Un Audited Financial Results for Q2 30.09.2025 and other items.
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Vega Jewellers Ltd reported strong sequential growth in its first consolidated results since pivoting from PH Trading Ltd to the jewellery business. Consolidated revenue from operations rose to Rs 26,333 lakhs in Q2 FY26 from Rs 15,040 lakhs in Q1 FY26, with half-year revenue at Rs 41,373 lakhs. Consolidated profit after tax jumped to Rs 1,052 lakhs in Q2 from Rs 377 lakhs in Q1, taking H1 PAT to Rs 1,429 lakhs. Standalone H1 revenue stood at Rs 27,688 lakhs with PAT of Rs 817 lakhs and EPS of Rs 9.20. The auditor M/s Sagar & Associates issued an unmodified (unqualified) opinion, though the statutory auditor was changed from M/s Salapuria & Partners who reviewed the prior year period. This is the first year of consolidation with newly acquired subsidiaries and LLPs included.
Strong sequential revenue and profit growth signal aggressive business expansion in the jewellery segment and successful integration of newly acquired subsidiaries, which should be viewed positively by shareholders. However, the sharply negative operating cash flow of Rs -17,561 lakhs (consolidated) and a debt-to-equity ratio above 1x on consolidated borrowings of Rs 18,936 lakhs indicate heavy inventory build-up and rising leverage that investors should monitor closely.