Unaudited Standalone Financial Results for the quarter and half year ended 30th September, 2025 along with Limited Review Report.
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Nikhil Adhesives reported Q2 FY26 revenue from operations of Rs. 13,105 lakhs, down about 11% from Rs. 14,769 lakhs in Q2 FY25. For H1 FY26, revenue was Rs. 25,452 lakhs versus Rs. 30,885 lakhs in H1 FY25, a decline of roughly 18%. Profit after tax for Q2 was Rs. 317 lakhs (vs Rs. 415 lakhs YoY) and for H1 was Rs. 785 lakhs (vs Rs. 900 lakhs YoY), with H1 EPS at Rs. 1.71 versus Rs. 1.96. Prior period figures were restated because the company changed its inventory valuation method from FIFO to weighted average for raw/packing materials and to standard cost for other materials, retrospectively applied. The limited review was done by a new auditor, PHD & Associates, replacing the predecessor who had reviewed prior periods. Operating cash flow swung to a positive Rs. 1,627 lakhs in H1 FY26 from a negative Rs. 1,692 lakhs in H1 FY25, mainly on inventory and payables movements.
Topline continues to shrink year-on-year and profits are lower, which is negative for sentiment, though operating margins held up and a sharp swing in working capital boosted cash generation. The auditor change and restatement of prior numbers due to the inventory method change are technical items but worth tracking for comparability with peers.