Declaration of unaudited results for the quarter ended on 30th September, 2025
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Vishal Fabrics reported standalone Q2 FY26 revenue of Rs 433 crore, up about 12.5% from Rs 385 crore in Q2 FY25. Standalone profit after tax rose roughly 36% YoY to Rs 8.81 crore (from Rs 6.50 crore), driven by lower other expenses and better operating leverage. On a half-year basis, revenue grew about 14.6% YoY to Rs 830 crore while PAT jumped nearly 50% to Rs 16.89 crore. The company converted 5 crore compulsorily convertible warrants into equity shares, lifting share capital from Rs 98.8 crore to Rs 123.8 crore and adding Rs 114.75 crore in security premium. Consolidated results include share of profit from three new associates (Chiripal Textile Mills, Nandan Industries, Quality Exim), boosting consolidated H1 PAT to Rs 19.86 crore. However, the company posted negative operating cash flow of Rs (45.4) crore for H1 FY26, largely due to a Rs 91 crore drop in trade payables and a Rs 49 crore rise in receivables.
The strong PAT growth and clean auditor review are positives, but the sharp swing to negative operating cash flow and EBITDA margin compression (from ~7.9% to ~6.9% YoY) signal working-capital stress. Shareholders should watch cash conversion and margin trends closely; the equity dilution from warrant conversion is now behind the stock.