Pursuant to regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that the Board of Directors ....
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Nikhil Adhesives' Board approved unaudited financial results for Q2 and H1 FY26 (ended 30 Sept 2025). Revenue from operations for H1 FY26 stood at Rs. 25,452.45 lakhs, down about 17.6% from Rs. 30,885.35 lakhs in H1 FY25. Q2 FY26 revenue was Rs. 13,105.31 lakhs vs Rs. 14,768.71 lakhs in Q2 FY25, an 11.3% decline. Profit after tax fell to Rs. 784.53 lakhs (H1 FY26) from Rs. 899.72 lakhs (H1 FY25), with Q2 PAT dropping to Rs. 317.34 lakhs from Rs. 415.43 lakhs. EPS for H1 FY26 was Rs. 1.71 vs Rs. 1.96 prior year. The company changed its inventory valuation method from FIFO to Weighted Average/Standard Cost, leading to retrospective restatement of prior period figures. A new statutory auditor (PHD & Associates) issued an unmodified limited review conclusion, noting that prior periods were reviewed by the predecessor auditor. Operating cash flow swung positive to Rs. 1,626.69 lakhs (from negative Rs. 1,692.08 lakhs in H1 FY25).
Revenue and profit declines across both quarterly and half-yearly periods are a concern for shareholders and likely to weigh on sentiment. However, the restatement is driven by an accounting policy change rather than business deterioration, and the sharp improvement in operating cash flow and reduction in borrowings are positives. Investors should also note the change in statutory auditor and watch for sustained recovery in revenue.