Un-Audited Financial Results of the Company for the Quarter and Half Year ended September 30, 2025.
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Sudal Industries, an aluminium extrusions maker, reported Q2 FY26 revenue of Rs 4,497 lakhs, up about 26% from Rs 3,571 lakhs in Q2 FY25. Half-year revenue grew roughly 23.5% YoY to Rs 8,666 lakhs. However, profit after tax fell sharply in H1 FY26 to Rs 106 lakhs vs Rs 243 lakhs in H1 FY25, with H1 EPS at Rs 1.27 vs Rs 2.90 earlier. The statutory auditor (Bagaria & Co LLP) issued a qualified review report, flagging a material uncertainty on going concern that depends on the outcome of a Supreme Court appeal related to the company's Pre-packaged Insolvency Resolution Plan (PIRP). The NCLAT had set aside the NCLT order approving the PIRP, though the Supreme Court has granted a stay. As per the NCLT order, the company had earlier written back liabilities of Rs 12,541 lakhs to secured and unsecured creditors in Q2 FY24, and the reversal of that order could materially impact liabilities and equity. Operating cash flow remained positive at Rs 340 lakhs for H1 FY26.
The going-concern flag and ongoing Supreme Court case create significant uncertainty for shareholders — a negative ruling could force the company to restore Rs 12,541 lakhs of liabilities and potentially revisit the insolvency plan. While top-line growth is encouraging, the sharp fall in profitability and rising depreciation signal margin pressure, warranting caution.