Unaudited Financial Results Consolidated and Standalone for Half Year Ended September 30, 2025
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Qualitek Labs reported a strong H1 FY26 with standalone revenue from operations up ~38.6% YoY to ₹2,900.70 lakh and net profit up ~63.4% to ₹279.67 lakh (EPS ₹2.75 vs ₹2.19). Total expenses grew ~36.5% to ₹2,538.87 lakh, while profit before tax rose to ₹361.92 lakh from ₹234.26 lakh. First-ever consolidated results showed revenue of ₹5,424.38 lakh and net profit of ₹476.94 lakh (EPS ₹4.69) for H1. The statutory auditors (J Madan & Associates) issued an unmodified limited review opinion on both standalone and consolidated results. During the period, the company made ITCPL a wholly-owned subsidiary by issuing 16.72 lakh shares, acquired 74% in LabOps Global, and added food testing labs in Mumbai (slump sale for ₹8.8 Cr) and Gandhidham, plus NABL accreditation for a second Bhubaneshwar lab. Operating cash flow on a standalone basis was weak at just ₹84.14 lakh versus PBT of ₹361.92 lakh due to a sharp ₹306 lakh build-up in trade receivables.
Strong top-line and profit growth, boosted by acquisitions and capacity expansion, should be viewed positively. However, weak cash conversion and the more-than-doubling of long-term borrowings to ₹4,018 lakh warrant close monitoring by shareholders.