Audited financial results (standalone and consolidated) for the financial year ended March 31 2026
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Garg Furnace Ltd reported standalone revenue from operations of ₹28,929.97 lakhs for FY 2025-26, up ~10.6% from ₹26,161.49 lakhs in the prior year. Standalone PAT grew strongly by ~35% to ₹1,029.27 lakhs from ₹763.59 lakhs, with Basic EPS improving to ₹16.36 from ₹14.16. The company acquired a 51.22% stake in Vaneera Industries Limited (now a subsidiary) on 22 August 2025, making it the first year of consolidation with consolidated PAT of ₹1,059.01 lakhs. The auditors (Ashwani & Associates) issued an unmodified opinion on both standalone and consolidated results with no qualifications. However, operating cash flow was negative at ₹-3,503.47 lakhs for the year, a red flag given the positive net profit.
Strong bottom-line growth is positive for shareholders, but the large negative operating cash flow despite profitability raises concerns about earnings quality and working capital management, which investors should monitor.