Financial Performance Highlights (Standalone)

Income Statement (₹ in Lakhs)

  • Revenue from Operations: FY26: ₹17,479.34 | FY25: ₹8,556.01 | Growth: 104.3%
  • Other Income: FY26: ₹37.80 | FY25: ₹4.06
  • Total Revenue: FY26: ₹17,517.14 | FY25: ₹8,560.07
  • Cost of Materials Consumed: FY26: ₹13,682.11 | FY25: ₹8,923.64
  • Employee Benefits Expense: FY26: ₹413.35 | FY25: ₹192.83
  • Finance Costs: FY26: ₹86.48 | FY25: ₹35.17
  • Depreciation & Amortization: FY26: ₹46.34 | FY25: ₹5.23
  • Profit Before Tax: FY26: ₹1,172.57 | FY25: ₹607.19
  • Tax Expense: FY26: ₹295.80 | FY25: ₹151.44
  • Profit After Tax: FY26: ₹876.77 | FY25: ₹455.75 | Growth: 92.4%
  • Basic EPS: FY26: ₹17.15 | FY25: ₹13.34
  • Diluted EPS: FY26: ₹17.15 | FY25: ₹13.34

Balance Sheet Position (₹ in Lakhs)

  • Share Capital: FY26: ₹628.00 | FY25: ₹460.00
  • Reserves & Surplus: FY26: ₹4,849.49 | FY25: ₹445.06
  • Total Equity: FY26: ₹5,477.49 | FY25: ₹905.06
  • Long-term Borrowings: FY26: ₹1,252.84 | FY25: ₹1,437.16
  • Short-term Borrowings: FY26: ₹5.98 | FY25: ₹948.13
  • Cash & Bank Balances: FY26: ₹1,531.38 | FY25: ₹202.85
  • Current Investments (Mutual Funds): FY26: ₹875.89 | FY25: ₹0
  • Inventories: FY26: ₹2,255.25 | FY25: ₹2,210.54
  • Trade Receivables: FY26: ₹2,424.28 | FY25: ₹1,650.53

Cash Flow Statement (₹ in Lakhs)

  • Net Cash from Operating Activities: FY26: (₹1,402.18) | FY25: (₹1,895.04)
  • Net Cash from Investing Activities: FY26: ₹174.93 | FY25: (₹935.10)
  • Net Cash from Financing Activities: FY26: ₹2,515.29 | FY25: ₹1,882.59

Operational Highlights

  • Active SKUs: 700+ across 8+ product categories
  • Distribution Network: 1,400+ wholesale partners, 30+ modern trade customers
  • Geographic Presence: 18+ states in India
  • Manufacturing Infrastructure: 1 lakh+ sq. ft. assembly & warehousing space
  • Certifications: BIS, SEDEX, EN71, ISI
  • Export Initiation: First commercial shipment to Germany during FY26

IPO Utilization (as of March 31, 2026)

The company raised gross proceeds of ₹4,015.20 lakhs through IPO with utilization:

  • Working Capital Requirements: ₹2,091.80 lakhs (52.0% utilized)
  • Loan Repayment: ₹1,169.82 lakhs
  • General Corporate Expenses: ₹417.09 lakhs
  • Issue Expenses: ₹336.49 lakhs
  • Unutilized Amount: ₹1,925.89 lakhs parked in fixed deposits (₹1,050 lakhs) and mutual funds (₹875.89 lakhs)

Subsidiaries and Associates

  • Crayonix Stationery Private Limited: 65% subsidiary incorporated March 5, 2026
  • Indo Manufacturers LLP: 55% subsidiary LLP incorporated March 13, 2026
  • Just Bear Private Limited: 27% associate company incorporated November 29, 2025

All new entities recorded nil revenue in FY26 as they were incorporated late in the financial year.

Corporate Actions

  • 3rd AGM: Scheduled for August 14, 2026 through VC/OAVM
  • Board Meetings: 21 meetings held during FY25-26
  • Dividend: No dividend recommended for FY26
  • Director Re-appointment: Karan Narang and Vishal Narang to be re-appointed at AGM
  • Auditor Appointments:
  • Statutory Auditor: M/S Shubham D Jain & Co. (until 2029-30 AGM)
  • Internal Auditor: M/s RAL & Associates appointed for FY26-27
  • Secretarial Auditor: CS Naveen Karn appointed for up to 5 years

Key Ratios

  • Current Ratio: FY26: 4.72 | FY25: 1.88
  • Debt-Equity Ratio: FY26: 0.23 | FY25: 2.64
  • Net Profit Margin: FY26: 5.02% | FY25: 5.33%

Related Party Transactions

All transactions with related parties were in ordinary course of business and at arm's length. Key transactions included:

  • Loans from directors: Outstanding ₹983.92 lakhs (interest-free)
  • Remuneration to directors: Karan Narang (₹31.80 lakhs), Vishal Narang (₹31.80 lakhs), Ayush Jain (₹10.69 lakhs)

CSR Activities

  • CSR Expenditure: ₹5.95 lakhs towards Just For Good Foundation
  • Focus Areas: Education, healthcare, environmental sustainability, community development

Risk Factors

  • Working capital intensity leading to negative operating cash flows
  • Integration risk with newly acquired/incorporated entities
  • Regulatory compliance regarding pre-incorporation transactions of associate
  • Deployment risk on unutilized IPO proceeds

Future Outlook

Company aims to strengthen QUCO brand platform, expand distribution reach, grow exports, diversify products into soft toys and wooden toys, and enhance backward integration through strategic OEM partnerships.

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