Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015 we hereby submit the Un- audited Standalone and Consolidate Financial Results for the Quarter and Half Year ended 30th September 2025.
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On a standalone basis, the company continues to post losses — Q2 FY26 net loss was Rs 15.90 lakhs (vs Rs 73.98 lakhs loss in Q2 FY25) and H1 FY26 net loss was Rs 20.90 lakhs, with revenue from operations still nil. Standalone reserves are negative at Rs (-)28.03 lakhs, indicating eroded net worth. The big change is on a consolidated level: the company acquired 100% of Inertia Aluminium Private Limited on July 16, 2025, which pushed consolidated revenue to Rs 4,390.92 lakhs and net profit to Rs 93.88 lakhs for H1 (vs a loss of Rs 88.91 lakhs last year). Consolidated total assets ballooned from Rs 9.98 lakhs to Rs 8,195.46 lakhs, but borrowings rose sharply to Rs 7,291.64 lakhs (non-current Rs 5,834.42 lakhs + current Rs 1,457.22 lakhs), implying a very high debt-to-equity ratio. The auditor (Ajay K. Kapoor & Co.) issued a clean limited review report on both standalone and consolidated results.
The standalone picture is weak — persistent losses and negative reserves raise going-concern concerns. The consolidated turnaround is almost entirely acquisition-driven, paired with a sharply leveraged balance sheet, so shareholders should weigh whether the new subsidiary's earnings can comfortably service the large debt. Near-term stock impact may be muted given the small float and thin standalone operations, but the leverage and reliance on the newly acquired Inertia Aluminium business are key risks to monitor.