Please find attached, Consolidated and Standalone Unaudited Financial Results for the quarter and half year ended September 30, 2025.
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Revenue from operations was largely flat, at ₹59.86 lakhs in Q2 FY26 versus ₹60.36 lakhs in Q2 FY25, and ₹120.77 lakhs for H1 FY26 versus ₹120.45 lakhs in H1 FY25. The company reported a net loss of ₹1.65 lakhs in Q2 FY26 (vs ₹5.67 lakhs loss in Q2 FY25) and ₹2.42 lakhs in H1 FY26 (vs ₹14.61 lakhs loss in H1 FY25), showing a significant narrowing of losses. Operating cash flow turned positive at ₹13.70 lakhs for H1 FY26, up from a negative ₹7.33 lakhs a year ago. However, the balance sheet remains weak with 'Other Equity' at negative ₹632.83 lakhs (consolidated), reflecting accumulated losses that wipe out most of the ₹810 lakhs share capital. The company has disclosed a major contingent liability of ₹4,130.38 lakhs in the form of license fee demand notices from the Department of Telecommunications (DOT) for FY 2005-06 to 2014-15, which it is contesting and has not provisioned for.
Losses are shrinking and cash flow has improved, which is mildly positive, but the company remains loss-making with deeply negative reserves. The ₹4,130+ lakhs DOT demand is over 34 times its half-yearly revenue and is a major overhang—if the company loses this case, it could threaten its survival. Investors should weigh the operational improvement against this large unresolved regulatory liability.