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Awaiting price reaction for this filing.
Caspian Corporate Services Ltd (formerly Intellivate Capital Advisors) reported its Q2 and H1 FY26 results (ended September 30, 2025). On a standalone basis, H1 FY26 revenue from operations jumped to Rs. 179.86 lakhs from Rs. 85.90 lakhs in H1 FY25 (over 100% growth), but net profit fell sharply to Rs. 3.41 lakhs from Rs. 17.69 lakhs. On a consolidated basis (including subsidiaries Sumathi Corporate Services and Sumathi Brightshine Airport Service), H1 FY26 revenue was broadly flat at Rs. 4,770 lakhs vs Rs. 4,823 lakhs, while net profit collapsed to Rs. 5.96 lakhs from Rs. 616.98 lakhs, with total expenses rising to Rs. 4,751 lakhs driven by employee costs (Rs. 206.73 lakhs) and other expenses (Rs. 4,324.97 lakhs). Consolidated total assets stood at Rs. 9,706 lakhs with total equity of Rs. 4,080 lakhs and total borrowings (current + non-current) of around Rs. 4,566 lakhs. The auditor (MAAK and Associates) issued an unmodified review report with no emphasis of matter.
Despite healthy top-line growth on a standalone basis, sharply compressed margins and an over 99% drop in consolidated net profit signal severe cost pressure and weak profitability, which is likely negative for the stock. Investors should watch for improvement in margins and the consistently negative operating cash flow on both standalone and consolidated books.