Please find attached herewith integrated filing financials for 30.09.2025
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Tradewell Holdings reported a sharp swing into profit for Q2 FY26, posting a net profit of ₹115.65 lakhs versus a loss of ₹12.09 lakhs in Q2 FY25. For the half-year (H1 FY26), net profit stood at ₹168.10 lakhs compared to a loss of ₹55.49 lakhs in H1 FY25, with EPS of ₹5.60. However, the turnaround was largely driven by a deferred tax credit of ₹34.67 lakhs, higher other income, and reduced operating expenses rather than core business growth. Income from operations collapsed to just ₹27.51 lakhs in H1 FY26 from ₹791.56 lakhs in H1 FY25, and total income fell to ₹190.47 lakhs from ₹301.21 lakhs. Total assets expanded to ₹2,479.55 lakhs, but borrowings rose sharply to ₹1,307.53 lakhs (current + non-current). The statutory auditor issued a clean, unmodified review report.
While headline profitability improved dramatically, the collapse in core operating revenue and reliance on non-operating income and tax adjustments make the earnings quality weak. Rising debt against equity (approximately 1.7x) is a watch point, though positive operating cash flow of ₹297 lakhs in H1 provides some comfort.