The board of Directors have approved unaudited standalone and consolidated financial results for the quarter ended 30/09/2025
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Shish Industries reported mixed Q2 FY26 results. On a consolidated basis, revenue from operations rose sharply to ₹2,976.86 lakh from ₹2,263.63 lakh in Q2 FY25, a jump of about 31.5%, while consolidated profit after tax grew to ₹215 lakh from ₹184 lakh. For the half-year, consolidated revenue grew around 37.6% to ₹6,288.50 lakh. Standalone numbers were weaker, with revenue declining to ₹2,556.42 lakh from ₹3,113.52 lakh, though standalone PAT was broadly flat at ₹213.05 lakh versus ₹211.98 lakh. The company now consolidates six subsidiaries including recently added entities like Shish Advanced Composites and Interstar Polyfab. Consolidated operating cash flow turned positive at ₹196 lakh versus a negative ₹1,741 lakh for full-year FY25. Auditor KPCM & Co. issued an unqualified limited review report with no qualifications or emphasis of matter.
The strong consolidated revenue growth reflects scale-up through subsidiaries and new acquisitions, which is positive for the group story. However, standalone performance is softening and consolidated long-term borrowings have more than doubled to ₹2,874.66 lakh, raising leverage concerns. Investors should watch whether subsidiary-level margins improve and whether the debt build-up translates into revenue and earnings in coming quarters.