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The Board approved unaudited financial results for the quarter and half year ended September 30, 2025. On a standalone basis, the company swung to a profit of Rs. 174.73 lakhs in Q2 FY26 compared to a loss of Rs. 210.38 lakhs in Q2 FY25, while H1 FY26 standalone profit stood at Rs. 234.56 lakhs versus a loss of Rs. 456.92 lakhs a year ago. Standalone total income rose about 62% year-on-year in Q2 to Rs. 2,768.93 lakhs. On a consolidated basis, Q2 FY26 showed a profit of Rs. 63.13 lakhs versus a loss of Rs. 424.94 lakhs, though H1 FY26 remained in the red at a loss of Rs. 122.12 lakhs versus Rs. 1,409.28 lakhs last year. The Board also approved a Rs. 10 crore equity investment in its wholly-owned subsidiary Niyogin Finserv Limited to help it meet the minimum net owned fund requirement for NBFC registration with the RBI. Asset quality weakened slightly with GNPA rising to 8.65% from 7.67% sequentially, while operating cash flows remained negative.
The return to standalone profitability and sharp revenue growth are positive signals, though consolidated H1 losses persist and asset quality has deteriorated. The Rs. 10 crore subsidiary investment supports NBFC ambitions but is a related-party transaction. Cash burn remains a concern as operating cash flows are negative on both standalone and consolidated bases.