Outcome of Board Meeting
Price
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The Board of Garnet International Ltd approved standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2025. On a standalone basis, H1 FY26 total income jumped to Rs. 354.96 lakhs from Rs. 32.63 lakhs in H1 FY25, with profit after tax turning around to Rs. 323.51 lakhs from a loss of Rs. (8.20) lakhs. Consolidated H1 FY26 PAT stood at Rs. 409.55 lakhs (including Rs. 88.60 lakhs share of associate profit) versus Rs. 133.52 lakhs in H1 FY25. However, operating cash flow was negative at Rs. (57.19) lakhs on a consolidated basis, driven mainly by a sharp increase in long-term loans and advances. The Board also noted no deviation in the use of proceeds from the February 2025 preferential warrant issue of Rs. 35.37 crores, of which only Rs. 8.84 crores (25% upfront) has been received so far; Rs. 8.84 crores has been utilised across strategic investments, subsidiary funding, and general corporate purposes.
Strong profit turnaround and big jump in standalone revenue are positives for shareholders, but negative operating cash flow despite book profit signals working capital strain and limited cash generation. Warrants conversion in coming quarters will dilute equity, so investors should watch the Rs. 26.53 crore balance receivable and fund deployment closely.