Unaudited Financial Results for the Quarter and half year ended 30.09.2025
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Garg Furnace Ltd reported a strong jump in profits for Q2 FY26 despite a slight dip in revenue. Standalone revenue from operations fell to ₹6,138.43 lakhs (vs ₹6,215.99 lakhs in Q2 FY25), while profit after tax surged to ₹274.19 lakhs (vs ₹73.62 lakhs), a nearly 4x jump. For the half year, revenue declined modestly to ₹12,153.74 lakhs but PAT rose to ₹399.07 lakhs from ₹229.99 lakhs, up around 73%. Basic EPS for Q2 jumped to ₹4.75 from ₹1.60. The company also acquired a 51.22% stake in Vaneera Industries Limited effective August 22, 2025, expanding the group. However, operating cash flow turned negative at ₹(304.38) lakhs standalone and ₹(3,980.23) lakhs consolidated due to working capital build-up and investments.
Sharply higher profits and improving margins are positive for shareholders, supported by a new subsidiary acquisition and fresh capital via share warrants. However, the slight revenue decline and negative operating cash flow may raise concerns about cash conversion, even as the auditor issued an unqualified review.