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Hindustan Motors reported Q2 FY26 revenue from operations of Rs.79 lakhs, down from Rs.166 lakhs in Q2 FY25, with other income falling sharply to Rs.95 lakhs vs Rs.705 lakhs. Net profit for the quarter was a marginal Rs.4 lakhs compared to Rs.486 lakhs a year ago. For the half-year, net profit stood at Rs.420 lakhs versus Rs.1,294 lakhs in H1 FY25. The statutory auditor KAMG & Associates issued a qualified conclusion, flagging material uncertainty about the company's ability to continue as a going concern after the West Bengal government took possession of the 395-acre Uttarpara factory land following exhaustion of all legal remedies, including the Supreme Court. On the positive side, the company remains financially debt-free, its accumulated losses have been brought down from Rs.25,218 lakhs (FY17) to Rs.10,752 lakhs (FY25), net worth turned positive, and operating cash flow for H1 FY26 turned positive at Rs.705 lakhs.
The auditor's qualified opinion and explicit going-concern warning are serious red flags for shareholders, though management is relying on monetising remaining assets and seeking new business partners to sustain operations. With core manufacturing halted since 2014 and only scrap sales and write-backs driving income, the stock remains a high-risk, restructuring-driven story rather than an operating business.