Outcome of the Board Meeting held on November 12, 2025
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The Board approved unaudited financial results for Q2 and H1 FY26 (ended September 30, 2025). Revenue from operations stood at Rs. 6,568.76 lakhs in Q2 FY26, down about 20.8% from Rs. 8,298.76 lakhs in Q2 FY25, though H1 revenue declined more modestly at ~5.6% to Rs. 13,150.93 lakhs. Profit after tax jumped to Rs. 161.08 lakhs (Q2 FY26) from Rs. 93.97 lakhs a year ago, with H1 PAT at Rs. 287.89 lakhs vs Rs. 175.56 lakhs earlier, driven by lower raw material costs (steel price fluctuations) and prudent cost control. The Board declared an interim dividend of Rs. 0.50 per equity share, with November 14, 2025 as record date and November 24, 2025 as payment date. The limited review report from statutory auditors (Dhiraj & Dheeraj) is unqualified.
Mixed signals for shareholders: weaker top line (sharp Q2 revenue decline) but strong profit growth and margin expansion on cost discipline keep earnings healthy. The small interim dividend and negative operating cash flow of Rs. 1,915.82 lakhs in H1 (versus positive last year) may raise near-term concerns despite improved profitability.