Q2 FY26 results: revenue dip, auditor disclaims review

Qualified audit opinionRevenue declinedNegative operating cash flowResults View source PDF Explain this filing

KALYANIFRG · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

-4.2%Reaction day

₹715.00

prior close

₹699.05

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used-0.1%-4.1% vs market

Castings & Forgings peers, median of 20sector-1.0%-3.2% vs sector

On the reaction day the stock moved 4.1 pts less than Nifty Microcap 250 and 3.2 pts less than its Castings & Forgings peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-1.7

10m

-1.7

15m

-2.2

30m

-1.7

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-4.2-0.1-4.1-1.0-3.2

Next day

-1.8-0.2-1.6-0.4-1.4

+1.4+0.4+1.0-0.9+2.3

-2.9-0.4-2.5-1.3-1.6

-4.1-0.6-3.5-0.7-3.3

-7.1-0.9-6.3-1.4-5.8

-11.5-3.0-8.5-3.3-8.1

15d

-7.7-3.9-3.8-0.9-6.8

-7.7-4.8-2.9-2.6-5.1

-15.4-7.8-7.7-9.4-6.1

-7.0-7.2+0.3-4.3-2.7

UpDownMarket · Nifty Microcap 250Sector · Castings & Forgings peers, median of 20Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Kalyani Forge Q2 FY26 standalone revenue fell to Rs 55.67 crore from Rs 62.33 crore YoY. H1 FY26 PAT rose to Rs 3.92 crore vs Rs 3.56 crore. Operating cash flow turned negative at minus Rs 2.50 crore versus plus Rs 12.27 crore in H1 FY25. Auditor M.P. Chitale disclaimed review conclusion citing incomplete stock valuation, unreconciled receivables and payables, weak internal financial controls, and pending GST reconciliations. Board appointed Mr. Viswanathan Swaminathan as Independent Director for five years.

Likely market impact

Auditor disclaimer and negative operating cash flow raise governance red flags; revenue decline adds pressure. Watch remediation progress.