Shah Metacorp Q2 FY26 results: revenue up, new subsidiaries, auditor flags receivables
SHAH · price
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Board approved Q2 and H1 FY26 (ended Sep 30, 2025) unaudited results. Consolidated Q2 revenue rose 38% YoY to Rs 66.77 cr; H1 revenue was nearly flat at Rs 95.67 cr. Consolidated H1 PAT fell to Rs 3.29 cr from Rs 25.80 cr (H1 FY25 had a Rs 24.82 cr exceptional gain). Standalone revenue declined to Rs 68.71 cr in H1 from Rs 93.43 cr. Auditor issued an Emphasis of Matter on long-outstanding trade receivables of Rs 88.82 cr, with Rs 66.52 cr provided as doubtful. Company also issued 25.58 cr equity shares and 4.4 cr warrants on a preferential basis, and acquired 85.6% in General Capital and 80% in Metcorp Trading LLC via share swap, making them subsidiaries. Operating cash flow was sharply negative.
Mixed: consolidated revenue growth and new subsidiaries are positive, but the large provision on old receivables, standalone revenue drop, and steep negative operating cash flow raise caution.