We are enclosing herewith : 1. Standalone and Consolidated Financial Results for the Qrt & Half year ended 30/09/2025 2. Review Reports of the Auditors on the aforesaid Financial Results
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Mauria Udyog posted a strong H1 FY26 with standalone revenue from operations of Rs 27,170.25 lakhs, up roughly 49% from Rs 18,213.33 lakhs in H1 FY25. Standalone profit after tax nearly doubled to Rs 1,725.30 lakhs (vs Rs 867.64 lakhs), with EPS rising to Rs 1.30 from Rs 0.65. The manufacturing segment drove the gains; the trading segment remained small. The board also appointed Mr. Davinder Kumar Gupta as new CFO with effect from Nov 14, 2025. However, the statutory auditor (NKSC & Co) issued a Qualified Opinion on both standalone and consolidated results, flagging non-valuation of unquoted equity investments, non-application of the expected credit loss model on trade receivables, and non-recognition of liability/contingent liability in the Amrapali–Sureka Group matter where the Supreme Court had directed deposit of Rs 16,700 lakhs. The auditor also drew an Emphasis of Matter on Rs 7,092.02 lakhs of disputed trade receivables (net of Rs 3,278.17 lakhs provision) and on a pending SEBI interim order asking the company to deposit Rs 2,619.69 lakhs.
Strong top-line and bottom-line growth is positive for shareholders, but the qualified audit opinion, ongoing SEBI proceedings, and the large unresolved Amrapali/Sureka Group contingent exposure are material risks that could weigh on the stock and restrict fundraising or market access until resolved.