Financial Results for the quarter and half year ended 30th Sept, 2025
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Shah Construction reported revenue from operations of Rs. 127.17 lakhs in Q2 FY26, up from Rs. 89.24 lakhs in Q2 FY25 — roughly 42% growth. Half-yearly revenue rose to Rs. 250.34 lakhs versus Rs. 178.47 lakhs a year ago. Despite the strong top-line, the company posted a net loss of Rs. 60.93 lakhs in Q2 and Rs. 101.66 lakhs for H1 FY26, wider than the Rs. 86.16 lakh loss in H1 FY25. The balance sheet remains deeply stressed with shareholder equity at negative Rs. 9,492.47 lakhs and total borrowings of around Rs. 11,229 lakhs. Operating cash flow did turn positive at Rs. 60.61 lakhs (vs a Rs. 637.43 lakh outflow last year), but this follows years of accumulated losses.
Although revenue is growing fast, persistent losses and a heavily negative net worth raise serious solvency concerns for shareholders. With borrowings far exceeding equity, any further weakness in cash generation could put the company under financial pressure.