Submission of Financial Results for Qtr. Ended 30th September 2025
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Garnet International reported a sharp turnaround in Q2 FY26, posting a standalone profit after tax of Rs. 179.48 lakhs versus a loss of Rs. 12.80 lakhs in Q2 FY25. Consolidated PAT for H1 FY26 jumped to Rs. 409.55 lakhs from Rs. 133.52 lakhs in H1 FY25, a more than 3x increase. The big boost came primarily from a net gain on fair value changes of Rs. 354.96 lakhs in H1, along with higher sale of products (Rs. 47.21 lakhs vs Rs. 252.08 lakhs consolidated). The auditor (Sarda Soni Associates LLP) gave an unmodified review opinion but flagged that trade receivables, deposits, loans, advances and trade payables are still subject to party confirmation. Operating cash flow remained negative on both standalone (Rs. -59.45 lakhs) and consolidated (Rs. -57.19 lakhs) basis despite the accounting profit.
Headline profit growth looks strong but is largely driven by fair-value gains on investments rather than core operations, and the negative operating cash flow shows the company is still consuming cash. Existing shareholders may see a short-term positive sentiment, but sustainability of earnings depends on the cash business picking up.