Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2025
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Jhaveri Credits & Capital reported Q2 FY26 standalone revenue from operations of ₹2,236.32 lakhs, nearly 4x the ₹559.42 lakhs posted in Q2 FY25. For H1 FY26, revenue grew about 80% YoY to ₹3,219.06 lakhs (vs ₹1,784.34 lakhs). However, this top-line surge did not flow to the bottom line: H1 PAT rose only marginally to ₹242.07 lakhs (vs ₹233.02 lakhs), and Q2 PAT actually fell ~12% to ₹122.99 lakhs (vs ₹139.60 lakhs), with basic EPS at ₹1.30 vs ₹1.55. Operating cash flow for H1 FY26 turned negative at ₹(51.98) lakhs compared to a positive ₹200.19 lakhs in H1 FY25, while the cash balance dropped sharply from ₹3,691.66 lakhs (Mar-25) to ₹435.97 lakhs. Total assets expanded to ₹11,006.42 lakhs, largely driven by a jump in other non-current financial assets to ₹7,878.86 lakhs (from ₹3,119.39 lakhs) and equity infusion of ₹50 lakhs. The company continues to carry zero borrowings on its balance sheet.
Strong revenue growth is being offset by sharp margin compression and a swing to negative operating cash flow, with most of the cash being deployed as loans and advances. Investors should watch for improvement in profitability and cash generation in upcoming quarters; the large build-up in non-current financial assets also warrants clarity on the nature and yields of these deployments.