Please find enclosed Financial results for the half year ended September 30, 2025
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Krupalu Metals, a recently-listed BSE SME company (IPO on September 16, 2025 raising Rs 13.48 crores), reported H1 FY26 revenue from operations of Rs 4,948.72 lakhs, a strong jump of about 56% from Rs 3,175.36 lakhs in H1 FY25 and already exceeding the full-year FY25 revenue of Rs 4,838.61 lakhs. However, the company swung to a loss with a net loss after tax of Rs 28.20 lakhs versus a profit of Rs 140.99 lakhs in the same period last year. The half-yearly loss was driven by a sharp jump in costs (cost of materials rose to Rs 2,158.95 lakhs) and other expenses jumping nearly tenfold to Rs 160.62 lakhs. Operating cash flow turned sharply negative at Rs (833.24) lakhs, mainly due to inventory build-up and higher receivables. Auditor K M Chauhan & Associates issued an unmodified limited review report with no qualifications. IPO funds are being utilised as per the stated objects (working capital, capex, general corporate purposes, issue expenses) with no deviation reported.
Despite strong revenue growth, the swing to a loss and deeply negative operating cash flow raise concerns about near-term profitability and working capital strain. Short-term investors should weigh the positive sales momentum against weak margins and cash burn before taking fresh positions.