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Olympic Cards Ltd reported Q2 FY26 standalone revenue of Rs. 305.47 Lakhs, up about 28.5% YoY from Rs. 237.73 Lakhs. Half-year revenue rose roughly 20.7% to Rs. 522.36 Lakhs. Despite the topline growth, the company posted a net loss of Rs. 99.65 Lakhs for the quarter (vs Rs. 90.21 Lakhs loss in Q2 FY25) and Rs. 201.84 Lakhs for H1, although the half-year loss narrowed modestly from Rs. 231.37 Lakhs a year ago. The balance sheet shows worrying signs: net worth is negative at Rs. -70.34 Lakhs as accumulated losses of Rs. 1,701.21 Lakhs exceed share capital of Rs. 1,630.87 Lakhs. Total borrowings stand at around Rs. 2,377 Lakhs. The board disclosed several overdue statutory dues including GST appeals pending for about Rs. 295 Lakhs, unpaid EPF (Rs. 5.02 Lakhs), and ESI arrears of Rs. 4.97 Lakhs unpaid since August 2022. To address the stress, the company sold its Kannigaiper property for Rs. 18 Crores and used the proceeds to fully clear Religare Finvest dues.
Negative net worth and unpaid statutory dues raise serious going-concern concerns, but the Rs. 18 Crore asset sale provides near-term liquidity relief and the narrowing half-year loss along with ~20%+ revenue growth are mildly positive. Shareholders should watch closely for further asset sales, debt restructuring, or equity infusion as the balance sheet remains under structural stress.