Results of the Comany for the quarter ended 30.9.2025 with limited review report attached. There is no change in Values.

SPEL Semiconductor reported Q2 FY26 revenue of Rs 1.53 crore, down from Rs 1.93 crore in the previous quarter, and a net loss of Rs 12.47 crore versus Rs 5.59 crore loss in Q1. The loss was driven largely by an exceptional item of Rs 11.35 crore, which was almost entirely a write-off of finished goods built during the pandemic period. Operating loss before exceptional items stood at Rs 1.12 crore on revenue of Rs 1.53 crore, showing severely compressed margins. The statutory auditor issued a qualified review report, flagging that the company's recurring losses and negative cash flows raise material doubt about its ability to continue as a going concern. Shareholders' equity has eroded sharply from Rs 12.91 crore to Rs 2.15 crore between March and September 2025, while total borrowings remain around Rs 47 crore, pushing debt-to-equity to very high levels. Management says it plans to address the situation by selling surplus land and raising lease-rental-backed loans.