Outcome of the Board Meeting held on Friday, 14th November, 2025 and submission of Un-Audited Financial Results (Standalone & Consolidated) for the Second Quarter and Half-Year ended on ....
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Deep Polymers' Board approved unaudited financial results for Q2 and H1 FY26 (ended September 30, 2025). Standalone revenue from operations for Q2 was Rs. 2,575.01 lakhs (vs Rs. 2,494.97 lakhs in Q2 FY25), but H1 revenue declined to Rs. 5,115.02 lakhs from Rs. 5,263.25 lakhs a year ago. Q2 profit after tax came in at Rs. 174.59 lakhs (EPS Rs. 0.72), down from Rs. 187.56 lakhs in Q2 FY25, while H1 PAT fell to Rs. 318.78 lakhs from Rs. 339.89 lakhs. Finance costs more than doubled to Rs. 94.43 lakhs in H1 vs Rs. 37.56 lakhs earlier. The statutory auditor, S. N. Shah & Associates, issued a Limited Review Report with a 'modified and qualified opinion' for the 3rd consecutive time, flagging (a) Rs. 166.72 lakhs of trade receivables under legal recovery that the company has not provided for as doubtful, and (b) foreign-currency items not restated as per Ind AS 21. If the qualification were adjusted, standalone EPS would collapse from Rs. 0.72 to just Rs. 0.03.
The qualified opinion is a material concern — the auditor believes profit and shareholders' funds are overstated by Rs. 166.72 lakhs, and has flagged the same issue for the third straight quarter, pointing to unresolved asset-quality and accounting weakness. Combined with declining H1 revenue and PAT and sharply higher finance costs, this is a negative signal for shareholders; expect scrutiny from investors and possible pressure on the stock.