The un-audited Financial Results of the Company for the quarter and half year ended 30th September 2025.
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Duncan Engineering's board approved unaudited financial results for Q2 and H1 FY26 on November 11, 2025. Revenue from operations fell about 33% year-on-year to roughly Rs. 36.2 crores in H1 FY26 (from Rs. 53.8 crores), with Q2 revenue at Rs. 18.2 crores versus Rs. 28.4 crores a year ago. Profit after tax slipped to Rs. 2.61 crores from Rs. 3.26 crores, translating to an EPS of Rs. 7.16 versus Rs. 8.82. Despite the top-line drop, operating EBITDA margin expanded to around 9.3% from 8.1%, helped by lower raw material costs. Statutory auditor S S Kothari Mehta & Co. LLP issued an unmodified (clean) limited review report. Cash flow from operations stayed negative at about Rs. -1.10 crores. Separately, the board approved a Long Term Incentive Plan for the management team, including MD Akshat Goenka, tied to a three-year growth target with payout scheduled for June 2028, pending shareholder approval.
Mixed picture — a steep revenue contraction is a concern, but expanding operating margins, steady profitability and a clean audit are positives. Negative operating cash flow and the LTIP-linked shareholder vote are items to watch.