board meeting outcome with financial results
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Jainco Projects (India), an RBI-registered NBFC, reported unaudited results for Q2 FY26 showing revenue from operations of Rs 7.23 lakhs, up sharply from Rs 2.82 lakhs in the same quarter last year. For the half-year, revenue jumped to Rs 35.07 lakhs versus Rs 6.18 lakhs a year ago, a roughly five-fold increase. The company swung to a small profit of Rs 0.05 lakh for the quarter and Rs 0.35 lakh for the half-year, compared with losses of Rs 0.69 lakh and Rs 4.71 lakh respectively in the year-ago periods. Total expenses rose significantly, driven mainly by finance costs of Rs 4.43 lakh in Q2. Equity on the balance sheet dropped steeply from Rs 1,914.97 lakhs (31 March 2025) to Rs 885.91 lakhs as at 30 September 2025, while total assets fell from Rs 2,994.99 lakhs to Rs 1,958.71 lakhs, largely on repayment of unsecured loans and borrowings of around Rs 1,029 lakhs. Net operating cash flow was a healthy Rs 1,126.06 lakhs for the half-year.
The return to profitability and sharp revenue growth are positives, but the company's financial statements carry several red flags — it is disputing finance costs with a lender in court, has made no provision for contingent liabilities, has not provided for income/deferred tax, and explicitly states it does not admit any of the liabilities shown in the books. Shareholders should view the headline profit with caution given the very thin margin (0.01% net) and the litigation overhang surrounding borrowings and creditors.