Financial Results and Limited Review Reports
KIRLFER · price
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Standalone revenue from operations for Q2 FY26 came in at ₹1,728 crore, up 3.7% from ₹1,667 crore in Q2 FY25; for the half year, revenue rose 6% to ₹3,413 crore. Standalone profit after tax grew 8.7% year-on-year to ₹92.34 crore in Q2, and 17.2% to ₹188.11 crore in H1. Operating margin expanded to 12.36% in Q2 (from 11.72%) and to 12.52% for H1 (from 11.89%), driven mainly by a strong rebound in the Tube segment. Consolidated H1 PAT rose about 23% to ₹181.40 crore, aided by a one-time exceptional gain of ₹2.51 crore from the voluntary liquidation of the Luxembourg subsidiary ISMT Enterprises SA. The board also issued 114,890 ESOP shares and raised ₹325 crore via commercial papers during the quarter, with outstanding commercial paper at ₹425.3 crore. Joint statutory auditors (Kirtane & Pandit LLP and P G Bhagwat LLP) issued an unmodified limited review report with no qualifications.
A solid quarter with margin expansion and healthy H1 profit growth signals improving operational efficiency, particularly in the Tube segment, which should be viewed positively by shareholders. The clean auditor opinion and strengthening debt-equity ratio (0.36 vs 0.40) support confidence, though the sequential dip in standalone PAT from Q1 (₹95.77 cr to ₹92.34 cr) and the small exceptional gain are minor watch-points.