Outcome of the Board Meeting
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Milgrey Finance & Investments reported its unaudited results for the quarter and half year ended September 30, 2025. Revenue from operations was nil (typical for this NBFC), while total income for H1 FY26 came in at ₹163.65 lakhs, up sharply from ₹25.27 lakhs in H1 FY25. Profit after tax for H1 FY26 surged to ₹103.10 lakhs (EPS of ₹0.48) versus ₹21.06 lakhs (EPS of ₹0.10) in the same period last year, a roughly 5x jump driven mainly by higher other income. The auditor (K.S. Subrahmanyam & Co.) issued an unmodified review report with no qualifications.
The sharp jump in profit is positive for shareholders, but the entire earnings stream appears to come from 'other income' (likely interest on loans and advances of ₹7,494 lakhs shown on the balance sheet) with no core operating revenue. Net cash outflow from operating activities was negative at ₹(196.51) lakhs, and borrowings of ₹4,181.56 lakhs against equity of ₹3,510.66 lakhs indicate a leveraged balance sheet, so the headline profit growth should be read with some caution.