Please find enclosed herewith the Unaudited Financial Result along with Limited Review Report for the Quarter and Half Year ended September 30, 2025.

Qualified audit opinionEmphasis of matterRevenue declinedNet loss reportedNegative operating cash flowDebt to equity above the thresholdResults View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

-2.9%Reaction day

₹34.90

prior close

₹34.90

announcement price

After-mkt

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Nifty Microcap 250market · in no size index; the smallest one is used+0.6%-3.5% vs market

Fertilizers peers, median of 19sector+0.0%-2.9% vs sector

On the reaction day the stock moved 3.5 pts less than Nifty Microcap 250 and 2.9 pts less than its Fertilizers peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

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Reaction day

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Next day

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UpDownMarket · Nifty Microcap 250Sector · Fertilizers peers, median of 19Pending

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AI summary

Bharat Agri Fert & Realty reported a loss of Rs. 204.11 lacs for Q2 FY26 (vs Rs. 226.93 lacs loss in Q2 FY25) on revenue of Rs. 538.12 lacs, down ~18% YoY from Rs. 656.75 lacs. For H1 FY26, revenue was Rs. 1,094.14 lacs vs Rs. 1,212.13 lacs, with a loss of Rs. 237.95 lacs. The auditor issued a Qualified Conclusion flagging two issues: Rs. 10.34 crores of old overdue trade receivables carry no provision, and the Fertiliser segment has nil capacity utilisation with no impairment study done. An Emphasis of Matter notes sub-judice cases worth Rs. 1.49 crores (short TDR receipt and maintenance charges). The Resort segment also turned loss-making at Rs. 76.21 lacs in Q2. On the positive side, the government raised the SSP fertiliser subsidy effective Oct 1, 2025, the resort is expanding to 125 keys, and a Rs. 15 crore construction loan was sanctioned for the Wembely-60 project. Net cash used in operations was Rs. 1,323.42 lacs.

Likely market impact

Persistent losses, a qualified audit opinion, declining revenue, negative operating cashflows, and nil-capacity fertiliser operations signal continued stress — but the subsidy hike and resort expansion provide potential turnaround levers. Total borrowings of ~Rs. 72 crores against equity of ~Rs. 48 crores keep leverage elevated, and shareholders should weigh the qualified opinion and segment-level deterioration against the company's growth plans and fund-raising exploration.