Annexure attached as per the subject.

Emphasis of matterRevenue declinedNet loss reportedEBITDA margin compressionResults View source PDF Explain this filing

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₹47.75

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Nifty Microcap 250market · in no size index; the smallest one is used+0.6%-0.3% vs market

Other Food Products peers, median of 23sector-0.1%+0.4% vs sector

On the reaction day the stock moved 0.3 pts less than Nifty Microcap 250 and 0.4 pts more than its Other Food Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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UpDownMarket · Nifty Microcap 250Sector · Other Food Products peers, median of 23Pending

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AI summary

Kothari Fermentation & Biochem Ltd reported a net loss of Rs. 420.18 lakhs for H1 FY26 (ended September 30, 2025), sharply higher than the loss of Rs. 65.23 lakhs in H1 FY25. Revenue from operations fell about 7.4% year-on-year to Rs. 4,771.42 lakhs from Rs. 5,152.20 lakhs. In Q2 FY26 alone, the company posted a loss of Rs. 307.72 lakhs (vs Rs. 175 lakhs loss in Q2 FY25), with EBITDA margins compressing sharply due to higher depreciation and finance costs. The statutory auditor issued an unqualified review report but included an Emphasis of Matter drawing attention to overdue statutory dues of about Rs. 14.68 lakhs (TDS and PF) pending for over six months. Despite losses, operating cash flow remained positive at Rs. 420.01 lakhs in H1 FY26.

Likely market impact

Widening losses, revenue decline, and margin compression are clearly negative for the stock and shareholders, especially after the company reported a small profit of Rs. 60.99 lakhs in full-year FY25. The overdue statutory dues flagged by auditors are a minor compliance red flag, but the overall audit opinion remains clean, and positive operating cash flow offers some comfort on short-term liquidity.