 lakhs a year ago. Net profit for H1 came in at Rs 1,314 lakhs versus Rs 1,172 lakhs last year, helped by a Rs 151.06 lakh one-time exceptional gain from a sundry creditors write-off and much higher other income of Rs 185.56 lakhs (vs Rs 31.32 lakhs). Almost the entire business now comes from the Real Estate segment (land and industrial unit sales), while the Textile segment has been non-operational since August 2008. The auditor (Kansariwala & Chevli) issued an unqualified limited review report, and the company continues to pay no tax due to accumulated losses and unabsorbed depreciation.
Core operations are weak — revenue is shrinking and operating cash flow turned sharply negative at Rs (1,793) lakhs versus a Rs 4,234 lakh inflow in FY25, signalling real-estate collections are drying up. The headline profit lift is largely accounting-driven (creditors write-off plus other income), so shareholders should expect pressure on the stock given deteriorating cash generation despite the company carrying borrowings of nearly Rs 19,400 lakhs.