Unaudited Financial Results for quarter ended June 30, 2025
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Royal Cushion Vinyl Products reported a weak Q1 FY26. Revenue from operations fell about 21.9% year-on-year to Rs. 1,260.58 lakhs (from Rs. 1,614.64 lakhs in Q1 FY25). The company slipped to a loss of Rs. 42.04 lakhs versus a Rs. 17.52 lakhs loss a year ago, with EPS at Rs. (0.11). Finance costs jumped sharply to Rs. 182.60 lakhs from Rs. 58.12 lakhs YoY, weighing on margins. A large chunk of Other Income (Rs. 352.75 lakhs) came from recognizing a Gujarat government incentive that had been deferred from earlier years, which masked an otherwise weaker operating performance. Management has stated that the going concern basis remains appropriate, citing order book, pending receivable recovery, and a planned preferential equity issue.
Negative near-term sentiment is likely as core revenue shrank and losses widened despite the one-time incentive boost. Shareholders should watch the pending NCLT merger with related-party Natroyal Industries, the rising finance cost burden, and the company's reliance on government incentives and equity infusion to sustain operations.