With reference to the above-mentioned subject, please note that the Board of directors in their Board meeting held on 17.10.2025, has inter-alia transacted the following business: 1. ....
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The Board of Photon Capital Advisors approved unaudited standalone and consolidated financial results for Q2 FY26 (quarter ended 30 September 2025) along with the Limited Review Report from auditors M. Anandam & Co. (clean/unmodified review opinion). On a standalone basis, total income fell to ₹4.42 lakh in Q2 FY26 from ₹6.52 lakh in Q2 FY25, a drop of roughly 32%. Standalone loss before tax was ₹0.70 lakh and loss for the period was ₹0.72 lakh, giving an EPS of (₹0.64). For H1 FY26, standalone loss was ₹5.85 lakh versus a loss of ₹12.18 lakh in H1 FY25. Consolidated results turned positive mainly because of a share of profit of ₹38.91 lakh from its associate, Nicosa Consulting Private Limited. Consolidated Q2 PAT was ₹19.06 lakh and H1 PAT was ₹19.02 lakh, with EPS of ₹1.26 for H1. Net cash from operating activities remained negative at (₹33.24 lakh) for H1 FY26, similar to the prior year. Auditor M. Anandam & Co. issued an unqualified review report on both standalone and consolidated results.
The company continues to post losses and negative operating cash flows on a standalone basis, with revenues shrinking meaningfully year-on-year, which is negative for shareholders. The headline consolidated profit is almost entirely driven by its associate (Nicosa Consulting) and is not a reflection of the parent company's own operations, so underlying business health remains weak.