Unaudited financial results for the quarter and half year ended september 30, 2025.
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Dhruva Capital Services reported total revenue from operations of Rs 78.37 lakhs for Q2 FY26, up about 38% from Rs 56.75 lakhs in Q2 FY25. For the half year, revenue from operations rose to Rs 157.55 lakhs vs Rs 102.67 lakhs, a growth of roughly 53%. However, the company swung to a loss after booking large provisions for non-performing assets (NPAs). The NPA provision for H1 FY26 stood at Rs 183.97 lakhs (vs nil in H1 FY25), dragging the bottom line to a loss of Rs 139.74 lakhs compared to a profit of Rs 88.91 lakhs last year. Total assets nearly doubled to Rs 3,961 lakhs, driven by higher loans and a new Rs 1,100 lakh investment in Vector Finance. The auditor (V. Jalan & Co.) issued a clean limited review report with no qualifications.
Despite strong top-line growth, heavy NPA provisioning wiped out profits and pushed EPS into the negative in Q2 (-Rs 2.12). Shareholders should note the sharp deterioration in profitability, the recurring NPA build-up, and negative operating cash flows, which may weigh on the stock in the short term.