Unaudited (Standalone & Consolidated) Financial Results For the Quarter ended June 30, 2025
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Midwest Gold reported a standalone profit of Rs 63.40 lakhs in Q1 FY26, a turnaround from a loss of Rs 191.42 lakhs in Q4 FY25. However, this improvement was driven primarily by a sharp rise in other income to Rs 149.97 lakhs, while revenue from operations stood at just Rs 17.31 lakhs (down from Rs 44.64 lakhs in Q1 FY25). On a consolidated basis, the company posted a loss of Rs 377.94 lakhs (improved from a Rs 684.57 lakhs loss in Q4 FY25), with revenue declining to Rs 49.38 lakhs and finance costs remaining high at Rs 65.91 lakhs. The auditor issued a qualified opinion on consolidated results, flagging that Rs 1,866.87 lakhs classified as Intangible Assets Under Development lacked sufficient supporting evidence under Ind AS 38. The company also made Midwest Energy Pvt Ltd a wholly-owned subsidiary during the quarter.
The standalone turnaround looks positive but is largely driven by other income, not core operations. The persistent consolidated losses, declining revenues, and the auditor's qualification over intangible asset capitalization raise concerns and could weigh on investor confidence.