We are herewith enclosing the unaudited financial results for the year 2025-2026 1st quarter ended on 30th June, 2025
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Incap Ltd reported Q1 FY26 revenue from operations of Rs 996.84 lakhs, more than doubling from Rs 466.38 lakhs in Q1 FY25, a jump of about 114% year-on-year. Profit after tax rose to Rs 29.99 lakhs from Rs 22.98 lakhs, up roughly 30%, translating to EPS of Rs 0.58. Cost of materials consumed surged to Rs 781.77 lakhs from Rs 268.56 lakhs, pushing operating profit margin down to about 3% from around 4.9% a year ago, indicating margin compression despite strong top-line growth. The cash flow statement shows a sharp negative operating cash flow of Rs (335.46) lakhs, with cash and equivalents falling to just Rs 8.16 lakhs from Rs 306.11 lakhs. The auditor (Umamaheswara Rao & Co.) issued an unqualified limited review report with no qualifications or emphasis of matter.
Strong revenue growth and modest PAT growth are positives, but shrinking margins and deeply negative operating cash flow raise concerns about working capital strain and sustainability. Short-term shareholders may focus on the cash burn and rising borrowings (current borrowings up to Rs 458.24 lakhs) before taking a positive view on the topline surge.