Please find the attached Unaudited Financial Results (Standalone and Consolidated) of the Company for the Second Quarter ended on 30th September, 2025.

Qualified audit opinionRelated-party transactionsResults View source PDF Explain this filing

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AI summary

Cranex Ltd reported Q2 FY26 standalone revenue of Rs 1,336.50 lakhs, almost flat compared to Rs 1,323.41 lakhs in Q2 FY25. Half-year revenue rose marginally to Rs 2,234.81 lakhs from Rs 2,214.88 lakhs. Net profit for Q2 stood at Rs 66.18 lakhs (down from Rs 69.62 lakhs YoY), while half-year PAT was Rs 90.58 lakhs versus Rs 90.05 lakhs last year. Basic EPS for H1 was Rs 1.38 (vs Rs 1.50), with diluted EPS sharply lower at Rs 1.03 due to conversion of 22.10 lakh warrants into equity shares. The auditor issued a qualified opinion on both standalone and consolidated results, flagging that the PPE register and inventory register were not produced for verification, trade receivables/payables are subject to confirmation, and certain financial assets were not measured at fair value as required by Ind AS-109. In the consolidated report, the auditor also noted non-compliance with Ind AS-28 accounting for a joint venture (Shree-Cranex JV). Short-term borrowings stood at Rs 2,031.35 lakhs as of September 30, 2025, up from Rs 1,770.96 lakhs in March 2025.

Likely market impact

The qualified audit opinion on both standalone and consolidated results is a red flag for investors, raising concerns over record-keeping, verification gaps, and non-compliance with Ind AS norms. While profitability is broadly stable, the absence of confirmed balances and the joint venture accounting issue warrant caution; shareholders should track management's response to the auditor's qualifications.