Enclosing a copy of Second quarter and Half yearly Results of the Company September 30, 2025.
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Brahmaputra Infrastructure reported strong Q2 FY26 results with total operating income of Rs. 90.77 Crore, nearly tripling from Rs. 32.21 Crore in Q2 FY25. For the half-year, revenue rose 64% to Rs. 182.91 Crore (vs Rs. 111.59 Crore in H1 FY25), driven mainly by the EPC division which posted Rs. 173.89 Crore in revenue. Profit after tax jumped to Rs. 29.67 Crore (vs Rs. 7.36 Crore), translating to EPS of Rs. 10.22 for the half-year. The EPC segment swung to a healthy Rs. 26.17 Crore pre-tax profit versus just Rs. 2.91 Crore a year ago. Order book stands at around Rs. 950 Crore and shopping mall rentals grew 15%. However, the auditor flagged concerns: Rs. 164.28 Crore of arbitration/claim receivables are under negotiation and their recoverability is uncertain, and the company has not accounted for 15 joint operations as required under Ind AS 111.
Strong revenue and profit growth in Q2 will likely be viewed positively by investors, but the heavy dependence on arbitration receivables (Rs. 164.28 Crore) and the auditor's flag on unaccounted joint operations are key risks. The dramatic drop in operating cash flow (Rs. 0.05 Cr vs Rs. 77.11 Cr full-year FY25) despite higher profits warrants close attention.