Results for the FY ended March 2025
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Kalpa Commercial Limited reported FY25 revenue from operations of ₹281.28 lakhs, up about 80% from ₹156.50 lakhs in FY24. However, total expenses surged to ₹592.52 lakhs (vs ₹177.64 lakhs), driven mainly by a jump in other expenses to ₹294.56 lakhs. The company swung to a deeper net loss of ₹273.63 lakhs for the year (vs a loss of ₹20.20 lakhs in FY24), translating to a loss per share of ₹2.67. For Q4 alone, the loss was ₹244.28 lakhs on revenue of ₹281.28 lakhs. Operating cash flow remained positive at ₹35.99 lakhs. The statutory auditor issued an unmodified opinion but flagged three Emphasis of Matter notes covering fair valuation of investments and unconfirmed/unreconciled loans & advances and trade receivables.
Despite higher revenue, sharply rising costs pushed the company deeper into losses, which is negative for shareholders. The auditor's emphasis on unreconciled receivables and loans adds a layer of uncertainty around asset quality, which may weigh on the stock despite the topline growth.