The unaudited Standalone and Consolidated Financial Results for the Quarter ended as on 30th September 2025 together with the limited review report thereon, as recommended by the members ....
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The board approved unaudited financial results for the quarter and half-year ended 30 September 2025. Standalone revenue for Q2 FY26 came in at about Rs 1,02,134 lakhs, roughly flat versus Rs 98,889 lakhs in Q2 FY25 and up about 19% QoQ. However, half-year revenue fell around 10% YoY to Rs 1,87,763 lakhs. Standalone profit after tax for Q2 FY26 dropped sharply to Rs 123 lakhs, down from Rs 297 lakhs a year ago, and H1 PAT slid about 68% to Rs 236 lakhs. EPS for the quarter fell to Rs 1.50 from Rs 3.60. Management flagged the RBI circular dated 27 May 2024 (operational from 1 July 2024), which caps retail forex sales at 75% of forex purchased from other Authorised Dealers, as a material drag on performance. Statutory auditor Chandarana & Sanklecha issued an unqualified review report on both sets of results.
Sharp profit compression despite broadly stable revenue points to significant margin pressure on the core forex business from the new RBI cap, which is likely to keep weighing on near-term earnings; investors should expect continued earnings softness until the regulatory impact stabilises.