Outcome of the Board Meeting held on 30th October, 2025
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The Board approved unaudited financial results for the quarter and half year ended 30 September 2025, with a clean limited review report from statutory auditor N N K & Co. Revenue from operations stood at Rs. 0 for the quarter and half year, versus Rs. 1,046.02 lakhs in FY25 audited, indicating no revenue-generating construction activity. Total income of Rs. 59.84 lakhs for Q2 (Rs. 124.08 lakhs for H1) came entirely from 'other income' (likely interest/dividend from the company's large financial asset base of ~Rs. 4,070 lakhs in investments and other financial assets). Profit after tax fell sharply to Rs. 0.73 lakh in Q2 FY26 from Rs. 17.65 lakhs in the preceding Q1, while H1 FY26 PAT of Rs. 18.37 lakhs declined roughly 33% from Rs. 27.52 lakhs in H1 FY25. Operating cash flow turned negative at Rs. -101.58 lakhs for H1 FY26 versus Rs. 212.15 lakhs in H1 FY25, a notable red flag.
This is a weak quarter for shareholders — the core civil engineering business shows zero revenue, suggesting project execution has stalled, and the company is essentially being propped up by investment income. The negative operating cash flow and sharp sequential PAT fall signal deteriorating business fundamentals, though the strong investment portfolio (over Rs. 4,000 lakhs) provides a cushion and the auditor raised no going-concern or qualification concerns.