Outcome of Board Meeting for approval of Unaudited Financial Statements for quarter and half-year ended on September 30,2025 and Voluntary Delisting from NSE without exit opportunity.
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Hercules Investments Limited (formerly Hercules Hoists Limited), now an unregistered Core Investment Company holding a portfolio of investments in Bajaj Group companies post-demerger, announced two key board decisions on November 14, 2025. First, the board approved unaudited standalone financial results for Q2 and H1 FY26 ended September 30, 2025, with total revenue rising sharply YoY (Q2 FY26 ~Rs. 4,840 lakhs vs Q2 FY25 restated ~Rs. 3,145 lakhs, ~54% growth) and net profit nearly doubling to ~Rs. 420 lakhs vs ~Rs. 197 lakhs in the year-ago quarter. Second, the board approved voluntary delisting of equity shares from NSE without providing an exit opportunity to shareholders under SEBI Delisting Regulations, 2021. The statutory auditor (Kanu Doshi Associates LLP) issued an unmodified limited review report, but operating cash flow for H1 FY26 turned negative at Rs. (69.98) lakhs versus positive Rs. 893.85 lakhs a year ago, mainly due to working capital changes and dividend distribution. Comparatives were restated to reflect the prior demerger of the hoist business into Indef Manufacturing Limited.
Strong YoY earnings growth is positive for shareholders, but the comparison is flattered by restated prior-period numbers following the demerger. Voluntary delisting from NSE without an exit opportunity means NSE shareholders will need to shift trades to BSE (where the stock remains listed) or sell in the open market, potentially weighing on NSE liquidity and short-term price discovery.