Publication of Unaudited (Standalone and Consolidated) Financial Results for the quarter and half year ended September 30, 2025 along with Limited Review Report thereon
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ZR2 Bioenergy Ltd (formerly Gujchem Distillers India Ltd) reported nil revenue from operations for Q2 FY26, compared to Rs 149.45 lakhs in Q2 FY25, reflecting a complete halt in operational sales. Total income for the quarter stood at Rs 51.95 lakhs (vs Rs 221.40 lakhs YoY), almost entirely from 'other income' (likely interest income). Profit after tax for Q2 FY26 was Rs 27.08 lakhs (vs Rs 81.47 lakhs YoY), and for H1 FY26 it was Rs 57.94 lakhs (vs Rs 2.42 lakhs in H1 FY25, partly due to a very low base). The balance sheet shows Capital Work-in-Progress of around Rs 11,957 lakhs — pointing to a large bioenergy/solar project under construction — and zero borrowings. Cash from operations was negative Rs 69.28 lakhs in H1 FY26. Auditors Bagaria & Co LLP issued an unqualified limited review opinion on both standalone and consolidated results.
For shareholders, the zero operational revenue is a red flag — current profits are driven entirely by interest income rather than core business, while the company burns cash from operations. However, the large Capital Work-in-Progress indicates the company is building major new operational capacity (bioenergy/solar) under the new promoter (ZR2 Group Holdings, which took 61% control in Dec 2024), which could drive future revenue but also signals continued pre-revenue phase and execution risk.