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KOTIC · price
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Awaiting price reaction for this filing.
Standalone revenue surged to Rs 4,949.52 lakhs in Q2 FY26, up from Rs 2,171.22 lakhs in Q2 FY25 (~128% growth); H1 FY26 revenue nearly tripled to Rs 8,869.17 lakhs from Rs 3,515.61 lakhs a year ago. Despite this strong top-line growth, the company swung to losses — Q2 FY26 standalone loss after tax was Rs 656.11 lakhs (vs profit of Rs 9.16 lakhs) and H1 FY26 standalone loss was Rs 847.96 lakhs (vs profit of Rs 36.62 lakhs). A significant event was the Rs 99.06 crore acquisition of a 30% stake in Phoenix Kothari Footwear Ltd (PKFL) on Sept 29, 2025, making it an associate company. Total assets expanded from Rs 19,999.55 lakhs to Rs 31,178.56 lakhs, and operating cash flow turned positive at Rs 5,052.37 lakhs versus a negative Rs 1,449.95 lakhs in H1 FY25. The auditor flagged pending stamp duty assessment on the Ennore factory sale, missing balance confirmations, TDS defaults of Rs 8.67 lakhs, and an ongoing land repossession case in Coonoor at the Madras High Court.
The dramatic revenue jump is overshadowed by a sharp swing into losses and rising trade receivables, suggesting margin pressure and working-capital strain rather than healthy growth. The PKFL acquisition is a strategic shift but introduces execution and integration risk; investors should watch margin recovery, the outcome of the Coonoor land case, and whether the new associate can reverse the loss trajectory.