Statement of Deviation & Variation.
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Finelistings Technologies, which deals in retail of pre-owned luxury cars, reported a sharp revenue decline of about 62% in H1 FY26, with revenue from operations falling to ₹453.51 lakh from ₹1,181.39 lakh in the same period last year. The company posted a net loss of ₹188.78 lakh, wider than the ₹123.70 lakh loss in H1 FY25, with EPS of ₹(5.19). Reserves declined to ₹870.66 lakh from ₹1,059.45 lakh, short-term borrowings more than doubled to ₹164.38 lakh, and operating cash flow remained negative at ₹(55.31) lakh. The auditors issued an unmodified limited review report with no qualifications. The company also confirmed no deviation in utilisation of IPO proceeds (₹1,243 lakh raised in May 2024), with only ₹8.21 lakh still parked in an ICICI escrow account. Related party transactions including director remuneration and a loan to the CFO were disclosed.
The steep revenue fall, widening losses, depleting reserves, rising short-term debt and negative operating cash flow point to continued stress in the core business. Existing shareholders should watch closely for further deterioration in margins, debt levels and the company's ability to fund operations without additional capital.