The Board of Directors of the Company has, in its meeting held today i.e. on Thursday, November 13, 2025 ('said meeting') inter alia considered and approved the Unaudited Standalone and ....
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Awaiting price reaction for this filing.
On November 13, 2025, the Board approved Q2 and H1 FY26 (ended Sep 30, 2025) financial results. Standalone revenue from operations for the quarter stood at Rs 130 lakhs versus nil a year earlier, and H1 FY26 revenue from operations rose to Rs 130 lakhs from Rs 22.45 lakhs. However, the bulk of income is 'other income' (likely interest), taking total income to Rs 616.34 lakhs for H1 (vs Rs 437.15 lakhs). Standalone profit after tax jumped to Rs 293.09 lakhs in H1 FY26 from Rs 72.45 lakhs (over 300% growth), lifting EPS to Rs 4.75. The auditor (SNSH & Associates) issued an Emphasis of Matter flagging that Rs 1,319 lakhs (7.81% of total assets) advanced for a real estate project remains unrecovered, with the company filing a complaint with the Economic Offence Wing in May 2025. About 83.5% of assets (Rs 141.08 crore) sit in partnership firms and a subsidiary, and Rs 125.85 crore from one firm has been routed as loans to entities where directors are substantially interested.
Headline PAT growth looks strong but is largely driven by interest/other income rather than core ship-breaking operations. The auditor's emphasis on an unrecovered Rs 13.19 crore real estate advance and large related-party fund routing raises governance and asset-quality concerns that investors should weigh against the improved numbers.