As per attachment.
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Awaiting price reaction for this filing.
The Board approved un-audited financial results along with a clean (unqualified) Limited Review Report from statutory auditors Bahedia & Associates. Revenue from operations grew sharply: Q2 FY26 revenue was Rs. 200.04 lakhs vs Rs. 126.84 lakhs in Q2 FY25 (~58% growth), and H1 FY26 revenue rose to Rs. 345.70 lakhs vs Rs. 199.33 lakhs (~73% growth). However, losses deepened in parallel – Q2 loss widened to Rs. 71.82 lakhs (vs Rs. 36.11 lakhs) and H1 loss to Rs. 102.86 lakhs (vs Rs. 72.73 lakhs). The full-year FY25 loss stood at Rs. 123.75 lakhs. Cost of materials consumed spiked to Rs. 248.24 lakhs in Q2 (vs just Rs. 17.51 lakhs a year ago), indicating severe margin pressure despite top-line growth. The balance sheet shows a deeply negative net worth of Rs. -1,589.62 lakhs (negative other equity of Rs. -2,582.19 lakhs) with total borrowings of about Rs. 2,147 lakhs. Operating cash flow remained marginally positive at Rs. 34.69 lakhs for H1.
Strong revenue growth is being completely offset by rising input costs and widening losses, with the company's equity fully eroded into the negative. This is a serious red flag for shareholders — the negative net worth and ongoing losses raise going-concern concerns and pose downside risk to the stock. Investors should look for clear signs of margin recovery or capital infusion before reassessing the outlook.