Pursuant to regulation 30 & Regulation 33 of SEBI (LODR) Regulations, 2015 Please find enclosed the Unaudited Financial results along with its Limited review report of the Company for the ....
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EMA India Ltd reported zero revenue from operations for Q2 FY26 and the half-year ended September 30, 2025, with the company showing no operational activity at all. Loss before exceptional items stood at Rs 13.53 lakh in Q2, but the company flipped to a net profit of Rs 685.84 lakh for H1 FY26 thanks to a one-time exceptional gain of Rs 793.27 lakh from selling its entire land and building at Udyog Nagar, Kanpur for Rs 8 crore (carrying value just Rs 6.73 lakh). The auditor issued an Emphasis of Matter flag noting that the company has 'ceased to be a going concern' as of December 31, 2023, with assets impaired to realisable value and current losses being funded by unsecured loans from directors. On the board, Whole-Time Director & CFO Ranjana Bhargava and Non-Executive Director Rakshita Bhargava resigned, and Akshay Adhalrao was appointed as the new Managing Director. A postal ballot has been triggered covering the MD/Independent Director appointments, related party transactions, and changes to the main objects and domicile clause of the Memorandum of Association.
The headline profit is entirely a one-time asset sale — there is no underlying business. With a formal going-concern flag from the auditor and zero operating revenue, shareholders should treat earnings sustainability with serious caution. The change of guard from the Bhargava family to the Adhalrao family in management and promoter holdings points to a strategic reset, but the stock price is likely to remain sensitive to how the company deploys the sale proceeds.