Approval of Unaudited (Standalone & Consolidated) Financial Results for the Quarter and Half Year ended September 30, 2025.
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IP Rings Ltd reported a turnaround in Q2 FY26 with standalone revenue from operations of Rs 8,374.15 lakhs, up ~5.6% YoY from Rs 7,927.83 lakhs. Standalone profit after tax swung to Rs 34.06 lakhs (vs a loss of Rs 76.09 lakhs in Q2 FY25), with EPS of Rs 0.27 vs (Rs 0.60). For H1 FY26, standalone PAT was Rs 79.83 lakhs vs a loss of Rs 47.08 lakhs a year earlier. Consolidated Q2 PAT was Rs 30.69 lakhs (vs loss of Rs 96.57 lakhs), though the company booked a Rs 6.40 lakh share of loss from its joint venture IPR Eminox. Operating cash flow remained healthy at Rs 1,119.55 lakhs for H1 FY26. Long-term borrowings rose to Rs 5,434.80 lakhs (from Rs 4,327.52 lakhs at March-end) to fund capex. The auditor M.S. Krishnaswami & Rajan issued an unmodified limited review report.
Positive for shareholders — the company returned to profitability at both standalone and consolidated levels after losses in the prior year, with improving operating margins and steady operating cash generation. Borrowings have risen to support capex, so investors should watch the debt-to-equity position (now ~1.0x) going forward.