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Awaiting price reaction for this filing.
Vipul Organics reported H1 FY26 revenue from operations of Rs 77.03 crore, almost flat versus Rs 77.30 crore in H1 FY25. Q2 FY26 revenue grew marginally by ~0.5% YoY to Rs 39.43 crore. However, profitability improved sharply: Profit After Tax surged ~40% YoY in H1 to Rs 3.08 crore, while Q2 PAT jumped ~71% to Rs 1.81 crore from Rs 1.06 crore. Profit before tax (PBT) for H1 rose to Rs 4.01 crore from Rs 3.35 crore, indicating clear margin expansion driven by better cost management. Operating cash flow turned sharply negative at Rs (4.55) crore in H1 versus a positive Rs 0.62 crore last year, mainly due to higher inventory and other current assets. The company raised Rs ~20.41 crore via a Rights Issue in April 2025 and Capital Work-in-Progress more than doubled to Rs 21.40 crore, signalling significant capex underway. The statutory auditor issued a clean (unmodified) limited review report.
Strong PAT growth despite flat top-line shows margin improvement, which is positive, but negative operating cash flow and a 2.5x jump in long-term borrowings (to fund capex) mean shareholders should watch working capital trends and execution of the expansion project closely.