Unaudited standalone and consolidated financial statement for the quarter and half year ended 30th September, 2025

Minal Industries reported consolidated revenue of Rs. 1,894.26 lakhs for H1 FY26, down about 18% from Rs. 2,308.02 lakhs in H1 FY25. The group swung from a consolidated profit of Rs. 68.59 lakhs a year ago to a small loss of Rs. 3.09 lakhs. On a standalone basis, however, the company turned around — from a loss of Rs. 38.71 lakhs in H1 FY25 to a profit of Rs. 26.18 lakhs in H1 FY26. The statutory auditor issued a qualified conclusion because Rs. 62.68 lakhs of interest income on a loan to its loss-making subsidiary Minal Infojewels was not accrued given uncertainty over recovery. The auditor also flagged a going-concern uncertainty, noting standalone accumulated losses of Rs. 2,121.27 lakhs and group-level accumulated losses of Rs. 581.86 lakhs, with continued reliance on promoter support. Additionally, an emphasis-of-matter was raised on a further Rs. 600 lakhs provision for impairment of the company's investment in the same subsidiary.