The Board approved the IND-As Compliant Standalone Financial Results along with Limited Review Report for the quarter ended September 30, 2025
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TPI India Ltd reported a profit of Rs 21.81 lakhs in Q2 FY26, up about 45% from Rs 15.01 lakhs in Q2 FY25, on revenue of Rs 892.87 lakhs (vs Rs 763.44 lakhs, ~17% growth). For H1 FY26, the company swung to a profit of Rs 11.02 lakhs from a loss of Rs 5.93 lakhs a year ago, with total income rising to Rs 1,577.68 lakhs from Rs 1,390.67 lakhs. EPS for Q2 stood at Rs 0.05 vs Rs 0.03. However, the statutory auditor flagged a serious concern in the limited review report, stating that the results were prepared on a going-concern basis even though the company's net worth has been completely eroded, with accumulated losses exceeding share capital and reserves. Cash flow from operations for H1 FY26 was negative at Rs 51.45 lakhs, compared to a positive Rs 88.13 lakhs for the full FY25.
Despite a return to profitability and revenue growth, the auditor's flag that net worth is fully eroded is a major red flag for shareholders, raising doubts about the company's ability to continue as a going concern. Negative operating cash flow further weakens the picture, and the stock may face valuation pressure despite the headline profit recovery.