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Kiduja India reported Q2 FY26 revenue from operations of Rs 1,912.01 lakhs, up sharply from Rs 634.82 lakhs in Q2 FY25 (over 3x growth), driven by profit on sale of investments. H1 FY26 total income stood at Rs 1,921.56 lakhs vs Rs 631.17 lakhs in H1 FY25. Profit before tax was Rs 1,624.27 lakhs for Q2 FY26, but only Rs 91.61 lakhs for the half year (compared to Rs 1,149.27 lakhs in H1 FY25). The auditor flagged 'material uncertainty over going concern,' noting the company has been incurring losses, net worth is negative (other equity at negative Rs 2,514.67 lakhs), and liabilities exceed financial assets. Borrowings have risen to Rs 9,752.71 lakhs against a wiped-out equity base, and operating cash flow was negative at Rs (1,721.99) lakhs for H1 FY26. The board also appointed a new secretarial auditor and internal auditor for FY26.
Despite a strong quarterly profit headline, the going-concern qualification, deeply negative net worth, surging borrowings, and negative operating cash flow point to serious financial distress. Shareholders should treat this as a high-risk situation where promoter support is the only stated basis for continuing operations.