We are enclosing Outcome of Board Meeting & Unaudited financial results for quarter ended on 30th September 2025.
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Gagan Gases reported Q2 FY26 revenue of Rs 164.67 lacs, up about 15% from Rs 142.89 lacs in Q2 FY25, with sequential growth of nearly 92% from Q1 FY26's Rs 85.89 lacs. However, on the half-year basis, revenue declined about 9.5% to Rs 250.56 lacs from Rs 276.98 lacs a year ago. The company swung to a loss at the operating level, posting a Q2 loss before tax of Rs 0.60 lac versus a profit of Rs 8.13 lacs last year, and an H1 loss after tax of Rs 7.45 lacs compared to a profit of Rs 6.40 lacs in H1 FY25. EPS for H1 was a negative Rs 0.16. Operating cash flow turned sharply negative at Rs -80.12 lacs in H1 against a positive Rs 26.10 lacs for the full FY25, driven mainly by a Rs 73.48 lacs jump in trade receivables. The statutory auditor (Dilip K Neema & Associates) issued an unmodified (clean) limited review opinion.
The clean auditor opinion is reassuring, but the swing to losses on both a quarterly and half-year basis, combined with a steep negative operating cash flow and rising receivables, point to weakening profitability and working capital stress — likely to weigh negatively on the stock despite the Q2 revenue uptick.