Result For The Quarter And Half Year Ended September 30, 2025
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Kenrik Industries, a Gujarat-based bullion and ornaments trader recently listed on BSE SME, posted half-year revenue of Rs 2,213.47 lakh, up only about 1.4% YoY from Rs 2,183.04 lakh. Profit after tax jumped 61% to Rs 58.45 lakh (vs Rs 36.25 lakh), pushing EPS to Rs 0.50 from Rs 0.40. However, operating cash flow was deeply negative at -Rs 909 lakh, dragged by a Rs 249 lakh build-up in inventory and Rs 384 lakh rise in trade receivables. The company raised Rs 854.5 lakh through its May 2025 IPO, which has swollen equity to Rs 2,272 lakh and cut short-term borrowings sharply from Rs 106 lakh to Rs 11.6 lakh. The auditor (VSSB & Associates) issued a clean limited-review report with no qualifications.
Strong headline PAT growth is partly flattering because it sits on a weak revenue base and is overshadowed by a sharp negative operating cash flow signal — investors should watch whether management can convert rising receivables and inventory into actual collections. On the positive side, post-IPO equity infusion leaves the balance sheet well-capitalised with near-zero debt, reducing near-term solvency risk.