Q2 revenue up 172%, profit down and review qualified

Qualified audit opinionEmphasis of matterRevenue growth above 20%Exceptional itemNegative operating cash flowResults View source PDF Explain this filing

TI · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

-1.6%Reaction day

₹478.75

prior close

₹465.00

announcement price

After-mkt

timing

Nifty Microcap 250market+1.4%-3.1% vs market

Breweries & Distilleries peers, median of 25sector+0.3%-1.9% vs sector

On the reaction day the stock moved 3.1 pts less than Nifty Microcap 250 and 1.9 pts less than its Breweries & Distilleries peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-3.8

10m

-1.9

15m

-2.8

30m

-1.8

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-1.6+1.4-3.1+0.3-1.9

Next day

-3.0+1.7-4.7+1.1-4.2

-1.0+3.9-5.0+4.2-5.2

+1.4+5.1-3.7+4.6-3.3

+1.2pendingpending+3.2-1.9

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15d

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UpDownMarket · Nifty Microcap 250Sector · Breweries & Distilleries peers, median of 25Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Q2 consolidated revenue rose 172%, but profit after tax fell 58%. H1 revenue rose 169% to Rs 4,689.98 crore, profit after tax fell 62%, and operating cash flow was negative Rs 4.06 crore. Auditors qualified the review over an ENA plant impairment assessment and highlighted pending merger approvals and excise-interest recovery. Imperial Blue integration costs were Rs 41.07 crore. Two new independent directors were appointed for three years.

Likely market impact

Profit fell despite 172% revenue growth; cash burn, integration costs and a qualified review may weigh on the stock.

By the numbersConsolidated · Q2 FY27 vs Q2 FY26

	Q2 FY27	Q2 FY26	Change
Revenue	₹4,690 Cr	₹915.6 Cr	+412.2%
Operating profit	₹89.54 Cr	₹50.76 Cr	+76.4%
Profit after tax	₹53.86 Cr	₹52.68 Cr	+2.2%
EBITDA margin	5.9%	6.6%	−0.7 pp

From the company's XBRL filing, not from the text above. Operating profit = profit before tax − exceptional items − other income. EBITDA = profit before tax + finance costs + depreciation − other income.