Integrated Filing (Finance)
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Mihika Industries reported a sharp collapse in revenue for Q2 FY26 at Rs. 34.70 lakhs versus Rs. 633.78 lakhs in Q2 FY25, a drop of roughly 94.5% year-on-year. For H1 FY26, revenue fell to Rs. 200.81 lakhs from Rs. 641.78 lakhs in H1 FY25, a decline of about 69%. Net profit for Q2 FY26 was Rs. 4.34 lakhs (vs Rs. 43.60 lakhs in Q2 FY25), and H1 FY26 net profit stood at Rs. 5.75 lakhs versus Rs. 57.40 lakhs last year. Operating cash flow turned deeply negative at minus Rs. 317.38 lakhs for H1 FY26, compared with minus Rs. 16.43 lakhs a year ago, driven by a sharp build-up in inventories (Rs. 233.46 lakhs) and loans. The statutory auditor included an Emphasis of Matter noting that trade receivables, trade payables, and loans and advances balances are pending comprehensive external confirmation and reconciliation.
The steep revenue contraction, deeply negative operating cash flow, and auditor's emphasis of matter on unverified receivables, payables and loan balances raise serious concerns about the quality and sustainability of the business, which could weigh negatively on investor confidence and the stock.