Approval of Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended 30th September 2025
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Board approved unaudited results for Q2/H1 FY26. On a standalone basis, the company swung to a net profit of Rs 1.04 cr (vs loss of Rs 2.57 cr YoY), though revenue from operations declined to Rs 1.85 cr from Rs 2.76 cr a year ago, with most profit coming from other income. On a consolidated basis, revenue fell to Rs 178.20 cr (from Rs 201.74 cr YoY) and the company reported a net loss of Rs 23.32 cr (vs loss of Rs 29.93 cr). The auditor flagged material uncertainty about the company's ability to continue as a going concern due to past operating losses, and raised several emphasis-of-matter issues including a Rs 13.78 cr penal interest on a defaulted CSIR loan (shown as contingent liability rather than a provision) and misclassification of that loan as non-current. SFIO investigation and pending writ petition remain sub-judice.
Negative signals for shareholders — persistent consolidated losses, declining topline, audit concerns over going-concern viability, a defaulted CSIR loan with penal exposure, an ongoing SFIO probe, and a mid-year change of statutory auditor from Sharp & Tannan Associates to Patki & Soman. Standalone profit appears largely propped up by other income and asset sales, not core operations, suggesting limited cushion if external conditions worsen.