Results for the Quarter and Half Year ended September 30, 2025
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Star Source Multi Trade Ltd (formerly Chemo Pharm Laboratories) reported Q2 FY26 revenue from operations of ₹52.57 lakh, up from nil in Q2 FY25, but other income fell to zero from ₹63.10 lakh. For the half year, total revenue declined to ₹54.64 lakh vs ₹93.27 lakh in H1 FY25, a drop of about 41%. The company swung to a half-yearly loss of ₹11.71 crore vs a profit of ₹85.66 lakh last year, largely due to a one-time fair-valuation/bookkeeping adjustment of ₹11.66 crore under Ind-AS transition. EPS for the half year turned negative at ₹(78.05) vs ₹5.71 earlier. The auditor (SSRV & Associates) issued an unqualified limited review report.
Despite the headline revenue starting from operations, the half-yearly picture is weak — reserves have turned negative (₹6.24 lakh deficit), cash has collapsed from ₹10.62 crore to ₹1.45 lakh, and operating cash flow is deeply negative at ₹(11.76) crore. Shareholders should note significant balance sheet erosion and the need to monitor liquidity and going-concern indicators closely.