The board at their meeting held on today has considered and approved un-audited financial results for the quarter and half year ended on 30th September, 2025 along with limited review report ....
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Vaghani Techno-Build Limited reported a sharp jump in Q2 FY26 revenue to Rs 49.61 lakhs, up from Rs 8.56 lakhs in Q2 FY25 (a roughly 5x increase), driven mainly by a new Solar Business segment (Rs 30 lakhs) along with Real Estate (Rs 15 lakhs) and Other Business (Rs 4.61 lakhs). Profit before tax for Q2 FY26 stood at Rs 24.57 lakhs versus Rs 3.89 lakhs in the year-ago quarter. For the half-year ended September 2025, total revenue was Rs 68.90 lakhs and profit for the period was Rs 34.14 lakhs, compared with Rs 22.19 lakhs for the entire FY25. The auditor (Purushottam Khandelwal & Co.) issued an unmodified limited review report but flagged three Emphasis of Matter paragraphs covering TDR inventory valuation risks, allotment of 2.35 crore convertible warrants at Rs 11 each, and a Rs 3,205.97 lakh loan to a related party at 9% interest with no formal written agreement. Operating cash flow was sharply negative at Rs (604.58) lakhs for the half year.
Strong top-line and profit growth, especially from the newly added Solar segment, is positive for shareholders, but the very large related-party loan (over 50x quarterly revenue) without a written agreement and persistent negative operating cash flow are significant governance and liquidity red flags that investors should weigh carefully.