Pursuant to Regulation 30 & Regulation 33 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we hereby inform you that the Board of Directors ....
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Midwest Gold's Board approved its unaudited financial results for Q2 and H1 FY26 (ended September 30, 2025). On a standalone basis, the company swung to a profit with PAT of ₹135.96 lakhs in H1 FY26 versus a loss of ₹91.60 lakhs in H1 FY25, largely driven by a jump in other income (₹325.02 lakhs vs ₹15.05 lakhs); revenue from operations remained negligible at ₹0.52 lakhs for the quarter. On a consolidated basis, revenue from operations more than doubled to ₹169.50 lakhs (vs ₹77.58 lakhs for FY25) but the company posted a wider loss of ₹730.37 lakhs, with EPS of negative ₹6.03. The auditor issued a qualified opinion on consolidated results, flagging insufficient audit evidence for capitalizing ₹2,009.34 lakhs as 'Intangible Assets Under Development' under Ind AS 38. The company also restated prior period consolidation figures due to an error in eliminating goodwill against securities premium.
Shareholders should note the mixed picture: standalone appears profitable but is propped up by non-operating income, while the consolidated entity is loss-making with rising borrowings (~₹15,156 lakhs total debt vs equity of ~₹7,898 lakhs, a D/E of ~1.9x) and a qualified auditor opinion on intangible asset capitalization — factors that could weigh on sentiment and warrant close monitoring of subsidiary-level execution.