Result of half year ended 30.09.2025 standalone and consolidated alongwith limited review report
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Bhanderi Infracon reported weak H1 FY26 results. Standalone revenue collapsed to Rs 14.85 lakhs from Rs 109.13 lakhs in H1 FY25, swinging to a small loss of Rs 0.36 lakhs versus a Rs 52.18 lakh profit last year (EPS turned negative at Re 0.01). The standalone business effectively stalled, with no operational income other than a small amount. Consolidated numbers were better, supported by subsidiaries, with revenue of Rs 104.32 lakhs (down from Rs 142.64 lakhs) and net profit of Rs 33.39 lakhs, falling to Rs 25.04 lakhs after minority interest. Short-term borrowings on a consolidated basis jumped sharply to Rs 4,177 lakhs, pushing the debt-to-equity ratio above 1.5x. Cash position improved to Rs 520 lakhs (consolidated) from Rs 73 lakhs, backed by fresh borrowings. The auditor (JMT & Associates) issued an unmodified limited review report, though it flagged that the partnership firm Girnari Infra was not consolidated as its accounts were unavailable.
Negative near-term for shareholders — standalone business has almost dried up and the company is now leaning heavily on subsidiaries and rising debt to stay afloat. The elevated consolidated debt-to-equity ratio above 1.5x raises leverage concerns even as cash balances have improved temporarily.