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The board approved unaudited standalone results for the quarter and half year ended 30 September 2025. Revenue from operations fell to Rs. 20.07 lakhs in Q2 FY26 from Rs. 27.49 lakhs a year ago (-27% YoY), and to Rs. 43.47 lakhs for H1 FY26 vs Rs. 50.51 lakhs in H1 FY25. Other income collapsed from Rs. 303.65 lakhs to Rs. 6.47 lakhs YoY in Q2. Total expenses nearly doubled in Q2 to Rs. 75.03 lakhs, driven by a sharp spike in 'other expenses' to Rs. 61.14 lakhs. The company swung to a net loss of Rs. 48.49 lakhs in Q2 (vs profit of Rs. 299.10 lakhs YoY) and a net loss of Rs. 18.62 lakhs for the half year (vs profit of Rs. 590.24 lakhs). EPS for Q2 was Rs. (0.26). The statutory auditor (CVB & Associates) issued an Emphasis of Matter noting that fair value adjustments for investments in India Renaissance Fund and Kalpvriksha Trust were not carried out due to non-availability of supporting documents, with the trust valued on management estimates.
Shareholders saw a sharp swing from profit to loss this quarter, driven by collapsing other income and a one-off spike in other expenses. The auditor's emphasis on valuation uncertainty in two unlisted investments is a yellow flag for earnings quality and transparency, which could weigh on investor sentiment.