Results for the half year ended 30th September, 2025
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Indo Gulf Industries, which makes industrial explosives, reported its H1 FY26 results (six months ended September 30, 2025). Revenue from operations rose marginally by 2.3% YoY to Rs. 11,717.13 lakhs (from Rs. 11,452.95 lakhs). However, the second quarter alone saw revenue fall about 8.6% YoY to Rs. 4,721.63 lakhs from Rs. 5,165.78 lakhs. Net profit after tax for H1 dropped sharply by roughly 61.6% YoY to Rs. 171.47 lakhs (from Rs. 446.49 lakhs), with Q2 standalone PAT at Rs. 67.34 lakhs versus Rs. 173.07 lakhs in the year-ago quarter. Operating profit before interest and depreciation fell from Rs. 638.29 lakhs to Rs. 344.86 lakhs, compressing the operating margin from about 6% to around 4%. The auditor (Hemant Arora & Co. LLP) issued an unqualified limited review report. Cash from operations remained positive at Rs. 419.98 lakhs, though the company continues to use related-party borrowings.
Despite stable top-line growth, the sharp drop in profit and margin compression signal cost pressure or one-off pressures, which is a negative signal for shareholders. The stock may face near-term weakness on the back of weak earnings, though the unqualified audit and positive operating cash flow provide some comfort.