Unaudited Financial Results for the quarter and half year ended september 30, 2025
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Dhruva Capital Services reported Q2 FY26 unaudited results with total revenue from operations of Rs 78.37 lakhs, taking H1 FY26 revenue to Rs 157.55 lakhs vs Rs 102.67 lakhs in H1 FY25 — a strong ~53% YoY growth driven mainly by interest income. Despite the top-line growth, the company swung to a net loss of Rs 86.13 lakhs for Q2 and Rs 139.74 lakhs for H1 FY26 (vs profits of Rs 57.35 lakhs and Rs 88.91 lakhs in the same periods last year), dragged down by heavy NPA provisions of Rs 183.97 lakhs in H1. Total assets nearly doubled to Rs 3,961 lakhs (from Rs 2,019.77 lakhs as of March 2025), supported by a Rs 625 lakh equity/warrants infusion and a new Rs 1,100 lakh investment in Vector Finance. Operating cash flow remained deeply negative at Rs -1,090.31 lakhs, reflecting aggressive loan book expansion. Auditor V. Jalan & Co. issued an unqualified limited review report with no qualifications, emphasis of matter, or going concern flag.
Heavy NPA provisioning has completely offset strong revenue and loan-book growth, signalling serious asset quality concerns that investors should monitor closely. Negative operating cash flows and rising provisions are red flags, although the fresh equity raise and balance sheet expansion provide some cushion in the near term.