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Transchem's board approved unaudited Q2 and H1 FY26 results (ended September 30, 2025) and also gave in-principle approval to acquire 100% (1,55,16,000 shares) of Greshma Shares & Stocks Ltd (GSSL), a stock broking and depository services firm with FY25 turnover of Rs 11.32 crore and net worth of Rs 15.89 crore, which will become a wholly-owned subsidiary. Revenue from operations appears to be nil for both Q2 and H1 FY26 — total income is entirely 'other income' (interest/dividend), indicating the company's active operations have wound down. Net profit fell sharply — Q2 FY26 PAT was Rs 67.92 lakh vs Rs 144.46 lakh (down ~53% YoY) and H1 FY26 PAT was Rs 167.25 lakh vs Rs 310.67 lakh (down ~46% YoY). Basic EPS for H1 FY26 was Rs 1.37 vs Rs 2.54 in the prior year. Operating cash flow was deeply negative at Rs (4,145.65) lakh in H1 FY26 vs Rs (190.14) lakh in H1 FY25, driven mainly by a Rs 4,330 lakh increase in loans extended.
The GSSL acquisition marks a strategic pivot into stock broking and capital markets, but shareholders should note that core operating revenue has vanished, profitability is on a steep decline, and the company is lending out substantial cash. Watch for closing of the GSSL deal and clarity on the new business model before drawing fresh conclusions.