Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2025
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Sanghi Industries reported Q2 FY26 revenue from operations of ₹284.93 crore, nearly doubling from ₹151.50 crore in Q2 FY25 (~88% YoY growth). H1 FY26 revenue stood at ₹530.31 crore versus ₹374.49 crore in H1 FY25. Despite strong top-line growth, the company posted a pre-exceptional loss before tax of ₹116.55 crore in Q2 (vs ₹74.48 crore loss in Q2 FY25). H1 FY26 reported loss after tax was ₹191.95 crore, narrower than ₹284.50 crore in H1 FY25, helped by a ₹40 crore exceptional income (indemnity claim from erstwhile promoters) but offset by a ₹121.20 crore provision booked in Q1 FY26 for pending electricity duty litigation. The company continues to face a massive ₹779.14 crore contingent liability (interest portion) in the long-running electricity duty dispute with the Gujarat tax authorities.
Revenue growth is a positive signal, but persistent losses, a swelling contingent liability of nearly ₹780 crore, and very high leverage (total borrowings of ~₹2,485 crore against equity of just ₹420 crore) remain serious concerns for shareholders. The proposed merger with Ambuja Cements (swap ratio of 12 Ambuja shares for every 100 Sanghi shares) is a key event to watch, with the NCLT-convened shareholder meeting scheduled for November 20, 2025.