Financial Results 30.09.2025
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Quest Flow Controls (formerly Meson Valves India) reported a sharp revenue decline for H1 FY26. Standalone revenue from operations fell about 23.5% to Rs 2,418 lakhs from Rs 3,161 lakhs a year ago, while consolidated revenue dipped about 11.5% to Rs 2,622 lakhs. Standalone profit after tax plunged to Rs 150 lakhs from Rs 417 lakhs, and consolidated PAT dropped to Rs 166 lakhs from Rs 397 lakhs. A one-time royalty payment of around Rs 259 lakhs was classified as an exceptional item, dragging down reported PBT to Rs 161 lakhs (standalone). Despite weak topline, EBITDA margins actually expanded to roughly 26-27% standalone from about 23% last year, showing better cost control. Operating cash flow turned negative at Rs -332 lakhs standalone and Rs -961 lakhs consolidated, and the company reported a Rs 54 lakh loss from its associate (Quest Flow Control LLC). Auditor Bilimoria Mehta & Co issued a clean, unmodified review opinion.
Topline weakness is a red flag for shareholders, but margin expansion and the clean audit opinion are positives. The exceptional royalty hit and negative operating cash flow mean reported earnings are not representative of underlying run-rate, though working capital and demand recovery remain key things to watch.