Results for half year ended 30.09.2025
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Awaiting price reaction for this filing.
Scarnose International, a small Rajkot-based company in the animal food products segment, reported H1 FY26 revenue of ₹815.15 lakhs, down about 16% from ₹970.17 lakhs in H1 FY25. Despite the revenue dip, profit after tax nearly doubled to ₹8.08 lakhs (from ₹4.31 lakhs), helped by lower stock-in-trade purchases. Operating margin expanded modestly, with profit before tax rising to ₹10.81 lakhs from ₹5.62 lakhs. The auditor (K M Chauhan & Associates) issued an unqualified review report with no modifications. However, operating cash flow swung sharply negative to ₹(760.46) lakhs, driven by a massive jump in trade receivables from ₹4.06 lakhs to ₹771.88 lakhs, which raises serious collection concerns.
The headline PAT growth looks attractive but is on a very small base, and the huge receivables build-up has wiped out operating cash flow. Shareholders should closely monitor whether the company recovers these receivables, as weak collections could pressure liquidity despite improving reported profits.