Investor Presentation for the Unaudited FS for half year ended 30th Sep 2025
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Bharatrohan, a drone-based hyperspectral imaging agri-tech company listed on BSE SME, shared its investor presentation alongside H1 FY26 results. Revenue more than doubled to ₹32.92 crore (vs ₹14.12 crore in H1 FY25), and profit after tax rose 43.9% to ₹4.63 crore. However, EBITDA margin compressed to about 15.7% (from ~25.9% last year) as total expenses grew 129%. Operating cash flow turned sharply negative at -₹14.06 crore, hit by a -₹19.38 crore working capital swing, while ₹42.10 crore came in from financing activity (likely IPO proceeds), boosting cash on hand.
Strong top-line growth and expanding farmer coverage (2 lakh+ acres, 50,000+ farmers) signal business momentum, but the sharp jump in working capital usage, margin compression, and dependence on fresh capital raise concerns about near-term cash quality. Stock could see volatility as investors weigh growth potential in newer sectors (solar, mining, pharma) against working capital strain.