Outcome of the board meeting held on November 12, 2025
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The board, which met on November 12, 2025, approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, along with an unqualified limited review report from statutory auditor V.K. Beswal & Associates. Standalone performance improved meaningfully: Q2 FY26 net loss narrowed to about Rs 55.50 million from Rs 150.33 million in Q2 FY25, and the H1 FY26 standalone loss shrank to Rs 151.07 million from Rs 181.07 million in H1 FY25. On a consolidated basis, however, H1 FY26 loss was around Rs 309.84 million, weighed down by steep losses at foreign subsidiaries, especially Avelum Partner LLC (Kyrgyzstan). Operating cash flow remained sharply negative at about Rs -640.50 million (consolidated) and Rs -171.13 million (standalone) for the half year. The board also appointed Mr. Vishwas Vasanth Rao as Non-Executive Independent Director for 5 years, appointed Rathi & Associates as Secretarial Auditors for FY26–FY30, fixed the 41st AGM for December 23, 2025, and deferred finalising the Rights Issue (price, ratio, record date) until BSE queries on the Draft Letter of Offer are resolved.
The sharp narrowing of standalone losses is encouraging, but widening consolidated losses, deeply negative operating cash flows, and a stalled rights issue are red flags. Shareholders should track subsidiary-level performance and await clarity on the rights issue pricing once BSE clearance comes through.