Results - Financial Results for September 30, 2025 (Unaudited) along with the Limited review report and noting of resignation of existing statutory auditors.
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Soma Papers & Industries Ltd (Scrip: 516038) reported unaudited results for Q2/H1 FY26 (ended 30 Sept 2025). The company reported essentially no revenue from operations, with a Q2 loss of Rs 3.39 lakhs and H1 FY26 loss of Rs 5.22 lakhs, sharply narrower than the H1 FY25 loss of Rs 48.40 lakhs. Total expenses for the quarter were Rs 3.39 lakhs, mostly 'other expenses'. EPS for Q2 stood at Rs (0.24) vs Rs (3.22) in the year-ago quarter. The balance sheet shows a massive jump in cash and equivalents to Rs 2,390.83 lakhs (from Rs 19.08 lakhs in March 2025), driven by Rs 2,380.02 lakhs in share application money received pending allotment, which was subsequently allotted in October 2025. The Board also noted the resignation of statutory auditors M/s. GMJ & Co., Chartered Accountants, effective 14 November 2025, ahead of their scheduled term ending at the 37th AGM in 2028.
The auditor exit is company-driven (group-wide consolidation and re-alignment of audit engagements) rather than due to any audit concerns, and GMJ & Co. explicitly confirmed no issues with the company. However, a mid-term auditor change is a governance event investors should watch. Separately, the huge share application money inflow points to a major capital raise or restructuring underway, which could materially change the company's scale and operations going forward.