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Awaiting price reaction for this filing.
Sterling Powergensys reported Q2 FY26 standalone revenue of ₹83.30 lakhs, up 153% from a weak ₹32.93 lakhs base in Q2 FY25, but the half-year picture is far worse with H1 FY26 revenue at just ₹161.90 lakhs versus ₹1,133.06 lakhs in H1 FY25, a sharp ~86% decline. The company swung to a net loss of ₹20.43 lakhs in Q2 FY26 (vs ₹0.91 lakh profit YoY) and a loss of ₹38.62 lakhs for H1 FY26 (vs ₹3.17 lakh profit). The balance sheet is severely stressed: total equity has been nearly wiped out to ₹2.33 lakhs with accumulated losses (other equity) of ₹(523.93) lakhs, while non-current borrowings stand at ₹245.82 lakhs, giving a debt-to-equity ratio of around 105x. Trade receivables of ₹1,210.41 lakhs remain disproportionately high against quarterly revenue, and cash balance is a razor-thin ₹0.88 lakhs. Statutory auditor DGMS & Co. issued an unmodified limited review report.
Negative for shareholders — the company is loss-making, equity is almost fully eroded, leverage is extreme at over 100x, and cash is minimal. The dramatic H1 revenue slump and weak balance sheet raise serious concerns about the company's financial health and ability to sustain operations without fresh capital or a major turnaround in business.