Approved Statement of Deviation and Variation for the half year ended September 30, 2025
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Awaiting price reaction for this filing.
TGIF Agribusiness reported H1 FY26 (ended September 30, 2025) revenue from operations of Rs 172.56 lakhs, down about 7.6% from Rs 186.67 lakhs in H1 FY25. Total income was Rs 184.59 lakhs versus Rs 187.64 lakhs. Despite the top-line dip, profit after tax rose roughly 8.7% to Rs 105.60 lakhs (from Rs 97.19 lakhs), with EPS of Rs 4.08. Reserves & surplus grew to Rs 917.38 lakhs, and the auditor issued an unmodified limited review report. The company also filed its IPO deviation/variation statement, confirming no deviation from stated objects, though only about Rs 257.74 lakhs (~40%) of the Rs 639.47 lakhs raised in May 2024 has been deployed so far.
Mixed for shareholders: earnings improved on cost control despite lower sales, but sluggish IPO fund deployment (especially for agricultural equipment where only Rs 8.83 lakhs of Rs 205.97 lakhs has been used) may raise questions on growth execution. Clean audit report is a positive, but watch for traction in revenue and remaining capex plans.