Subros Q2 FY26 Results: Revenue up 7%, PAT up 14% in H1; Cash Flow Turns Negative
SUBROS · price
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On the reaction day the stock moved 9.5 pts less than Nifty Microcap 250 and 10.0 pts less than its Other Industrial Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Subros Limited reported H1 FY26 results with revenue from operations up 7.3 percent to Rs 1,75,808 lakhs and standalone PAT up 13.9 percent to Rs 8,125 lakhs, EPS Rs 12.45. Q2 revenue grew 6.2 percent to Rs 87,983 lakhs; PAT was Rs 4,059 lakhs versus Rs 3,645 lakhs. Other income surged on a Rs 1,950 lakh Gujarat government incentive grant. However, net operating cash flow swung to an outflow of Rs 1,100 lakhs compared with an inflow of Rs 5,152 lakhs a year ago due to higher working capital needs. Price Waterhouse gave an unqualified limited review.
Earnings growth is steady but the shift to negative operating cash flow and dependence on a one-time government grant are points to watch.