Unaudited Financial Results of the Company along with the Auditor''s Limited Review Report for the quarter and half year ended on September 30, 2025
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Ecoboard Industries' Board on November 13, 2025 approved unaudited results for Q2 and H1 FY26 (ended September 30, 2025). Total income for Q2 FY26 stood at Rs. 292.89 lakh versus Rs. 335.73 lakh in Q2 FY25, while H1 FY26 revenue from operations fell to Rs. 653.36 lakh from Rs. 803.28 lakh in H1 FY25 – a decline of roughly 19% year-on-year. The company reported a net loss of Rs. 295.38 lakh in Q2 (vs Rs. 269.24 lakh loss in Q2 FY25) and a widened H1 loss of Rs. 631.67 lakh versus Rs. 386.65 lakh in H1 FY25. The auditor issued a qualified conclusion, flagging that the company did not provide for expected credit losses of Rs. 70.85 lakh on receivables and advances, which would have increased the loss. The auditor also drew attention to pending tax/excise demands of about Rs. 1,804 lakh (under appeal). On the positive side, equity turned positive at Rs. 873.25 lakh (from a negative Rs. 505.17 lakh) thanks to a preferential share allotment in April 2025, and a new 8'x5' production line began commercial operations at Velapur from August 1, 2025. Two independent directors completed their second term and stepped down.
Continued losses, a qualified audit report, and large contingent tax liabilities are negative signals that may weigh on the stock, though the equity infusion and new production line provide some structural support. Retail investors should watch for resolution of the tax disputes and whether the new line helps turn operations profitable.