Unaudited Financials Results with Limited Review Report for the Half Year ended 30th Septemeber 2025
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Varyaa Creations Ltd reported a 37.8% drop in half-yearly revenue to ₹953.27 lakhs (from ₹1,532.70 lakhs in H1 FY25). Despite the sharp revenue decline, profit after tax rose modestly to ₹66.23 lakhs (vs ₹62.33 lakhs), with EPS of ₹1.38. Total expenses were lower at ₹868.19 lakhs, and the company swung back to profitability after a small full-year loss of ₹20.27 lakhs in the previous audited period. The auditor (CVB & Associates) issued an unmodified opinion but added an emphasis of matter on GST balance reconciliations, reliance on a registered valuer for ₹2,483.21 lakhs of gem/jewellery inventory, and an outstanding undisputed income tax liability of ₹114.19 lakhs. Operating cash flow was negative at ₹(194.55) lakhs for the period.
The steep revenue contraction is a red flag for shareholders, suggesting weak demand or sales timing issues in the gems and jewellery business, though margins held up. Combined with negative operating cash flow and a pending SEBI interim order on IPO proceeds utilisation, near-term sentiment may be cautious. Investors should watch for clarity on the SEBI matter and a revenue rebound in H2.