Results- Financial Results for the quarter ended 30.09.2025
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Sprayking Ltd reported its Q2 FY26 results on a standalone and consolidated basis, with the consolidated numbers including subsidiary Narmadesh Brass Industries. On a standalone basis, revenue from operations fell sharply to Rs. 497.69 lakh from Rs. 1,594.34 lakh in Q2 FY25 (a decline of about 69% year-on-year), while standalone profit after tax dropped to Rs. 14.06 lakh from Rs. 43.80 lakh. On a consolidated basis, Q2 revenue declined to Rs. 1,966.13 lakh (from Rs. 2,824.22 lakh), but consolidated PAT surged to Rs. 410.33 lakh from Rs. 90.75 lakh. For H1 FY26, consolidated PAT grew roughly 46% year-on-year to Rs. 475.77 lakh (vs Rs. 325.51 lakh) despite a 35% fall in revenue, indicating significant margin expansion. The auditor (B.B. Gusani & Associates) issued an unqualified limited review report on both sets of results, with no qualifications or emphasis of matter.
Mixed picture for shareholders: the standalone brass components business is clearly under pressure with collapsing revenues, but the consolidated story is much stronger as the subsidiary is driving sharp profit and margin growth, which should support the stock despite weak top-line headlines.