Unaudited Financial Results for the half year ended September30, 2025
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Essex Marine Ltd reported strong H1 FY26 results with revenue from operations more than doubling to ₹3,269.62 lakhs versus ₹1,263.64 lakhs in H1 FY25, a growth of around 159% year-on-year. Profit after tax jumped to ₹341.33 lakhs from ₹104.41 lakhs, with basic EPS of ₹2.48 versus ₹0.95 earlier. The Frozen Fish & Shrimp processing segment drove most of the growth, with cold and dry storage contributing the remainder. However, the cash flow statement shows cash used in operating activities of ₹505.62 lakhs despite the strong profit, mainly due to a sharp rise in inventory and short-term loans and advances. The auditor (Baid Agarwal Singhi & Co.) issued an unqualified limited review report. The company recently completed its SME IPO on BSE in August 2025, raising ₹2,301.48 lakhs, of which ₹1,957.10 lakhs was utilised by September 30, 2025, with no deviations reported.
Strong top-line and bottom-line growth is positive for shareholders and reflects business expansion post-IPO, but the negative operating cash flow and rising inventory levels warrant watching, as profits are not yet translating into cash. The remaining IPO funds to be deployed by March 2026 could further support growth.