Revised Unaudited Financial Results of the Company for the Second Quarter and Half Year Ended September 30, 2025
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Gaekwar Mills has submitted its revised unaudited results for Q2 and H1 FY26 after BSE flagged discrepancies in the original filing. Revenue from operations stood at Rs 10.87 lakh for the quarter (vs Rs 10.12 lakh in Q2 FY25) and Rs 22.15 lakh for the half year. The company swung to a profit of Rs 7.67 lakh in Q2, compared with a loss of Rs 109.46 lakh a year ago which had a one-time debenture redemption write-off of Rs 118.43 lakh. The half-year profit was Rs 13.20 lakh vs a loss of Rs 220.52 lakh in the prior period, with EPS at Rs 0.66. The balance sheet shows severely stressed finances: negative other equity of Rs -7,646.66 lakh against paid-up capital of just Rs 200 lakh, and long-term borrowings of Rs 7,890.24 lakh. Secured non-convertible debentures of Rs 35 crore (Series A Rs 30 crore + Series B Rs 5 crore) that were due for redemption on March 31, 2025 are still being negotiated for extension with the debenture holder.
While the headline return to profit looks positive, it is driven almost entirely by the absence of last year's one-time debenture write-off and is on a negligible revenue base of about Rs 1 crore per quarter. The ongoing inability to redeem Rs 35 crore of debentures, deeply negative shareholder equity, and negligible operating cash flow point to serious going-concern risks that shareholders should weigh carefully.