The un-audited Financial Results of the Company for the quarter and half year ended 30th September 2025.
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Duncan Engineering reported a sharp fall in its Q2 FY26 revenue to Rs. 1,822.41 lakhs from Rs. 2,840.26 lakhs in Q2 FY25, a drop of about 36% year-on-year. For the half year (H1 FY26), revenue declined to Rs. 3,623.05 lakhs from Rs. 4,184.60 lakhs in H1 FY25, a fall of roughly 13.4%. Profit after tax for Q2 dropped to around Rs. 140.78 lakhs (vs Rs. 247.29 lakhs), while H1 FY26 PAT stood at Rs. 260.81 lakhs compared to Rs. 326.08 lakhs earlier. Diluted EPS for H1 FY26 was Rs. 7.16 versus Rs. 8.81 in the same period last year. The Board also approved a new Long-Term Incentive Plan tied to a three-year growth target, with payout scheduled for June 2028, subject to shareholder approval. Statutory auditor S S Kothari Mehta & Co. LLP issued an unmodified limited review opinion.
The double-digit revenue and profit decline signals weak demand or execution issues and is likely to weigh negatively on the stock in the short term. The LTIP ties management payouts to hitting a three-year growth target, which is a positive alignment of interests but also signals that management believes current performance needs a turnaround push.