Approval of Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2025
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On the reaction day the stock moved 6.1 pts less than Nifty Microcap 250 and 5.7 pts less than its Pharmaceuticals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Zenotech Laboratories reported Q2 FY26 revenue from operations of Rs 1,023.19 lakhs, up about 17% from Rs 874.60 lakhs in Q2 FY25. For the half year, revenue grew to Rs 1,887.10 lakhs vs Rs 1,764.09 lakhs in H1 FY25 (~7% growth). However, the company swung to a standalone loss of Rs 83.65 lakhs in Q2 (vs profit of Rs 134.74 lakhs last year), pulling H1 profit down sharply to just Rs 15.30 lakhs from Rs 263.71 lakhs. The decline was driven by higher employee costs (up to Rs 380.44 lakhs in Q2), higher other expenses (Rs 514.15 lakhs), and one-time tax adjustments of Rs 190.49 lakhs related to switching to the concessional 115BAA tax regime, which also led to reversal of MAT credit (Rs 187.47 lakhs) and deferred tax assets. A small Rs 4.97 lakhs exceptional gain came from reversal of excess EPCG export obligation provision. Operating cash flow improved strongly to Rs 832.89 lakhs (vs Rs 337.31 lakhs), cash balance rose to Rs 3,160.98 lakhs, and trade receivables fell to Rs 351.51 lakhs. Auditor GSKA & Co. issued a clean (unqualified) limited review report.
Despite solid revenue growth and strong cash generation, weak bottom-line performance with a quarterly loss and sharp profit decline may weigh on the stock in the short term. Investors should watch whether the tax-related adjustments and rising cost base normalize in upcoming quarters. Improved cash position and receivable collection are positive operational signals.