Approval of Unaudited Standalone & Financial results for the quarter ended 30th June 2025.
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Swati Projects, an RBI-registered NBFC, reported Q1 FY26 standalone revenue of ₹45.87 lakhs, up about 55% from ₹29.53 lakhs in the year-ago quarter, with a standalone net profit of ₹21.52 lakhs (EPS ₹0.21) versus ₹20.18 lakhs (EPS ₹0.20) in Q1 FY25. On a consolidated basis, however, the picture turned negative — total income rose to ₹63.13 lakhs but expenses ballooned to ₹121.36 lakhs, producing an operating loss of ₹58.23 lakhs and a net loss of ₹65.08 lakhs, translating to a loss per share of ₹0.64. The consolidated loss is driven by the recently acquired subsidiary Radhashree Apartments Pvt Ltd (76% stake acquired in Dec 2024), which is in real estate and bike rental — these operations widened group losses compared to the standalone NBFC business. Both standalone and consolidated results received an unqualified limited review report from M Modi & Associates, with no going-concern flags or auditor changes.
Standalone NBFC operations remain profitable and growing, but the consolidated loss signals that newly consolidated subsidiaries are value-dilutive in the near term — shareholders should watch whether real estate and bike-rental businesses can turn profitable before judging the acquisition. The stock may face short-term pressure due to the consolidated loss per share, though the clean auditor review and absence of exceptional items limit fundamental concerns.