Un-Audited Financial Results for the Quarter and Half Year ended on 30.09.2025
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Maitri Enterprises posted Q2 FY26 standalone revenue of Rs. 760.03 lakhs (vs Rs. 732.80 lakhs in Q2 FY25), a marginal 3.7% rise, but standalone profit after tax fell sharply to Rs. 6.94 lakhs from Rs. 40.02 lakhs in the year-ago quarter. For the half-year ended September 30, 2025, standalone revenue slipped to Rs. 1,392.60 lakhs (from Rs. 1,502.16 lakhs in H1 FY25), and the company swung to a loss of Rs. 43.60 lakhs at the PAT level versus a Rs. 57.98 lakh profit a year ago. Net debt expanded materially, with non-current borrowings rising to Rs. 505.94 lakhs as of September 30, 2025 (from Rs. 334.88 lakhs in March 2025) even as total equity declined to Rs. 530.88 lakhs. The statutory auditor M/s Dinesh R. Thakkar & Co. issued a qualified review conclusion citing unverified old trade payables of Rs. 38.62 lakhs, non-moving inventory of Rs. 41.22 lakhs lacking impairment evidence, and also flagged the Rs. 298.64 lakh trade receivables position under ECL provisioning. Operating cash flow collapsed to just Rs. 4.11 lakhs in H1 FY26 from Rs. 250.64 lakhs in H1 FY25. Additionally, Independent Director Mr. Harishkumar Ishwarlal Motwani resigned citing personal reasons, and Mr. Bharat Ramjibhai Sisodia was appointed as a Non-Executive Independent Director in his place, with board committees reconstituted.
Shareholders should note the swing to a half-year loss, sharply weaker cash generation, and rising debt-equity profile (over 1x), alongside a qualified auditor opinion on old payables and inventory; these are negative signals for the stock. The director churn and committee reconstitution add near-term governance noise but are not unusual.