Pursuant to Regulation 30 and Regulation 33 of SEBI (LODR) Regulations, 2015 ('SEBI LODR') (as amended from time to time), we wish to inform you that the Board of Directors at its meeting ....
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Shah Construction Company announced its Q2 FY26 results on November 14, 2025. Revenue from operations grew about 42% year-on-year to Rs. 127.17 lakhs in Q2 FY26 and roughly 40% to Rs. 250.34 lakhs for the half year, up from Rs. 89.24 lakhs and Rs. 178.47 lakhs respectively a year ago. Despite this top-line growth, losses widened with a net loss of Rs. (60.93) lakhs in Q2 versus Rs. (45.77) lakhs in Q2 FY25, and Rs. (101.66) lakhs in H1 FY26 versus Rs. (86.16) lakhs in H1 FY25. The balance sheet shows a deeply negative net worth of Rs. (9,492.47) lakhs, with accumulated losses of Rs. 9,653.72 lakhs against a tiny equity share capital of Rs. 161.25 lakhs. Total borrowings of around Rs. 11,230 lakhs far exceed equity. Statutory auditor Mittal & Associates issued a clean (unmodified) limited review report with no qualifications.
While revenue growth is encouraging, widening losses combined with negative net worth and heavy debt are serious red flags pointing to going-concern risk. Shareholders should expect continued stock pressure and potential capital raising/dilution risk until the company can demonstrate a credible path to profitability.