Results For the Quarter and Half Year ended on 30th September 2025
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Kalpa Commercial reported Q2 FY26 revenue from operations of Rs 700.25 lakh, up from Rs 599.22 lakh in Q1 FY26 (~17% sequential growth). Total income for the half year stood at Rs 1,303.66 lakh versus Rs 5.80 lakh in H1 FY25, indicating a major scale-up in business activity. Net profit for H1 FY26 was Rs 15.75 lakh, a turnaround from a small loss of Rs 0.42 lakh in the prior-year period, though margins remain thin at around 1.2%. Despite the accounting profit, cash flow from operations was negative at Rs (116.29) lakh, with trade receivables of Rs 370.47 lakh and cash balance falling to just Rs 0.59 lakh. The statutory auditor (SGR & Associates LLP) issued a clean limited review report with no qualifications.
The sharp revenue ramp-up is encouraging, but very thin margins, negative operating cash flow, and rising working-capital needs raise concerns about cash quality of earnings. Shareholders should watch for sustained revenue, margin improvement, and improvement in operating cash flows in coming quarters.