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Eureka Industries reported Q2 FY26 revenue from operations of Rs 29.21 crore, up 287% YoY from Rs 7.54 crore in Q2 FY25. H1 FY26 revenue surged to Rs 66.72 crore from Rs 10.24 crore a year ago. However, revenue fell 22% sequentially from Rs 37.51 crore in Q1 FY26. Net profit was Rs 24.87 lakh in Q2 (vs Rs 46.48 lakh YoY) and Rs 33.19 lakh for H1 (vs Rs 87.71 lakh YoY), showing sharp profit decline despite top-line growth. EBITDA margin compressed sharply, from about 6% to about 1% YoY in Q2. The balance sheet remains weak with negative other equity of Rs -9.91 crore, reflecting accumulated prior-year losses and unabsorbed depreciation. Trade receivables spiked to Rs 8.66 crore from Rs 0.85 crore, and trade payables rose to Rs 9.90 crore. The statutory auditor (VSSB & Associates) issued an unqualified limited review report.
Massive revenue growth is encouraging, but collapsing margins, falling profits, and a stretched working capital cycle are worrying signs. Negative reserves and reliance on trade credit suggest ongoing financial fragility. Shareholders should monitor margin recovery, receivables collection, and the path to clearing accumulated losses.