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