we hereby submitting the unaudited financial results and limited review report for quarter ending 30th September, 2025
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Tilak Ventures reported total revenue of Rs 866.30 lakhs for Q2 FY26, down about 16% from Rs 1,034.26 lakhs in Q2 FY25, with income from operations falling sharply to Rs 631.33 lakhs from Rs 919.44 lakhs. Despite weaker top-line, profit after tax jumped to Rs 338.65 lakhs (vs Rs 207.64 lakhs in Q2 FY25, up ~63%), helped by lower expenses and a 231% rise in other income. For H1 FY26, PAT rose ~47% to Rs 559.77 lakhs versus Rs 381.33 lakhs a year ago, while total revenue grew ~10% to Rs 1,804.04 lakhs. A loss of Rs 59.85 lakhs on disposal of a subsidiary was booked in the quarter. The auditor issued an unmodified limited review report, and operating cash flow turned negative at Rs (190.15) lakhs for H1 FY26 versus positive Rs 47.03 lakhs last year. Share capital doubled YoY to Rs 4,456.97 lakhs (likely a bonus issue) and borrowings were fully repaid.
Positive PAT growth and zero debt are encouraging, but the sharp drop in core operating revenue, the one-off loss on subsidiary disposal, and the swing to negative operating cash flow are red flags. The recent share capital expansion also means per-share earnings remain modest (EPS Rs 0.076 for Q2), so investors should weigh improved headline profits against weakening core business and cash generation.