Outcome of Board Meeting for Consideration & approval of financial results for the Quarter & Half Year ended September 30, 2025
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The board approved unaudited financial results for Q2 and H1 FY26 with a clean (unqualified) limited review report from auditor R.A. Kuvadia & Co., with no qualifications or emphasis-of-matter issues raised. Profit before tax grew about 40% to ₹125.77 lakhs in H1 FY26 from ₹89.81 lakhs in H1 FY25, indicating margin or cost improvement. Short-term borrowings dropped sharply from ₹5,577.76 lakhs to ₹4,021.26 lakhs, strengthening the balance sheet, while total equity rose modestly to ₹5,418.38 lakhs. However, trade payables jumped from ₹2,934.16 lakhs to ₹4,257.87 lakhs, meaning the company is stretching payments to suppliers, and cash from operations of ₹1,906.27 lakhs (vs ₹52.83 lakhs last year) is largely driven by this working capital shift rather than core earnings.
Profitability is up and debt has come down, which are positives for shareholders. But the large jump in operating cash flow is mostly due to delayed supplier payments, so investors should watch whether the PBT growth is sustainable and whether the company can manage its supplier credit without hurting relationships.