Outcome of the Board Meeting held on November 1, 2025.
Awaiting price reaction for this filing.
The Board of Sanghi Industries (Adani Group company, held by Ambuja Cements) approved its Q2 FY26 and H1 FY26 results on November 1, 2025. Revenue from operations jumped to ₹284.93 crore in Q2 FY26, up about 88% from ₹151.50 crore in Q2 FY25; for H1 FY26, revenue was ₹530.31 crore versus ₹374.49 crore in H1 FY25. Despite strong topline growth, the company reported a net loss of ₹116.55 crore in Q2 FY26 and ₹191.95 crore in H1 FY26, though losses narrowed from the year-ago period. An exceptional income of ₹40 crore was booked as an indemnity reimbursement received from the erstwhile promoters. Total borrowings stand at roughly ₹2,485 crore (non-current ₹2,200 crore preference shares to Ambuja plus ₹285 crore current debt) against equity of only ₹420.53 crore, and a contingent liability of ₹779.14 crore has been disclosed in connection with an electricity duty dispute.
Operationally, revenue growth and a swing to positive operating cash flow (₹115.80 crore in H1 FY26 vs. a large outflow last year) are encouraging, but persistent losses, a heavily leveraged balance sheet, and large pending litigation continue to weigh on the stock. The key near-term catalyst for shareholders is the ongoing Scheme of Arrangement with Ambuja Cements — an NCLT-ordered shareholder meeting is scheduled for November 20, 2025, and eligible Sanghi shareholders will receive 12 Ambuja shares for every 100 Sanghi shares held once the scheme becomes effective.