Enclosed herewith Unaudited Standalone and Consolidated financial results for the quarter and half year ended 30th September, 2025
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Starlineps Enterprises, a Surat-based diamond and jewellery trading company, reported Q2 FY26 revenue of Rs 3,685.95 lakh, up about 51% year-on-year from Rs 2,442.72 lakh. However, the sales boost did not translate into profits — Q2 net profit fell sharply to Rs 157.17 lakh from Rs 325.43 lakh a year ago, and H1 FY26 profit dropped to Rs 245.22 lakh versus Rs 610.73 lakh in the same period last year, a roughly 60% decline. Finance costs surged to Rs 20.65 lakh in H1 from Rs 3.22 lakh earlier, and operating cash flow turned deeply negative at about minus Rs 939 lakh, driven by a steep jump in trade receivables from Rs 520 lakh to Rs 2,139 lakh. The auditor (Kansariwala & Chevli) issued a clean limited-review report with no qualifications. Separately, the company allotted about 10.37 crore shares through a rights issue in October 2025 and increased its authorised share capital from Rs 37 crore to Rs 60 crore.
Despite strong top-line growth, the sharp fall in profits, ballooning receivables, and negative operating cash flow suggest the company is funding sales through credit and new borrowings (Rs 934 lakh raised), which is a red flag for working-capital health. Shareholders should watch for improvements in collections and margins before drawing comfort from the revenue surge; the recent rights issue has also significantly expanded the share base, which will dilute earnings per share.