Unaudited Financial Results for the Quarer and Half year ended on 30.09.2025
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Kuwer Industries Limited reported unaudited financial results for Q2 FY26 (quarter ended September 30, 2025) and H1 FY26. Revenue from operations for Q2 FY26 stood at around Rs. 15.58 crore, marginally higher than Rs. 15.47 crore in Q2 FY25. Half-year revenue came in at Rs. 25.65 crore versus Rs. 24.79 crore in H1 FY25, a modest ~3.5% YoY growth. The company returned to profitability with a small net profit of Rs. 7.32 lakhs in H1 FY26 versus a marginal loss in H1 FY25, marking a turnaround from the loss-making trend. However, total borrowings stand at roughly Rs. 36.23 crore against total equity of Rs. 17.88 crore, pushing the debt-to-equity ratio to about 2.0x. Trade receivables also rose sharply to Rs. 44.64 crore from Rs. 36.31 crore at FY25 year-end. The statutory auditor, PVSP & Co., issued a clean limited review report with no qualifications.
While the swing back to profit is positive, the elevated leverage (~2x D/E) and surging receivables are red flags. Sluggish revenue growth and razor-thin margins suggest limited upside catalysts for the stock in the near term.