Please find enclosed herewith Unaudited Financial Results for Quarter ended 30.09.2025
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Punjab Communications Limited reported a sharp turnaround in Q2 FY26, with revenue from operations rising 47.4% year-on-year to ₹816.60 lakhs (vs ₹553.79 lakhs in Q2 FY25). Total revenue including other income stood at ₹1,106.24 lakhs. The company swung from a loss of ₹100.44 lakhs in Q2 FY25 to a profit of ₹323.13 lakhs, with basic EPS improving to ₹2.69 from a negative ₹0.84. For the half-year, revenue reached ₹1,483.51 lakhs and profit ₹358.05 lakhs. However, operating cash flow was negative at ₹(388.06) lakhs for H1 FY26. The statutory auditor (Charanjit Singh & Associates) issued a qualified review, flagging that inventory is being valued using the last purchase rate instead of the company's stated FIFO policy, along with concerns over work-in-process and finished goods valuation, and a lack of disclosure around unbilled revenue. The auditor also added emphasis-of-matter notes on Property, Plant & Equipment opening balances and trade receivables ageing.
The strong profit recovery and revenue growth are positives, but the qualified auditor opinion, negative operating cash flow, and a prior adverse opinion from the predecessor auditor on FY25 results flag governance and accounting-quality concerns that investors should monitor closely.