The Board of Directors at it''s Meeting held on November 12, 2025 declare interim dividend of Rs. 0.5 per Equity Share for the FY 2025-26.
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The Board declared an interim dividend of Rs. 0.5 per equity share for FY 2025-26 on 1,47,74,221 shares (total payout ~Rs. 73.87 lakhs), with record date November 14, 2025 and payment from November 24, 2025. For Q2 FY26, revenue from operations fell 20.8% YoY to Rs. 6,568.76 lakhs, but net profit after tax rose ~71% to Rs. 161.08 lakhs (EPS Rs. 1.09 vs Rs. 0.64), supported by lower costs and tax. For H1 FY26, revenue declined 5.6% to Rs. 13,150.93 lakhs while PAT jumped ~64% to Rs. 287.89 lakhs. EBITDA margin expanded to ~6.9% in Q2 from ~5.7% a year ago. However, operating cash flow swung sharply negative at Rs. (1,915.82) lakhs versus Rs. 2,496.20 lakhs inflow last year, dragging the cash balance down to just Rs. 93.06 lakhs (from Rs. 2,068.95 lakhs). Total borrowings of Rs. 5,225.33 lakhs against equity of Rs. 2,039.89 lakhs imply a debt-to-equity ratio of about 2.56x.
The dividend declaration is a positive signal for shareholders, but the steep YoY revenue decline, deeply negative operating cash flow, near-depleted cash balance, and high leverage (~2.56x D/E) are worrying red flags. Profit growth is being driven by cost and tax effects rather than top-line strength, suggesting the dividend may stretch an already strained balance sheet.