Results- Financial Results for the Quarter and Half Year ended September 30, 2025
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Sai Capital Ltd filed its Q2 and H1 FY26 results on November 14, 2025, showing a sharp split between standalone and consolidated numbers. On a standalone basis, revenue from operations was nil and the company posted a loss of Rs 16.49 lakh in Q2 FY26, taking the H1 FY26 standalone loss to Rs 31.70 lakh. Standalone equity is deeply negative at Rs (440.56) lakh as of September 30, 2025, against negative Rs (408.86) lakh at March 31, 2025, signalling a serious going-concern issue at the parent level. On a consolidated basis, however, revenue from operations rose about 30% YoY to Rs 13.60 lakh and consolidated PAT jumped to Rs 356.26 lakh in Q2 FY26 versus Rs 163.89 lakh in Q2 FY25, with H1 FY26 consolidated PAT at Rs 657.56 lakh versus Rs 341.77 lakh in H1 FY25. The growth is largely driven by other income of Rs 667.24 lakh (Q2) from subsidiaries like Health Care Energy Foods. The statutory auditor, Mehrotra & Co., issued an unqualified limited review report, but consolidated operating cash flow remains heavily negative at Rs (4,751.30) lakh for H1 FY26.
Retail investors should note that the standalone parent is effectively a loss-making shell with negative net worth, making it a clear going-concern risk. The headline consolidated profit growth looks attractive on paper but is propped up by other income and large negative operating cash flows, so the underlying business quality is weak.