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Raghunath International reported its Q2 and H1 FY26 results (ended 30 Sept 2025), which were reviewed by the auditor but not audited. Revenue from operations for the quarter stood at Rs. 84.68 lakhs, unchanged from the same quarter last year, with other income of Rs. 26.58 lakhs lifting total income. Standalone profit before tax for the quarter was around Rs. 90.58 lakhs and PAT was modest, while the half-year PAT reached about Rs. 228.30 lakhs. The auditor issued a modified review report flagging Rs. 25.40 lakhs of debtors overdue for more than six months with no provision, inability to verify inventory valuation, unconfirmed balances of debtors/creditors, and no physical verification report for property, plant and equipment. Operating cash flow for H1 FY26 was negative (standalone Rs. -0.75 lakhs, consolidated Rs. -3.31 lakhs). The company operates in three segments - Pan Masala, Trading/Agency Business, and Real Estate Development.
Investors should note the auditor's qualifications/concerns on receivables, inventory, and asset verification, along with negative operating cash flow, which raise governance and asset-quality concerns despite the reported profits. The flat top-line revenue and small operating scale suggest limited growth momentum in the core business.