Financial Results for Quarter and Half-Year ended on 30.09.2025
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KBS India Ltd (BSE: 530357) reported its Q2 FY26 and H1 FY26 results on 7 November 2025. Revenue from operations fell sharply to Rs 84.27 lakh in Q2 FY26 from Rs 136.51 lakh a year ago, and H1 revenue declined to Rs 184.60 lakh from Rs 236.74 lakh. Despite the revenue drop, profit after tax improved to Rs 27.69 lakh in Q2 (vs Rs 12.69 lakh last year) and H1 PAT rose to about Rs 32.81 lakh from Rs 5.12 lakh, though on a very low base. Operating cash flow was deeply negative at around Rs -2.49 crore for H1 FY26 against a small positive in FY25, indicating weak cash generation. The statutory auditor issued a qualified review report flagging two issues: gratuity liability not provided as required by Ind AS 19, and a long-term loan of Rs 16.65 crore plus Rs 8.02 lakh current account balance owed by KBS Capital Management Singapore Pte Ltd (an erstwhile subsidiary now struck off) for which no provision has been made, resulting in a misstatement of profits and reserves.
The Rs 16.65 crore unrecovered loan from a struck-off Singapore subsidiary — nearly half of the company's Rs 34.71 crore net worth — is a major red flag for asset quality and shareholder value. Combined with deeply negative operating cash flow and auditor qualifications, retail investors should treat the headline PAT improvement with caution as the underlying earnings are not yet supported by cash or clean books.