Pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation 2015 we would like to inform you that the Board of Directors ....
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The Board of Muller & Phipps India approved unaudited financial results for Q2 and H1 FY26 (ended Sept 30, 2025). Standalone revenue from operations in Q2 grew about 50% year-on-year to Rs. 181.60 lakhs (vs Rs. 121.08 lakhs), while H1 revenue rose marginally to Rs. 273.70 lakhs. The company swung to a small standalone net loss of Rs. 2.21 lakhs in Q2 (vs profit of Rs. 69.82 lakhs in Q2 FY25), though H1 FY26 showed a net profit of Rs. 67.61 lakhs, largely helped by a one-time-looking 'Other Income' of Rs. 107.18 lakhs booked in Q1 FY26. The statutory auditor flagged a going concern matter: accumulated losses of Rs. 205.17 lakhs and a negative net worth of Rs. 142.67 lakhs as on Sept 30, 2025, though the review conclusion remains unmodified. Operating cash flow was negative at Rs. (1.74) lakhs in H1 FY26.
Despite top-line growth, the negative net worth, accumulated losses, and auditor's going concern note are significant red flags. The H1 profit appears largely driven by a one-time income item rather than core operations, and small-cap, loss-making shareholders should weigh the financial weakness before investing.