Unaudited financial results for the quarter and half year ended 30.09.2025
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On the reaction day the stock moved 2.4 pts less than Nifty Microcap 250 and 1.8 pts less than its Cement & Cement Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The company reported a sharp drop in revenue for Q2 FY26 at Rs 3,899 lakhs, down about 61% from Rs 9,964 lakhs in Q2 FY25. For the half year, revenue fell to Rs 13,863 lakhs from Rs 16,989 lakhs, a decline of roughly 18%. Profit after tax collapsed to Rs 1.72 lakhs in Q2 (vs Rs 15 lakhs a year ago) and to Rs 17 lakhs for the half year (vs Rs 380 lakhs), reflecting a near wipe-out of bottom-line earnings. EBITDA margin compressed from about 8.2% to 5.7% on a half-year basis as raw material and other costs did not fall in line with revenue. The statutory auditor (K.N. Gutgutia & Co.) issued a clean limited review with no qualifications. Net cash from operations remained positive at Rs 2,131 lakhs, and the company repaid about Rs 1,479 lakhs of short-term borrowings during the period.
This is a meaningfully negative print for shareholders: top line and profits have collapsed year-on-year, signalling weak demand or execution issues in the A.C. Sheets and Pipes business, and the stock is likely to face pressure on the back of these numbers.