Unaudited Standalone Financial Results for the Quarter and Half year ended 30th September, 2025 along with Limited Review Report
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.8 pts more than Nifty Microcap 250 and 2.3 pts more than its Gems, Jewellery And Watches peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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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.