Outcome of the Board Meeting of the Varyaa Creations Limited for the approval of Results for Half year ended 30th September 2025.
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Varyaa Creations Ltd (a gems and jewellery trading company) reported its H1 FY26 (April-September 2025) results. Revenue from operations fell sharply to ₹953.27 lakhs from ₹1,532.70 lakhs in H1 FY25, a decline of about 38%. Despite lower revenue, profit after tax rose modestly to ₹66.23 lakhs (vs ₹62.33 lakhs), with EPS at ₹1.38. Inventories swelled to ₹2,483 lakhs and trade receivables jumped to ₹105 lakhs. The company's operating cash flow turned negative at ₹-194.55 lakhs, and it took on ₹250.81 lakhs of new short-term borrowings. Auditor CVB & Associates issued a clean (unmodified) review opinion but flagged three emphasis-of-matter items: GST balance reconciliation pending, reliance on a registered valuer for the gems inventory valuation, and ₹114.19 lakhs of unpaid undisputed income tax from FY24. Note: SEBI's interim order dated 14 May 2025 questioned utilisation of IPO proceeds, which the company has contested.
The sharp revenue drop combined with rising inventory and negative operating cash flow signals near-term pressure on working capital. Shareholders should note the SEBI investigation into IPO proceeds as an overhang, though the company is contesting it.