The Unaudited Financial Results along with Limited Review Report for the Quarter Ended 30th September, 2025
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VJTF Eduservices reported a weak set of numbers for Q2 FY26, with standalone total revenue from operations turning negative at ₹(78.56) lakhs versus ₹629.93 lakhs in the same quarter last year, dragged by a net loss on fair value changes of ₹156.66 lakhs (vs a gain of ₹554.96 lakhs in Q2 FY25). Standalone PAT swung to a loss of ₹(141.28) lakhs from a profit of ₹176.44 lakhs a year ago, with EPS at ₹(0.80). For the half year (H1 FY26), revenue fell sharply to ₹210.65 lakhs from ₹1,888.53 lakhs, and PAT dropped to ₹79.06 lakhs from ₹1,037.62 lakhs. On a consolidated basis, Q2 PAT was also negative at ₹(145.80) lakhs. The auditor (RANK & Associates) issued an unmodified review report but included an Emphasis of Matter on the ongoing ₹962.45 lakhs COVID-era fee refund liability to students. The company also approved related party transactions for the half year, and the filing suggests a recent change of auditors.
Sharp sequential and year-on-year decline in profitability and a swing to a loss in Q2 FY26 are negative for the stock, though a significant portion stems from mark-to-market losses on investments rather than core operations. The persistent ₹962.45 lakh fee-refund liability remains a key overhang, while low debt (debt-equity of 0.01) and healthy net worth (~₹110 crore consolidated) provide some comfort.