Unaudited Standalone & Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2025
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MPDL Ltd reported a sharp jump in operating revenue for Q2 FY26 at Rs 846.60 lakhs vs Rs 216.37 lakhs in Q2 FY25, with H1 FY26 revenue at Rs 1,251.81 lakhs vs Rs 232.60 lakhs in H1 FY25, driven by the M-1 Tower construction project in Faridabad where revenue is recognized on a percentage-of-completion basis. Despite the strong revenue growth, the company swung to a wider standalone net loss of Rs 270.62 lakhs in H1 FY26 (vs Rs 68.79 lakhs loss in H1 FY25), with a Q2 standalone loss of Rs 166.83 lakhs (vs Rs 44.77 lakhs). Consolidated H1 FY26 net loss stood at Rs 368.31 lakhs. Operating cash flow remained negative at Rs (354.16) lakhs in H1 FY26, and short-term borrowings increased to Rs 5,555 lakhs as of September 30, 2025 (from Rs 5,187.76 lakhs in March 2025). Statutory auditor O P Bagla & Co LLP issued an unqualified limited review report, with an emphasis-of-matter note that the associate company's interim financials were not independently reviewed.
Shareholders should note that while top-line growth is impressive on percentage-of-completion revenue recognition, the company remains deeply loss-making with widening losses, negative operating cash flow, and rising debt — this is a high-risk, speculative situation rather than a healthy earnings beat.