The Board of Directors in their meeting held on Friday, 14th November 2025 at the registered office of the Company situated at B-70, 1st Floor, Upasana House, Janta Store, Bapu Nagar, Jaipur ....
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Jhandewalas Foods Ltd (BSE SME, Scrip: 540850) reported its H1 FY26 (ended 30 September 2025) results. Revenue from operations surged to ₹7,493.61 lakhs from ₹3,026.99 lakhs in H1 FY25 (~147% growth), while profit after tax rose to ₹312.78 lakhs from ₹249.15 lakhs (~25.5% growth). However, the statutory auditor (Jain Chowdhary & Co.) issued a Qualified Opinion with six separate qualifications. Key concerns include: loans of ~₹6.27 crore classified as NPAs (Axis Bank has filed a recovery suit at DRT Jaipur), ongoing CIRP proceedings admitted by NCLT Jaipur (Param Dairy Ltd case) currently stayed by NCLAT, title deeds of immovable properties worth ₹5.76 crore not held in the company's name, pending statutory dues (GST, EPF, ESIC, TDS), and new contingent liability of ₹20 lakhs for MD's gratuity. The board also re-appointed M/s J Nitin & Associates as Internal Auditor for FY 2025-26.
Despite strong topline growth, the stock carries significant solvency and governance risks — NPA-classified loans, an admitted insolvency petition (though stayed), a qualified audit opinion, and several pending legal cases could weigh on investor confidence. The EBITDA margin also compressed sharply (from ~11% to ~5.5%), suggesting the revenue growth is not translating proportionately to profitability. Shareholders should weigh the operational turnaround against the elevated risk profile.