Enclosed the Unaudited Financials for the Quarter / Half year ended 30th September 2025
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High Energy Batteries (India) Ltd reported Q2 FY26 revenue from operations of Rs. 1,729.57 lakhs, up ~15.7% YoY from Rs. 1,494.94 lakhs, with net profit rising to Rs. 201.37 lakhs (vs Rs. 179.67 lakhs). However, on a half-year basis, revenue from operations declined ~5.2% YoY to Rs. 3,056.83 lakhs and net profit fell sharply by ~40% to Rs. 279.73 lakhs. Operating profit margin compressed from ~17.9% in H1 FY25 to ~10.6% in H1 FY26, hit by higher employee costs and other expenses. Cash flow from operations turned negative at Rs. (609.57) lakhs in H1 FY26 versus a positive Rs. 432.75 lakhs a year ago. Short-term borrowings nearly doubled to Rs. 2,140.96 lakhs from Rs. 1,124.97 lakhs. The Lead Acid Batteries division remains suspended and continues to post losses.
Q2 results show decent sequential recovery, but the half-year trend is concerning with shrinking margins, negative operating cash flow, and rising debt. Shareholders should watch working capital management and whether the core Aerospace/Naval/Power Batteries segment can sustain its profitability without the cash drag from the suspended Lead Acid division.