Unaudited Financial Results for the half year ended on 30.09.2025
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Novateor Research Laboratories reported unaudited results for H1 FY26 (Apr-Sep 2025). Revenue from operations jumped to Rs 247.00 lakhs from Rs 79.32 lakhs in the same period last year, a growth of over 200%. However, higher material costs (Rs 170.98 lakhs vs Rs 79.02 lakhs) pushed the company into a loss before tax of Rs 0.82 lakhs and a net loss of Rs 1.59 lakhs, compared to a profit of Rs 3.32 lakhs in H1 FY25. EPS turned negative at Rs (0.01). The auditor H K Shah & Co. issued a qualified review report, flagging non-compliance with AS-2 (inventory valuation), AS-15 (employee benefits/gratuity), and AS-17 (segment reporting), along with an emphasis of matter on the treatment of long-lease land revaluation. Operating cash flow was sharply negative at Rs (78.43) lakhs, funded partly by share capital infusion (Rs 86.10 lakhs).
Despite strong top-line growth, the bottom line swung into loss and cash burn from operations widened, signalling weak cost control and working capital strain. The auditor's qualifications on accounting standards are a governance red flag that may concern investors, even though the size of the business remains very small.