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Madhuveer Com 18 Network Limited (BSE: 531910) announced its unaudited Q2 and H1 FY26 results on November 12, 2025, with a clean limited review from auditor Shah Sanghvi & Associates. On a standalone basis, Q2 revenue from operations was Rs. 108.15 lakhs and net profit was Rs. 6.51 lakhs (down from Rs. 13.21 lakhs in Q2 FY25); H1 FY26 standalone net profit was Rs. 26.08 lakhs vs Rs. 25.06 lakhs in H1 FY25. On a consolidated basis, revenue from operations jumped sharply to Rs. 325.99 lakhs in H1 FY26 (vs Rs. 68.00 lakhs in H1 FY25), reflecting contribution from subsidiaries Sakshi Barter, Navkar Events, JOJO Studios, Premier Adsworld, and JOJO Inc., but the company still reported a consolidated net loss of Rs. 19.77 lakhs (improved from Rs. 271.19 lakhs loss a year ago). Operating cash flow was deeply negative at Rs. 486.29 lakhs on a consolidated basis (standalone: Rs. 412.70 lakhs outflow), and depreciation of Rs. 69.48 lakhs remained the largest cost. The balance sheet shows other equity falling to Rs. 40.94 lakhs (from Rs. 715 lakhs), partly cushioned by Rs. 1,797 lakhs in share-warrant money received.
Shareholders should note the gap between standalone and consolidated performance — subsidiaries are loss-making and driving overall losses despite strong top-line growth. Negative operating cash flows and a sharp erosion of other equity (from Rs. 715 to Rs. 41 lakhs on a consolidated basis) signal continued cash burn, though the clean auditor review and warrant-funded inflows provide near-term liquidity support.