Board Meeting outcome for considered and approved Unudited Financial Results of the Company along with Auditors Limited Review Report for the 2nd quarter ended September 30, 2025
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The Board approved unaudited financial results for Q2 and H1 FY26 (ended September 30, 2025). The company reported a profit before tax of Rs 7.67 lakh in Q2 FY26 and Rs 13.20 lakh for H1 FY26, compared to losses of Rs 109.46 lakh and Rs 220.52 lakh in the same periods last year. However, this turnaround is largely technical — the company did not write off any debenture redemption premium this period because redemption of Rs 35 crore in NCDs (Series A: Rs 30 crore, Series B: Rs 5 crore), originally due March 31, 2025, has been deferred. Negotiations with the debenture holder for extension are still ongoing and not finalised. Revenue is minimal at Rs 10.87 lakh for Q2, with EPS of Rs 0.38. Other equity remains deeply negative at Rs (7,646.66) lakh against share capital of just Rs 200 lakh, and long-term borrowings stand at Rs 7,890.24 lakh. The auditor (M.D. Pandya & Associates) issued a clean, unmodified limited review report. Separately, Independent Director Mr. Mipan Shah resigned due to personal pre-occupation.
Despite the headline profit swing, the company's financial health remains weak — negative net worth of around Rs 74.5 crore, high debt, near-zero revenue, and an unresolved Rs 35 crore debenture maturity pose significant going-concern risks. Shareholders should watch for finalisation of the debenture extension, as failure could materially impact the company.