Outcome of board meeting dated 14 November 2025
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The board approved unaudited financial results for the half year ended 30 September 2025. Revenue from operations jumped to Rs. 8.52 crore from Rs. 1.67 crore in the same period last year, a roughly five-fold increase. Total income stood at Rs. 10.77 crore versus Rs. 1.67 crore. Profit after tax rose sharply to Rs. 68 lakh from Rs. 12.25 lakh, translating to EPS of Rs. 1.36 versus Rs. 0.25. Separately, the board cleared a preferential issue of up to 47 lakh convertible warrants at Rs. 29 per warrant, aggregating to about Rs. 13.63 crore, to promoters (Arif and Hashim Merchant) and others. This supersedes an earlier warrant issue approved at the 30 September 2025 AGM and is subject to shareholder and regulatory approvals.
The numbers show a strong rebound in revenue and profits versus a weak H1 FY25 base, which is positive for shareholders. However, the proposed Rs. 13.63 crore warrant issue at Rs. 29 will lead to dilution of existing equity holders once converted, and the company posted a negative operating cash flow of Rs. 4.80 crore despite the reported profit, indicating working capital strain.