Un-Audited Financial results (Standalone and Consolidated) for the 2nd quarter and half year ended September 30, 2025
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Raja Bahadur International Ltd swung to a standalone net profit of ₹77.47 lakhs in Q2 FY26 versus a loss of ₹55.92 lakhs in Q2 FY25, helped by sharply lower finance costs (₹355.68 lakhs vs ₹558.48 lakhs) and higher other income. For the half-year (H1 FY26), the company still reported a net loss of ₹42.79 lakhs standalone (₹44.94 lakhs consolidated), though the loss narrowed sharply from ₹222.40 lakhs in H1 FY25. Revenue from operations was nearly flat at ₹1,394 lakhs (standalone) versus ₹1,390 lakhs a year ago, but total income rose to ₹1,909 lakhs from ₹1,488 lakhs due to a spike in other income. The balance sheet shows capital work-in-progress climbing to ₹12,874 lakhs from ₹8,756 lakhs, indicating heavy ongoing investment, while long-term borrowings surged to ₹24,502 lakhs from ₹19,404 lakhs. The auditor (Jain P.C. & Associates) issued a clean limited review report with no qualifications.
While the Q2 turnaround and sharp drop in finance costs are positives, H1 FY26 remains in the red and the company's leverage is extremely stretched — debt-to-equity ratio is roughly 22x, which is a serious red flag for shareholders. The huge gap between low equity and very high borrowings means any earnings setback could quickly pressure solvency.