Results - Outcome of Board Meeting
Awaiting price reaction for this filing.
The Board approved unaudited financial results for the quarter and half year ended 30th September 2025. Revenue from operations jumped sharply to Rs. 1,525.84 lakhs in H1 FY26 from just Rs. 14 lakhs in H1 FY25, driven by its solar cell products segment. However, the company swung to a loss at the profit before tax level of Rs. (8.88) lakhs in H1 FY26 versus a profit of Rs. 2.50 lakhs a year ago, reflecting very thin trading margins (cost of stock-in-trade of Rs. 1,515.66 lakhs ate up most of the revenue). Total assets ballooned from Rs. 264.80 lakhs to Rs. 8,712.54 lakhs, with trade receivables at Rs. 1,216.55 lakhs, other advances at Rs. 7,342.73 lakhs, and pending share application money of Rs. 8,248.75 lakhs shown on the liabilities side. Operating cash flow was sharply negative at Rs. (8,259.39) lakhs, though the auditor (A H Mandaliya & Associates) issued a clean, unmodified review report.
While topline growth looks impressive, profitability has slipped into a loss and operating cash flows are deeply negative, raising concerns about working capital quality. The pending share application money of about Rs. 82.5 cr has inflated the balance sheet, so shareholders should track post-allotment share capital and segment-level margins before drawing conclusions about the stock.