Unaudited Standalone and Consolidated financial results of the Company along-with Limited Review Report for the quarter and half year ended 30th September 2025
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Royal India Corporation reported a sharp revenue decline in Q2 FY26, with revenue from operations falling to Rs. 438.45 lakhs from Rs. 7,989.21 lakhs in Q2 FY25, a drop of about 94.5% year-on-year. The company operates only in the Bullion segment, with the Jewellery segment showing no revenue. Despite the revenue crash, profit before tax for the quarter rose to Rs. 177.94 lakhs (vs Rs. 21.26 lakhs in Q2 FY25) and H1 FY26 PBT reached Rs. 500.42 lakhs (standalone), helped by lower input costs. The balance sheet improved significantly: long-term borrowings of Rs. 10,115.90 lakhs were fully repaid, equity share capital rose to Rs. 11,797 lakhs through fresh share issuance, and operating cash flow swung to a strong positive of Rs. 9,478.56 lakhs in H1 FY26. The statutory auditor (Rakchamps & Co LLP) issued an unqualified limited review report with no qualifications or emphasis of matter.
The dramatic revenue collapse is a red flag for the core bullion business, though better margins and a cleaner balance sheet (debt-free in long term) provide some comfort. Shareholders should watch whether Q3 and Q4 can revive the bullion business, as the current quarter's performance is not sustainable without revenue recovery.