Results for the quarter and half year ended September 30, 2025
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VEDAVAAG Systems reported its Q2 FY26 (ended September 30, 2025) results with mixed signals. Standalone revenue for the quarter was nearly flat year-on-year at Rs. 1,896.93 lakhs versus Rs. 1,874.59 lakhs, while standalone profit after tax fell sharply by about 42% to Rs. 110.72 lakhs from Rs. 191.04 lakhs. On a half-year (H1) basis, standalone revenue grew a healthy 24.7% year-on-year to Rs. 4,460.68 lakhs, but standalone PAT declined about 26% to Rs. 271.93 lakhs. Consolidated Q2 revenue fell around 14% year-on-year to Rs. 2,162.23 lakhs and H1 consolidated revenue rose roughly 11% to Rs. 5,273.13 lakhs, with consolidated PAT for H1 at Rs. 337.44 lakhs (down 29%). Margins clearly compressed as other expenses and finance costs rose faster than revenue. Operating cash flow, though still positive, dropped sharply to Rs. 76 lakhs (standalone) and Rs. 68 lakhs (consolidated) compared with around Rs. 440 lakhs a year earlier. The statutory auditor, M/s Pary & Co, issued an unqualified limited review report for both sets of results.
Mixed bag for shareholders: strong H1 revenue growth on a standalone basis is offset by significant margin compression, sequential revenue decline in Q2, and a steep fall in profits both year-on-year and quarter-on-quarter. The weak quarterly earnings and shrinking cash generation may weigh on short-term sentiment despite the clean auditor report.