Enclosed please find the unaudited Standalone and Consolidated financial results for the quarter and half year ended September 30, 2025.
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On a standalone basis, revenue from operations fell to Rs. 610.64 lakhs in Q2 FY26 from Rs. 825.74 lakhs in Q2 FY25, a drop of about 26%, and H1 revenue declined to Rs. 1,488.13 lakhs from Rs. 1,687.64 lakhs. Standalone losses continued, with a Q2 loss of Rs. 52.26 lakhs and H1 loss of Rs. 266.56 lakhs, slightly narrower than the prior year. On a consolidated basis, however, revenue grew to Rs. 3,017.22 lakhs in Q2 (vs Rs. 2,614.30 lakhs) and Rs. 6,247.73 lakhs in H1 (vs Rs. 5,216.06 lakhs), about 19.8% growth, with the group swinging to a Q2 profit of Rs. 184.12 lakhs and H1 profit of Rs. 120.05 lakhs from prior-year losses. Standalone cash is nearly zero at Rs. 0.13 lakhs and current borrowings rose sharply to Rs. 1,625.55 lakhs from Rs. 1,083.46 lakhs. The auditor issued an unqualified review report, and the company is voluntarily winding up its inactive subsidiary GSV Ophthalmics Pvt Ltd.
Shareholders should note a sharp divergence: the standalone manufacturing business keeps losing money and revenue is shrinking, while the consolidated picture looks healthier thanks to trading subsidiaries. The stock may remain under pressure until the standalone business returns to profitability, despite improved group-level numbers.