Unaudited standalone and consolidated financial results for the quarter and half year ended 30th September, 2025
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The board approved unaudited results for Q2 and H1 FY26. On a consolidated basis, revenue grew modestly to Rs 898.76 lakhs in H1 FY26 from Rs 896.81 lakhs a year ago, while net profit slipped slightly to Rs 412.27 lakhs from Rs 419.13 lakhs. Quarterly consolidated revenue jumped to Rs 593.09 lakhs (up 34% YoY) and net profit more than doubled to Rs 346.29 lakhs. Standalone performance was weak: H1 revenue fell to Rs 195.05 lakhs from Rs 270.26 lakhs and net profit dropped sharply to Rs 32.74 lakhs from Rs 165.95 lakhs, hit by Rs 63.65 lakhs of exceptional items and continued losses in the Pipes division (segment loss of Rs 3.70 lakhs in H1 vs profit of Rs 98.55 lakhs last year). Wind Power remains the cash cow, contributing Rs 455.99 lakhs of consolidated segment profit. Standalone operating cash flow turned sharply negative at Rs -398.83 lakhs, though consolidated operating cash flow was a positive Rs 45.98 lakhs. Auditors issued clean limited review reports with no qualifications.
Mixed signals for shareholders: quarterly numbers look strong on consolidated basis, but the core Pipes business continues to deteriorate and standalone profits are down sharply. Watch the Pipes division turnaround and the standalone cash burn as key concerns.