Unaudited Financial Results for the second Quarter and half year ended 30th September 2025
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The Board approved the unaudited standalone and consolidated financial results for Q2 and H1 FY26 (ended Sept 30, 2025) at its meeting on November 11, 2025. This is the first results filing reflecting the composite Scheme of Arrangement, which became effective on June 17, 2025 after NCLT sanction: Umang Dairies' dairy business was demerged into Panchmahal Properties Ltd (a wholly-owned subsidiary of BACL), while the residual UDL business was merged into BACL with retrospective effect from April 1, 2023. As a result, prior period figures for Q2 FY25, H1 FY25 and FY25 have been revised. Additionally, 1,07,571 new equity shares were allotted to erstwhile UDL shareholders, which were listed on September 24, 2025. On a standalone basis, Q2 total income came in at roughly Rs 12,839.68 lakhs versus Rs 16,682.77 lakhs in the revised Q2 FY25, indicating a year-on-year decline. Auditor V. Singhi & Associates issued an unmodified limited review report, with an emphasis-of-matter paragraph drawing attention to the scheme.
The corporate restructuring is now complete and flows through the numbers, but year-on-year comparisons are not strictly comparable due to retrospective revision. There is a small equity dilution from the shares issued to UDL shareholders. The clean auditor review with no qualifications is a reassuring sign for shareholders.