Enclosed Unaudited Financial Results for the quarter and half year ended 30th September, 2025.
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Revenue from operations for Q2 FY26 grew about 14.7% year-on-year to Rs 52.33 crore (vs Rs 45.64 crore in Q2 FY25); H1 FY26 revenue stood at Rs 100.85 crore vs Rs 87.80 crore in H1 FY25. Profit after tax, however, fell to Rs 5.41 crore in Q2 (from Rs 6.72 crore YoY) and Rs 12.07 crore for H1 (from Rs 13.44 crore), hurt by sharply higher depreciation and finance costs after the new Third Moulding Line was commissioned on 27 June 2025. Depreciation in Q2 more than doubled to Rs 2.53 crore and finance costs rose to Rs 22.55 lakh from Rs 1.21 lakh. The board also recommended appointing Smt. Nivedita Lakshmi Narayanaswamy as Vice President – Finance effective 1 January 2026; she is the daughter of Managing Director N. Krishnasamaraj and related to Executive Director Ajeya Vel Narayanaswamy. Statutory auditor VKS Aiyer & Co issued an unmodified limited review report. Operating cash flow was healthy at Rs 10.19 crore for H1.
Short-term PAT and margins are under pressure as the new moulding line ramps up, with elevated depreciation and interest costs weighing on earnings even as topline grows steadily. Investors should watch for utilization and cost absorption from the new line in coming quarters. The appointment of a family member of the MD to a senior finance role is a governance point worth noting.