Ardi Alliances Q2 FY27 results: net loss widens to ₹0.03 crore

How did Ardi Alliances perform in Q2 FY27?

Ardi Alliances reported standalone revenue of ₹0 crore in Q2 FY27, unchanged from Q2 FY26 and Q1 FY27. EBITDA was a loss of ₹0.03 crore, compared with a loss of ₹0.01 crore in Q2 FY26 and ₹0.05 crore in Q1 FY27. No EBITDA margin percentage was reported.

Profit before tax was a loss of ₹0.03 crore in Q2 FY27, compared with a loss of ₹0.01 crore in Q2 FY26 and ₹0.05 crore in Q1 FY27. Tax was ₹0 crore, and the net loss was ₹0.03 crore. Basic EPS was -₹0.63, against -₹0.24 in Q2 FY26 and -₹1.33 in Q1 FY27. The results are standalone; the filing also contains limited-review information for the quarter and half year.

What changed in Ardi Alliances' costs and profit?

Total expenses increased by ₹0.02 crore from Q2 FY26 to ₹0.03 crore, or 200.0%, while other income remained ₹0 crore. Employee cost was ₹0.01 crore, unchanged from the year-ago quarter, and other expenses increased by ₹0.01 crore from ₹0 crore. Cost of materials, finance costs and depreciation were ₹0 crore in both periods.

There was no exceptional item. Tax remained ₹0 crore. Against Q1 FY27, total expenses fell by ₹0.02 crore, or 40.0%, as other expenses declined by ₹0.04 crore to ₹0.01 crore. Employee cost remained ₹0.01 crore, while other income, cost of materials, finance costs and depreciation were ₹0 crore.

How did the first half of FY27 go?

For H1 FY27, Ardi Alliances reported revenue of ₹0 crore, unchanged from H1 FY26, and total income of ₹0 crore, also unchanged. Profit before tax was a loss of ₹0.08 crore, compared with a loss of ₹0.03 crore in H1 FY26.

The H1 FY27 net loss was ₹0.08 crore, against a net loss of ₹0.03 crore in H1 FY26. Basic EPS was -₹1.96 for H1 FY27, compared with -₹0.70 in H1 FY26. The filing shows no exceptional items for the half year.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹3.8 crore, unchanged from 31 March 2026. Total equity was ₹0.25 crore, down from ₹0.33 crore, while borrowings were ₹1.5 crore, up from ₹1.43 crore. Cash was ₹0.32 crore at both dates.

Trade receivables were ₹1.22 crore and trade payables were ₹2.01 crore at 30 September 2026, unchanged from 31 March 2026. H1 FY27 operating cash flow was -₹0.07 crore, compared with -₹0.03 crore in H1 FY26; financing cash flow was ₹0.07 crore against ₹0 crore. Investing cash flow and capital expenditure were ₹0 crore in both periods.

How has Ardi Alliances done over the last 8 quarters?

Revenue was ₹9.98 crore in Q4 FY25, the highest level in the reported series, and ₹0 crore in Q2 FY27. Profit was a loss of ₹1.53 crore in Q4 FY25, the lowest reported profit, while Q4 FY26 recorded profit of ₹0.07 crore. The latest quarter returned to a loss of ₹0.03 crore.

The reported EBITDA margin was -31.9% in Q3 FY25, -15.5% in Q4 FY25 and 3.0% in Q4 FY26. Q2 FY27 revenue was ₹0 crore, the net loss was ₹0.03 crore, and no EBITDA margin percentage was reported.

What did the auditors point out?

S K Bhavsar & Co. said the review was substantially less in scope than an audit and that the firm did not express an audit opinion. The review was conducted under Standard on Review Engagement (S-E) 2410 to obtain moderate assurance about whether the financial statements were free of material misstatement.

The report included an Emphasis of Matter stating that balances for trade receivables, trade payables and all loans and advances, including deposits made or received, as of the balance sheet date were pending comprehensive verification. The planned verification included direct confirmations from external parties and reconciliation with internal ledger records. The auditors said their conclusion was not modified in this regard.

The report also noted that the company did not have a GSTN, requiring specific verification of goods-sales revenue and alternative procedures involving sales and purchase invoices and supporting documents. The auditors said this matter did not impact the audit opinion and their conclusion was not modified. They also stated that reliable values and supporting documents for investments were not presented, so they relied on management representations and a management letter; the conclusion was not modified.

How did other Diversified Commercial Services companies do?

Among 25 Diversified Commercial Services peers compared, the median revenue growth was 16.5% as of 4 November 2026. The data provide the peers_growing_slower_than_company and peers_growing_faster_than_company counts, but those fields are not included in the supplied facts, so the numbers cannot be stated.

Of the 30 peers for which profit was compared, 19 reported higher profit. The available peer data do not state the number of peers whose revenue grew faster than Ardi Alliances or slower than it, so no counts can be given for those two comparisons.