Financial Results for the Quarter and Half Year Ended September 30, 2025
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The company reported a 20.8% year-on-year decline in Q2 FY26 revenue from operations to Rs. 6,568.76 lakhs (vs Rs. 8,298.76 lakhs in Q2 FY25), though H1 FY26 revenue dipped more modestly to Rs. 13,150.93 lakhs (vs Rs. 13,932.68 lakhs). Despite the topline weakness, net profit after tax jumped 71% YoY in Q2 to Rs. 161.08 lakhs and 64% YoY in H1 to Rs. 287.89 lakhs, supported by EBITDA margin expansion driven by lower raw material costs (steel) and operational efficiency. The Board declared an interim dividend of Rs. 0.50 per equity share, with November 14, 2025 as the record date and payment on November 24, 2025. However, operating cash flow turned sharply negative at Rs. (1,915.82) lakhs in H1, with cash and equivalents plunging from Rs. 2,068.95 lakhs to just Rs. 93.06 lakhs due to working capital build-up in inventories and receivables.
Positive for shareholders on the back of strong profit growth, an interim dividend, and margin expansion, but the sharp drop in revenue, negative operating cash flow, and near-depletion of cash reserves raise concerns about working capital stress and quality of earnings.