Results- Quarter & half year ending on 30th September 2025

Emphasis of matterRevenue declinedNet loss reportedNegative operating cash flowResults View source PDF Explain this filing

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Nifty Microcap 250market · in no size index; the smallest one is used+0.6%+4.4% vs market

Breweries & Distilleries peers, median of 24sector-0.4%+5.4% vs sector

On the reaction day the stock moved 4.4 pts more than Nifty Microcap 250 and 5.4 pts more than its Breweries & Distilleries peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

The Board approved unaudited financial results for the quarter and half year ended September 30, 2025. Consolidated total income for Q2 FY26 stood at Rs. 225.65 lakhs, with the alcohol/beer segment (via subsidiary Empyrean Spirits) contributing Rs. 191.43 lakhs, up ~9.7% sequentially from Q1. However, consolidated net loss widened sharply to Rs. -181.61 lakhs in Q2 and Rs. -298.35 lakhs for H1 FY26 (vs Rs. -40.84 lakhs in H1 FY25). Standalone results remained negligible (Rs. 30 lakhs revenue) with a loss of Rs. -33.35 lakhs in Q2. Operating cash flow was deeply negative at Rs. -543.92 lakhs on a consolidated basis for H1. The auditor issued an unmodified limited review report on the standalone financials but included an Emphasis of Matter on the consolidated results, flagging pending balance confirmations for receivables/payables and outstanding VAT dues of Rs. 31.78 lakh. Management cited adverse weather and floods hurting North Indian markets (Himachal, Punjab saw double-digit revenue declines) but highlighted brand traction, a new US export order for Saffron Lager, and growing leased capacity in Uttarakhand.

Likely market impact

Losses are widening both sequentially and year-on-year, and the company continues to burn cash, with negative operating cash flows and accumulated losses eroding equity. While the premium beer brand shows modest sequential growth, profitability remains distant and the auditor's emphasis of matter on pending receivables and statutory dues adds near-term risk. Shareholders should watch for improvement in topline scale, working capital position, and progress toward profitability before expecting a positive re-rating.