Unaudited Financial Results for the half year ended September 30, 2025
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Essex Marine Ltd reported a sharp jump in its H1 FY26 (April–September 2025) performance. Revenue from operations nearly tripled to ₹3,269.62 lakhs versus ₹1,263.64 lakhs in H1 FY25, driven mainly by its frozen fish and shrimp processing business. Profit after tax more than tripled to ₹341.33 lakhs from ₹104.41 lakhs, with EPS rising to ₹2.48 from ₹0.95. The company recently completed its SME IPO on BSE in August 2025, raising ₹2,301.48 lakhs, which strengthened its equity base to ₹3,792.05 lakhs. However, operating cash flow remained negative at ₹(505.62) lakhs due to a large build-up in inventory and receivables. The auditor (Baid Agarwal Singhi & Co.) issued a clean limited review report with no qualifications or emphasis of matter.
Very strong top-line and profit growth signals improving business momentum and successful post-IPO scale-up, which is positive for shareholders. However, the negative operating cash flow and heavy inventory build-up are points to watch, as profits have not yet translated into cash generation.