Financial results for the quarter ended as on september 30,2025.
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Harshil Agrotech Ltd reported strong revenue growth but weak profitability and deeply negative cash flows for H1 FY26. Total revenue from operations rose to Rs. 10,218.50 lakhs in H1 FY26 from Rs. 3,541.52 lakhs in H1 FY25, an increase of about 188%. Q2 FY26 revenue was Rs. 4,229.12 lakhs versus Rs. 2,404.86 lakhs in Q2 FY25, up around 76%. Despite this top-line jump, the company swung to a loss of Rs. 291.30 lakhs in Q2 FY26 (aided by a Rs. 228.42 lakh tax credit) versus a profit of Rs. 479.74 lakhs a year ago, and H1 FY26 profit after tax fell to Rs. 361.68 lakhs from Rs. 569.85 lakhs. Cash flow from operations was deeply negative at minus Rs. 4,405.98 lakhs, dragging the cash balance down from Rs. 4,954.77 lakhs to just Rs. 20.95 lakhs. The statutory auditor issued an Emphasis of Matter flagging that trade receivables, trade payables, and loans and advances are still pending external confirmation and reconciliation.
Strong revenue growth masks a sharp deterioration in profitability and a severe cash crunch for shareholders. The quarterly loss, collapsing cash balance, and pending verification of receivables and loans raise serious concerns about near-term liquidity and earnings quality despite the headline sales surge.