1. Consider and Approve audited FS (Standalone and Consolidated) for FY ended 31st Mar 2026 2. Statement of Deviation/Variation, if any 3. Approval for formation of a subsidiary in the ....
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BharatRohan Airborne Innovations reported audited standalone FY2026 revenue of INR 8,521.25 lakhs, up 187% from INR 2,987.89 lakhs in FY2025. PAT grew 12.7% to INR 1,059.59 lakhs (FY2025: INR 939.90 lakhs). The company listed on BSE SME in September 2025 via an IPO raising ~INR 3,979 lakhs net of expenses. The auditors issued an unmodified opinion. Key concerns: operating cash flow turned sharply negative at -INR 2,785.94 lakhs (vs -INR 324.16 lakhs prior year), driven by large inventory buildup of INR 2,915.83 lakhs and trade receivables surge of INR 1,480.33 lakhs. EBITDA margin compressed to ~15.6% from ~29.8% in FY2025 due to high cost of goods sold. The company has a subsidiary GroeiGids B.V. (Netherlands) and is now approving formation of a second subsidiary — BharatRohan USA LLC.
Revenue growth is exceptional at 187% YoY, but the sharp turnaround to negative operating cash flow and margin compression signal execution risk. The large working capital buildup needs close monitoring — it may strain liquidity despite the IPO cash raise. Shareholders should watch for receivables and inventory normalisation in coming quarters.