The Unaudited Standalone Financial Results for Half Year ended September 30, 2025 in compliance with Accounting Standards (AS) together with Statement of Assets & Liabilities and Cash Flow Statement
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NAPS Global India (BSE SME-listed garment manufacturing and trading company) reported its H1 FY26 (April–September 2025) results. Revenue from operations jumped about 60% to Rs. 676.92 lakhs from Rs. 423.25 lakhs in H1 FY25, with total income rising to Rs. 678.03 lakhs from Rs. 424.27 lakhs. However, profitability slipped: net profit came in at Rs. 127.01 lakhs versus Rs. 138.95 lakhs a year ago, with Q2 FY26 standalone PAT at just Rs. 57.08 lakhs versus Rs. 196.03 lakhs in Q2 FY25. Total expenses ballooned to Rs. 661.01 lakhs from Rs. 305.15 lakhs, eating into margins. The balance sheet shows trade receivables spiking to Rs. 2,659.58 lakhs from Rs. 1,018.70 lakhs, and short-term borrowings of Rs. 362.93 lakhs appearing for the first time. Operating cash flow remained deeply negative at Rs. (149.43) lakhs. The auditor (DSMR & Co.) issued a clean, unmodified review report and IPO proceeds were fully utilised per stated objects.
Top-line growth looks strong, but the sharp jump in receivables, fresh short-term borrowing, and continued negative operating cash flow suggest working-capital stress. Profit compression despite revenue growth may concern investors looking at margin quality.