Unaudited Standalone and Consolidated Quarterly Financial Results for Quarter and Half Year Ended September 30, 2025
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Ratnabhumi Developers reported a sharp drop in Q2 FY26 standalone revenue from operations at ₹10.18 crore, down about 87% from ₹80.57 crore in Q2 FY25. Half-year (H1 FY26) total income fell to ₹38.77 crore from ₹134.41 crore in H1 FY25, a roughly 71% year-on-year decline. Standalone profit after tax for Q2 was just ₹0.23 crore (vs ₹0.55 crore YoY) and H1 PAT came in at ₹2.20 crore, marginally lower than ₹2.55 crore in H1 FY25. The balance sheet remains highly leveraged, with non-current borrowings of ₹122.24 crore against total equity of ₹43.08 crore, pushing the debt-to-equity ratio close to 3x. Operating cash flow for H1 FY26 collapsed to ₹0.45 crore from ₹61.12 crore a year ago, and cash on hand fell to ₹0.66 crore from ₹1.66 crore at March 2025. The auditor, MAAK & Associates, issued an unqualified (unmodified) limited review conclusion on both standalone and consolidated results.
The steep revenue decline and high debt load are red flags for shareholders, even though the company remains marginally profitable. Weak operating cash flow and limited cash buffer heighten execution and refinancing risk, and the stock is likely to see negative sentiment unless project bookings and collections pick up materially.