Financial Results 30-09-2025
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On the reaction day the stock moved 4.1 pts more than Nifty Microcap 250 and 4.8 pts more than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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J.A. Finance Ltd, a Kolkata-based NBFC, declared its Q2 and H1 FY26 (ended September 30, 2025) unaudited results. Total income for the half-year rose about 22% year-on-year to Rs 154.34 lakhs (vs Rs 126.62 lakhs in H1 FY25), driven mainly by interest income of Rs 153.81 lakhs. However, profitability was weak: the company posted a loss of about Rs 4.14 lakhs in Q2 FY26, and net profit margin for H1 FY26 turned negative at (1.82%). Profit before tax for H1 FY26 was Rs 48.62 lakhs, down from Rs 61.69 lakhs a year ago. The auditor (S K Naredi & Co LLP) issued an unmodified limited review report with no qualifications. On the balance sheet, total assets stood at Rs 3,195.44 lakhs, debt-to-equity ratio was 0.69, capital adequacy was a healthy 60.90%, but gross NPA ratio remained elevated at 27.79%. Operating cash flow for the half-year was sharply negative at Rs (965.16) lakhs. Additionally, CFO Megha Goyal resigned and Sneha Goyal was appointed as the new CFO effective November 12, 2025.
Mixed signals for shareholders — top-line growth is encouraging but profitability is under pressure, asset quality (27.79% gross NPA) and the swing to a quarterly loss are concerns. The CFO change and weak operating cash flow warrant close monitoring, though the strong capital adequacy ratio provides a cushion.