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Sarup Industries, a Punjab-based shoe and shoe upper manufacturer, posted Q2 FY26 net sales of Rs.392.67 lakhs, up about 38% from Rs.283.58 lakhs in Q1 FY26. For H1 FY26, net sales rose 27% to Rs.820.19 lakhs versus Rs.643.59 lakhs in H1 FY25. Operating profit before tax (excluding exceptional items) improved to Rs.24.21 lakhs for H1 FY26 from Rs.9.70 lakhs in H1 FY25, lifting operating margin from about 1.5% to roughly 3%. The half-year balance sheet shows a sharply negative Other Equity of Rs.(606.26) lakhs and total borrowings of Rs.3,779.87 lakhs. Operating cash flow was negative at Rs.(80.41) lakhs, while the auditor (Y.K. Sud & Co.) issued an unmodified limited review report.
The revenue rebound and margin expansion are positives, but the negative net worth, heavy debt of nearly Rs.37.8 crore against virtually no equity cushion, and cash burn from operations signal serious balance-sheet stress for shareholders. Investors should watch for any fundraising, debt restructuring, or going-concern disclosures in upcoming filings.