Financial Results Analysis

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Revenue from Operations: ₹228.12 lakhs (Q2 FY27) vs ₹156.96 lakhs (Q2 FY26) - primarily from Interest Income
  • Total Income: ₹228.16 lakhs (Q2 FY27) vs ₹156.96 lakhs (Q2 FY26)
  • Finance Cost: ₹177.67 lakhs (Q2 FY27) vs negligible in Q2 FY26
  • Employee Benefit Expenses: ₹1.49 lakhs (Q2 FY27) vs ₹1.49 lakhs (Q2 FY26)
  • Other Expenses: ₹490.63 lakhs (Q2 FY27) vs ₹18.65 lakhs (Q2 FY26)
  • Profit/(Loss) before Tax: (₹262.47) lakhs loss (Q2 FY27) vs ₹136.82 lakhs profit (Q2 FY26)
  • Net Profit/(Loss): (₹262.47) lakhs loss (Q2 FY27) vs ₹102.27 lakhs profit (Q2 FY26)
  • Earnings Per Share (Basic): (₹0.41) (Q2 FY27) vs ₹3.10 (Q2 FY26)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹486.42 lakhs (H1 FY27) vs ₹321.51 lakhs (H1 FY26)
  • Total Income: ₹486.46 lakhs (H1 FY27) vs ₹321.51 lakhs (H1 FY26)
  • Finance Cost: ₹177.78 lakhs (H1 FY27) vs negligible in H1 FY26
  • Employee Benefit Expenses: ₹9.98 lakhs (H1 FY27) vs ₹27.40 lakhs (H1 FY26)
  • Other Expenses: ₹612.73 lakhs (H1 FY27) vs ₹80.31 lakhs (H1 FY26)
  • Profit/(Loss) before Tax: (₹314.03) lakhs loss (H1 FY27) vs ₹213.80 lakhs profit (H1 FY26)
  • Net Profit/(Loss): (₹314.03) lakhs loss (H1 FY27) vs ₹159.98 lakhs profit (H1 FY26)
  • Other Comprehensive Income: (₹483.81) lakhs loss (H1 FY27)
  • Total Comprehensive Income: (₹797.84) lakhs loss (H1 FY27) vs ₹159.98 lakhs profit (H1 FY26)
  • Earnings Per Share (Basic): (₹0.50) (H1 FY27) vs ₹4.85 (H1 FY26)

Equity and Capital Structure

  • Paid-up Equity Share Capital: ₹634.041 lakhs (face value ₹10 each) remained unchanged from previous periods
  • Reserves: ₹329.974 lakhs as of 30th September 2026, decreased from ₹409.756 lakhs as of 31st March 2026

Balance Sheet Position (as at 30th September 2026)

Assets

  • Total Financial Assets: ₹1,504.419 lakhs, comprising:
  • Cash and cash equivalents: ₹3.2372 lakhs
  • Investments: ₹1,425.224 lakhs
  • Other financial assets: ₹46.767 lakhs
  • Receivables: ₹34.05 lakhs (trade receivables)
  • Total Non-financial Assets: ₹3.405 lakhs
  • Total Assets: ₹1,507.824 lakhs

Liabilities and Equity

  • Financial Liabilities: ₹518.18 lakhs (Borrowings other than debt securities)
  • Non-financial Liabilities: ₹25.629 lakhs, comprising:
  • Current tax liabilities: ₹11.904 lakhs
  • Provisions: ₹0.83 lakhs
  • Other non-financial liabilities: ₹13.642 lakhs
  • Total Equity: ₹964.015 lakhs, comprising:
  • Equity share capital: ₹634.041 lakhs
  • Other equity: ₹329.974 lakhs

Cash Flow Statement (Half Year Ended 30th September 2026)

  • Net cash flows from operating activities: (₹456.45) lakhs
  • Net cash flows from investing activities: ₹416.73 lakhs (primarily from proceeds from sale of investments/other inflows)
  • Net cash flows from financing activities: ₹341.57 lakhs (from proceeds from borrowings)
  • Net increase in cash and cash equivalents: ₹301.85 lakhs
  • Cash and cash equivalents at beginning of period: ₹2.185 lakhs
  • Cash and cash equivalents at end of period: ₹304.035 lakhs

Auditor's Qualification

DDS & Associates, Chartered Accountants (Firm Registration No. 120362W), issued a qualified conclusion on their limited review. The qualification relates to unsecured loans aggregating to ₹518.180 lakhs outstanding as at 30th September 2026 that are not supported by formal written loan agreements. The absence of formal documentation prevents verification of terms and conditions including repayment terms, tenure, interest rate, security, and other contractual obligations. This matter was previously reported in the auditor's report for the financial year ended 31st March 2026 and remains unresolved.

Related Party Transactions (Half Year Ended 30th September 2026)

The company disclosed the following related party transactions:

1. Loan from Managing Director: Mr. Vishal Jethabhai Nayak (Managing Director) - Loan Taken: Opening balance ₹0.15 lakhs, Closing balance ₹1.75 lakhs

2. Purchases from Managing Director: Mr. Vishal Jethabhai Nayak - Purchase of goods/services: Opening balance ₹1.41 lakhs, Closing balance ₹0.24 lakhs

3. Purchases from Key Managerial Personnel: Mrs. Amandeep Kaur - Purchase of goods/services: Opening balance ₹1.03 lakhs, Closing balance ₹0

4. Director Sitting Fees:

  • Ms. Saloni Mehra (Director): ₹0.18 lakhs
  • Ms. Renu Kaur (Director): ₹0.18 lakhs
  • Mr. Amit Bajaj (Director): ₹0.18 lakhs

Approval and Signatory

The financial results were approved by the Board of Directors and signed by Vishal Jethalal Nayak, Managing Director (DIN: 11048209) on 31st October 2026 in Ahmedabad.