As per attachment.
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Awaiting price reaction for this filing.
Sunil Industries Ltd reported strong top-line growth for Q2 FY26, with revenue from operations rising about 58% year-on-year to Rs 5,488.75 lakhs (vs Rs 3,465.80 lakhs in Q2 FY25). For the half-year, revenue nearly doubled to Rs 14,998.21 lakhs from Rs 7,899.65 lakhs. Profit after tax also jumped sharply – Rs 138.47 lakhs in Q2 (vs Rs 63.48 lakhs) and Rs 381.45 lakhs in H1 (vs Rs 156.32 lakhs), a roughly 144% rise. However, the quality of earnings looks weaker: 'other expenses' spiked dramatically (Rs 4,022.71 lakhs in H1 vs Rs 906.35 lakhs earlier), causing EBITDA margin to compress from about 8.2% to 6.3%. Cash flow from operations was negative at Rs -106.25 lakhs in H1, dragged down by a Rs 4,513 lakh jump in trade receivables. The auditor (V.K. Beswal & Associates) issued a clean limited review report with no qualifications. Borrowings remain elevated at Rs 6,235 lakhs against equity of Rs 5,306 lakhs (D/E ~1.18), and related-party loans of Rs 1,707 lakhs were taken in the half-year.
Headline numbers look impressive on growth, but rising receivables, negative operating cash flow, and slimmer margins signal working-capital stress. Elevated debt and large related-party borrowings are watchpoints. Stock may see a mixed reaction – growth positives offset by cash-flow and margin concerns.