Un-audited financial results along with Limited review report of the Statutory Auditor for the quarter ended on 30th September 2025
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Uniroyal Marine Exports, a Kerala-based seafood processing and export company, reported Q2 FY26 revenue from operations of ₹488.10 lakh, down about 9% year-on-year from ₹537.25 lakh. Half-yearly revenue was ₹944.48 lakh, broadly flat against ₹951.57 lakh in H1 FY25. The company swung to a net profit of ₹22.01 lakh in H1 FY26 from a loss of ₹87.83 lakh in H1 FY25, with EPS of ₹0.34 versus a negative ₹1.36 earlier. Total expenses came down meaningfully to ₹991.78 lakh from ₹1,160.03 lakh. The statutory auditor, BSJ & Associates, issued an unqualified limited review report but highlighted in an 'Other Matter' paragraph that the company's ability to continue as a going concern is dependent on the outcome of an open-bid sale of 180 cents of land at Vengalam, Calicut, approved by shareholders in an EGM on July 31, 2025. The balance sheet shows deeply negative other equity of (₹570.40 lakh) and total borrowings of roughly ₹1,346 lakh against total equity of just ₹78 lakh, pointing to very high leverage.
The auditor's explicit going-concern reference and the sharply negative other equity are red flags that overshadow the modest return to profitability. Shareholders should watch the outcome of the land sale and the company's progress in reducing its very high debt. The stock may remain volatile pending clarity on the land disposal.