Financial Results for the Quarter and Half Year ended September 30, 2025
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Kalyan Capitals Limited (NBFC, formerly Akashdeep Metal Industries) reported consolidated Q2 FY26 revenue from operations of ₹857 lakhs, up about 28% YoY from ₹671 lakhs, driven by interest income and new Gold Loan and Retail segments added this period. Standalone revenue grew about 35% to ₹681 lakhs. However, profitability was under pressure: standalone PAT fell sharply to ₹15.4 lakhs from ₹38.2 lakhs YoY as finance costs surged ~55% to ₹579 lakhs, outpacing revenue growth. Consolidated PAT (controlling interest) for Q2 declined to ₹114.1 lakhs from ₹126.2 lakhs YoY, though H1 FY26 consolidated PAT improved to ₹320.2 lakhs vs ₹222.4 lakhs. The board also appointed Mr. Anshu Agarwal as CFO (additional charge as CEO cum CFO), replacing Mr. Abhijeet.
Strong top-line growth is being eaten away by rapidly rising borrowing costs, with standalone profits falling despite revenue gains — a red flag for shareholders. Very high leverage (standalone borrowings of ~₹24,661 lakhs against equity of ~₹3,391 lakhs, roughly 7.3x) amplifies earnings sensitivity to interest rates.