Unaudited Standalone Financial Results for the Quarter and Half year ended 30th September, 2025 along with Limited Review Report
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Darshan Orna Ltd, an Ahmedabad-based gems & jewellery company (BSE: 539884), reported its Q2 FY26 and H1 FY26 results on October 14, 2025. Revenue from operations for H1 FY26 nearly doubled to ₹2,109.55 lakhs from ₹1,088.53 lakhs in H1 FY25, a jump of about 94%. Profit after tax rose roughly 40% to ₹45.23 lakhs (H1 FY25: ₹32.20 lakhs), with EPS of ₹0.09. For Q2 FY26 standalone, revenue was ₹631.31 lakhs versus ₹246.79 lakhs a year ago, and PAT was ₹23.75 lakhs (vs ₹21.87 lakhs). The balance sheet shows total equity of ₹2,022.44 lakhs and short-term borrowings of ₹480.35 lakhs, while trade receivables spiked sharply to ₹1,412.23 lakhs from ₹257.30 lakhs at March-end 2025. Auditor Shah Karia & Associates issued a clean limited review report with no qualifications.
Strong YoY revenue and earnings growth is a positive signal, but the sharp jump in receivables and negative operating cash flow of -₹54.17 lakhs (H1 FY26) suggest weak cash conversion, which retail investors should monitor closely. The clean audit opinion and improving profitability are supportive, though this remains a very small-cap name with limited liquidity.