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Vandan Foods Ltd reported FY2026 revenue of Rs 25,963.40 Lakhs, up ~140% from Rs 10,819.77 Lakhs in FY2025. However, profit after tax dropped sharply to Rs 132.37 Lakhs from Rs 690.70 Lakhs — an 81% decline — despite higher revenue, indicating severe cost inflation. The second half (Oct-Mar) alone recorded a loss of Rs 285.97 Lakhs despite generating Rs 16,090 Lakhs in revenue, driven by sharply higher raw material costs (Rs 7,878 Lakhs in H2 vs Rs 9,367 Lakhs in H1) and significant inventory buildup of Rs 3,809 Lakhs. The company raised Rs 3,036 Lakhs via equity issuance and reduced long-term debt to zero, but short-term borrowings rose to Rs 2,517 Lakhs. Operating cash flow turned deeply negative at Rs 2,426 Lakhs due to large working capital outflows. Auditors issued an unmodified opinion with no going concern doubts.