Please find attached Unaudited Financial Results for QE Sept 30, 2025
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NCL Research & Financial Services reported Q2FY26 total revenue from operations of Rs 192.98 lakhs, up about 30% from Rs 148.40 lakhs in Q2FY25, driven mainly by higher interest income (Rs 190.96 lakhs vs Rs 129.93 lakhs). Standalone profit for the quarter was Rs 97.89 lakhs, marginally lower than Rs 108.90 lakhs in Q2FY25, but for the half year (H1FY26) the company swung to a profit of Rs 267.94 lakhs from a loss of Rs 107.43 lakhs in H1FY25. Total assets stood at Rs 12,736.60 lakhs with total equity of Rs 11,576.01 lakhs. The auditor flagged that interest income has not been recognized on loans and advances of around Rs 23.52 crore, and that loan, receivable and payable balances are subject to confirmation/reconciliation.
The turnaround from loss to profit and strong revenue growth is positive for shareholders, but the auditor's note about un-recognized interest on Rs 23.52 crore of loans and pending balance confirmations raises concerns about the quality and completeness of reported earnings. Investors should watch for clarity on these loans in future filings.