Please find attached herewith Unaudited Financial Results for the Quarter and Half Year ended September 30, 2025 along with Limited Review Report issued by Statutory Auditors.
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Modern Engineering and Projects Ltd reported revenue from operations of Rs 1,641.81 lakhs for Q2 FY26 (vs Rs 1,624.66 lakhs in Q2 FY25) and Rs 4,736.13 lakhs for H1 FY26, up about 54% from Rs 3,073.85 lakhs in H1 FY25. Profit after tax jumped sharply to Rs 293.75 lakhs in Q2 FY26 (from Rs 42.19 lakhs) and Rs 475.02 lakhs for H1 FY26 (from Rs 152.79 lakhs), a growth of over 200% year-on-year. H1 EPS stood at Rs 3.07, lower than Rs 4.84 in H1 FY25 on a per-period basis due to the prior rights issue expanding the share base. Total income including other income for H1 FY26 was Rs 4,936.59 lakhs. The auditor (S K Patodia & Associates LLP) issued an unmodified limited review conclusion with a disclosure that two joint venture results were based on management-provided figures and were not independently reviewed.
Sharp profit growth and strong revenue acceleration are clearly positive for shareholders, but operating cash flow was a weak Rs 25.87 lakhs for H1 FY26 against a PAT of Rs 475 lakhs, mainly because trade receivables surged by Rs 915.68 lakhs — investors should watch whether the company can convert its order-book profits into actual cash.