Results- Financial Results for September 30, 2025
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Thirani Projects Ltd reported total revenue from operations of Rs. 25.96 lakhs for Q2 FY26, up from Rs. 20.30 lakhs in Q2 FY25. For the half-year (H1 FY26), revenue stood at Rs. 48.11 lakhs versus Rs. 40.29 lakhs in H1 FY25, a growth of about 19%. Profit after tax for H1 FY26 jumped to Rs. 24.71 lakhs from Rs. 10.81 lakhs in the same period last year, more than doubling year-on-year. EPS for the half-year was Rs. 0.12 (vs Rs. 0.05 earlier). However, the company continues to carry negative reserves of around Rs. 775 lakhs, reflecting accumulated losses, and cash flow from operations was sharply negative at Rs. -203 lakhs due to loans and advances extended. New borrowings of Rs. 164.25 lakhs were taken during the period, which pushed up finance costs to Rs. 8.05 lakhs. Auditor R.K. Kankaria & Co. issued an unqualified limited review report.
PAT growth is strong and positive for shareholders, but the company remains very small in scale, carries negative net worth, and is burning cash on operations while taking on new debt. Investors should weigh the earnings improvement against the weak balance sheet and negative operating cash flows.