Financial Results Summary

Quarterly Performance (₹ in lacs)

  • Revenue from Operations: ₹13,156.48 (Q2 FY27) vs ₹9,939.55 (Q2 FY26)
  • Other Income: ₹12.35 (Q2 FY27) vs ₹51.42 (Q2 FY26)
  • Total Income: ₹13,168.83 (Q2 FY27) vs ₹9,990.97 (Q2 FY26)
  • Profit before tax: ₹23.72 (Q2 FY27) vs ₹230.07 (Q2 FY26)
  • Net Profit: ₹20.02 (Q2 FY27) vs ₹233.26 (Q2 FY26)
  • EPS (Basic): ₹0.05 (Q2 FY27) vs ₹0.60 (Q2 FY26)

Half-Yearly Performance (₹ in lacs)

  • Revenue from Operations: ₹16,763.34 (H1 FY27) vs ₹18,206.92 (H1 FY26)
  • Other Income: ₹24.24 (H1 FY27) vs ₹120.46 (H1 FY26)
  • Total Income: ₹16,787.58 (H1 FY27) vs ₹18,327.38 (H1 FY26)
  • Loss before tax: ₹(397.46) (H1 FY27) vs Profit ₹651.58 (H1 FY26)
  • Net Loss: ₹(402.38) (H1 FY27) vs Profit ₹665.46 (H1 FY26)
  • EPS (Basic): ₹(1.04) (H1 FY27) vs ₹1.72 (H1 FY26)

Key Financial Metrics

  • Paid-up Equity Share Capital: ₹387.50 lacs (unchanged)
  • Reserves: ₹3,005.19 lacs as at 31st March 2026

Balance Sheet Position (as at 30th September 2026)

  • Total Assets: ₹19,287.58 lacs vs ₹11,900.01 lacs (31st March 2026)
  • Property, plant and equipment: ₹5,832.12 lacs vs ₹6,155.28 lacs
  • Trade Receivables: ₹10,630.24 lacs vs ₹3,107.40 lacs
  • Inventories: ₹153.45 lacs vs ₹381.66 lacs
  • Cash and Cash Equivalents: ₹769.30 lacs vs ₹14.88 lacs
  • Total Equity: ₹2,991.21 lacs vs ₹3,392.69 lacs
  • Borrowings: ₹5,756.12 lacs (₹1,891.49 non-current + ₹3,864.63 current) vs ₹7,139.83 lacs
  • Trade Payables: ₹9,025.47 lacs (Micro & Small: ₹198.57 lacs, Others: ₹8,826.90 lacs)

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

  • Net Cash from Operating Activities: ₹2,406.05 lacs
  • Net Cash used in Investing Activities: ₹(27.69) lacs
  • Net Cash used in Financing Activities: ₹(1,623.94) lacs
  • Net Increase in Cash: ₹754.42 lacs

Regulatory and Compliance Matters

GST Proceedings

The Directorate General of GST Intelligence (DGGI), Ahmedabad Zonal Unit conducted search operations under Section 67 of the CGST Act, 2017. The company deposited ₹188.00 lakhs under protest. Subsequently, the company received Show Cause Notices in Form GST DRC-01 under Sections 74 and 122 of the CGST Act, 2017 for FY 2020-21, FY 2021-22 and FY 2024-25, proposing a demand aggregating to approximately ₹224.20 lakhs of tax, along with applicable interest and penalty (yet to be quantified). The company is preparing and filing its replies to the notices. Management does not expect any material impact on financial position or operations.

Labour Code Implementation

The Government of India consolidated 29 labour legislations into 4 Labour Codes effective from 21st November 2025. The company has recognized financial implications based on available information for the quarter and half year ended 30th September 2026. Following notification of final Central Rules in the previous quarter, the company assessed there is no material financial impact. The company continues to monitor finalization of State Rules and Government clarifications.

Additional Information

  • The financial results were reviewed by the Audit Committee and approved by the Board
  • The company operates in a single segment as per IND AS 108
  • Comparative periods have been regrouped/reclassified to conform with current period classifications

Limited Review Report

G. K. Choksi & Co., Chartered Accountants issued an unqualified limited review report on the financial results, with an emphasis of matter regarding the GST proceedings. The review was conducted in accordance with SRE 2410 issued by ICAI.