Pursuant to Regulation 33 read with Regulation 30 of SEBI (LODR) Regulations, 2015 we wish to inform that the Board of Directors in its meeting held today 8th November, 2025 have considered ....
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Vapi Enterprise Ltd reported its H1 FY26 results (April–September 2025) with total income of Rs. 121.79 lakhs, up about 20% from Rs. 101.44 lakhs in H1 FY25. Net profit for H1 FY26 rose to Rs. 74.94 lakhs from Rs. 53.78 lakhs, a growth of around 39%, while Q2 FY26 standalone profit was Rs. 35.34 lakhs vs Rs. 26.03 lakhs last year. Notably, income from actual operations is zero — the entire revenue is classified as 'Other Operating Income,' likely interest on the company's large cash pile of around Rs. 34.66 crore in bank balances. EPS for H1 stood at Rs. 3.28 vs Rs. 2.36. The auditor (M.I. Shah & Co.) issued an unmodified review report but flagged an Emphasis of Matter noting non-compliance with Ind AS-19 on employee benefits and absence of an audit trail feature in the accounting software. Operating cash flow remained negative at Rs. (74.76) lakhs for the half year.
Profitability has improved sharply on a low base, but the company appears to be operating more like a cash-management entity than an active manufacturing business, with no operating revenue. The auditor's emphasis on Ind AS-19 non-compliance and weak internal controls (no audit trail) is a governance red flag shareholders should watch.