UNAUDITED FINANCIAL RESULTS AS ON 30.09.2025
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Deep Polymers reported Q2 FY26 standalone revenue of Rs. 2,575.01 lakhs (vs Rs. 2,494.97 lakhs in Q2 FY25, up ~3.2%), but PAT slipped to Rs. 174.59 lakhs from Rs. 187.56 lakhs, with EPS at Rs. 0.72 vs Rs. 0.78. For H1 FY26, revenue declined ~2.8% YoY to Rs. 5,115.02 lakhs and PAT fell to Rs. 318.78 lakhs from Rs. 339.89 lakhs. A worrying jump in finance costs (Rs. 76.89 lakhs in Q2 vs Rs. 16.91 lakhs YoY) dragged the bottom line. The statutory auditor (S.N. Shah & Associates) issued a modified and qualified opinion for the 3rd consecutive time, flagging Rs. 166.72 lakhs of disputed trade receivables under legal recovery that the auditor believes should be provided for, and non-restatement of foreign currency balances as per Ind-AS 21. If the qualification were applied, standalone PAT would shrink from Rs. 174.59 lakhs to just Rs. 7.86 lakhs and EPS would fall to Rs. 0.03.
Repeated qualified audit opinion is a clear red flag for shareholders — it raises serious doubts about earnings quality, as roughly 95% of reported standalone PAT is contingent on recovery of disputed receivables. Combined with weaker H1 revenue and a sharp spike in interest costs, the stock may face pressure despite positive operating cashflows of Rs. 524.94 lakhs.