Results for the period ended on September 30, 2025.
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Awaiting price reaction for this filing.
The board approved unaudited results for Q2 and H1 FY26, reporting a dramatic surge in revenue from ₹278.21 lakhs in H1 FY25 to ₹15,969.93 lakhs in H1 FY26. The company attributed this jump mainly to trading in agricultural produce, particularly rice. Profit after tax for the half year rose to ₹220.66 lakhs from ₹115.92 lakhs, up roughly 90%, while standalone Q2 revenue rose to ₹956.70 lakhs from ₹86.86 lakhs a year earlier. Trade receivables ballooned from ₹20.79 lakhs to ₹15,886.33 lakhs and trade payables jumped from ₹18.07 lakhs to ₹15,677.36 lakhs, reflecting large back-to-back trading transactions. The statutory auditor (Valawat & Associates) issued an unmodified, unqualified opinion but flagged an 'Other Matter' noting that goods were delivered directly by the supplier to the end buyer without passing through the company's premises.
Headline numbers look impressive, but the auditor's Other Matter note and the simultaneous surge in receivables and payables suggest the revenue spike is driven by pass-through rice trading rather than core floriculture operations, raising questions about sustainability and quality of earnings.