Unaudited financial (Standalone and consildated) results for the half year ended 30th September 2025
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Indrayani Biotech reported consolidated Q2 FY26 revenue of ₹3,774.98 lakhs, up about 25% from ₹3,015.99 lakhs in Q2 FY25, while H1 FY26 revenue grew to ₹6,790.97 lakhs (₹6,268.65 lakhs in H1 FY25). The company swung back to a consolidated profit after tax of ₹106.87 lakhs in H1 FY26 from a loss of ₹610.75 lakhs in H1 FY25, with standalone H1 PAT at ₹59.60 lakhs. However, operating cash flow was deeply negative at about ₹(1,017) lakhs consolidated, driven by working capital outflows and increased borrowings. Total consolidated borrowings rose to ₹14,631.75 lakhs against equity of ₹10,381.70 lakhs, pushing the debt-to-equity ratio above 1.4. The auditor issued an unmodified opinion. Separately, a non-executive director resigned citing personal reasons, and the board acknowledged a ₹16,520 BSE fine for delayed appointment of a compliance officer, which has since been paid.
The Q2 revenue rebound and return to profitability are positive signals, but the steeply negative operating cash flow and rising leverage (D/E above 1.4) raise concerns about near-term liquidity and capital structure. Investors should watch for working capital improvement and debt reduction in upcoming quarters; the director exit and compliance penalty are minor governance items already resolved.