Unaudited Financial Results for the half year ended 30th September, 2025 is enclosed.
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Neopolitan Pizza and Foods reported a weak first half of FY26. Revenue from operations fell to about Rs. 1,311.56 lakhs from Rs. 1,666.31 lakhs in the same period last year, a decline of roughly 21%. Net profit collapsed to just Rs. 5.85 lakhs versus Rs. 82.90 lakhs in H1 FY25, with basic EPS at Rs. 0.03. Cash flow from operations was negative at Rs. (80.42) lakhs and trade receivables ballooned to Rs. 2,506.09 lakhs from Rs. 1,264.16 lakhs. The auditor flagged a major deviation from the company's IPO plan — only 4 new QSR outlets were opened against the promised 16, with Rs. 224.18 lakhs of IPO funds diverted to working capital. The auditor also could not issue a report on consolidated financials because data from the US subsidiary 'NEOINDIAN PIZZA INC' was not provided.
Sharp drop in revenue and profits, negative operating cash flow, and material deviation from the stated IPO use of proceeds raise red flags for shareholders. Investors may view the lack of visibility into the international subsidiary and the change in use of IPO funds as governance concerns that could weigh on the stock.