Audit Financial Results (Standalone and consolidated) for the half year and year ended 31.03.2026
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Shine Fashions reported standalone revenue of Rs 99.73 crore (up ~24% from Rs 80.46 crore) and consolidated revenue of Rs 102.40 crore (up ~25.4% from Rs 81.66 crore), showing strong topline growth. However, PAT declined sharply: standalone PAT fell to Rs 3.09 crore (vs Rs 6.97 crore, down 55%) and consolidated PAT to Rs 2.77 crore (vs Rs 6.99 crore, down 60%) due to a one-time exceptional item of Rs 7.55 crore for a global market study. Pre-exceptional profit before tax grew ~21-25% year-on-year. The company raised significant capital (share capital increased from Rs 1.50 crore to Rs 13.43 crore) and borrowings nearly tripled to Rs 20 crore. Operating cash flow was deeply negative at Rs -24.42 crore (vs Rs +1.92 crore prior year) driven by large increases in inventory and receivables. Auditors issued an unmodified opinion with an emphasis of matter on the exceptional item.
Revenue growth is healthy but PAT decline due to the one-time market study expense is a concern. More worrying is the negative operating cash flow and nearly 3.5x jump in short-term debt, indicating potential liquidity stress. Shareholders should monitor working capital management and debt servicing going forward.