Results - Financial Results for quarter and half year ended September 30, 2025
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Board of Caprihans India approved unaudited consolidated and standalone results for Q2 and H1 FY26. Consolidated revenue from operations slipped to Rs 171.56 Cr in Q2 FY26 from Rs 188.73 Cr in Q2 FY25, a YoY decline of about 9%; H1 FY26 revenue was Rs 349.41 Cr versus Rs 366.98 Cr in H1 FY25. The company remained in the red with a Q2 net loss of Rs 24.89 Cr (vs loss of Rs 28.36 Cr YoY) and H1 net loss of Rs 38.45 Cr, translating to a negative EPS of Rs (17.02). High finance costs of Rs 19.57 Cr per quarter continue to be the main drag. On a positive note, the company generated Rs 46.25 Cr of operating cash flow in H1 FY26 despite accounting losses. Statutory auditor Patki & Soman issued an unmodified review but flagged an Emphasis of Matter on the legacy Public Fixed Deposit liability of Rs 45.33 Cr inherited from Bilcare's Pharma Packaging division, of which Rs 38.81 Cr is parked with the lead bank. Separately, Company Secretary Mr. Pritam Paul stepped down to focus on the Flexible PVC business and Mr. Rajesh P. Likhite was appointed, while Q2 review was done by a new firm (Patki & Soman) replacing Batliboi & Purohit who had reviewed Q1.
Persistent losses, declining top line and a heavy debt pile (total borrowings around Rs 675 Cr against equity of Rs 393 Cr) keep the stock under pressure, though positive operating cash flow offers some comfort. Investors should watch progress on the legacy Bilcare fixed deposit matter, the next auditor's stance, and whether the Flexible PVC plant relocation drives a turnaround.