Outcome of the Board meeting dated 14th November, 2025
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Minal Industries' board approved its unaudited standalone and consolidated financial results for Q2 and H1 FY26 on 14 November 2025. On a standalone basis, revenue from operations jumped sharply to Rs. 669.64 lakhs in H1 FY26 from Rs. 77.85 lakhs a year ago, with a swing to a profit of Rs. 26.18 lakhs (vs. a Rs. 38.71 lakh loss in H1 FY25). However, on a consolidated basis, revenue declined to Rs. 1,894.26 lakhs from Rs. 2,308.02 lakhs, and the group slipped to a small loss of Rs. 3.09 lakhs (vs. a Rs. 68.59 lakh profit). The auditor issued a qualified conclusion, a material uncertainty note on going concern due to accumulated losses of Rs. 2,121.27 lakhs (standalone) / Rs. 581.86 lakhs (consolidated), and an emphasis-of-matter paragraph for a Rs. 600 lakh impairment provision on its investment in subsidiary Minal Infojewels Limited.
Mixed picture for shareholders: standalone numbers look much better, but the consolidated business is shrinking and barely breaking even. The auditor's qualifications, going-concern flag, and large impairment on the subsidiary point to lingering concerns about the company's financial health, which could weigh on investor sentiment despite the headline turnaround in standalone results.