Financial Results Overview
Quarterly Performance (Q2 FY27)
- Revenue from Operations: ₹1,654.79 lakhs
- Other Income: ₹0.38 lakhs
- Total Income: ₹1,655.17 lakhs
- Total Expenses: ₹1,583.36 lakhs
- Profit from Operations before tax: ₹71.81 lakhs
- Tax Expense: Deferred tax credit of ₹1.00 lakh
- Net Profit for the quarter: ₹72.81 lakhs
- Other Comprehensive Income: ₹2.41 lakhs (net of tax)
- Total Comprehensive Income: ₹75.22 lakhs
- Earnings Per Share (Basic & Diluted): ₹0.16
Half-Yearly Performance (H1 FY27)
- Revenue from Operations: ₹3,520.12 lakhs
- Other Income: ₹0.38 lakhs
- Total Income: ₹3,520.50 lakhs
- Total Expenses: ₹3,318.01 lakhs
- Profit from Operations before tax: ₹202.49 lakhs
- Tax Expense: Deferred tax credit of ₹1.62 lakhs
- Net Profit for the period: ₹204.11 lakhs
- Other Comprehensive Income: ₹4.82 lakhs (net of tax)
- Total Comprehensive Income: ₹208.93 lakhs
- Earnings Per Share (Basic & Diluted): ₹0.45
Comparative Performance
Q2 FY27 vs Q2 FY26: Revenue increased by 12.63% from ₹1,469.18 lakhs to ₹1,654.79 lakhs, while net profit decreased marginally from ₹74.06 lakhs to ₹72.81 lakhs.
H1 FY27 vs H1 FY26: Revenue increased by 45.56% from ₹2,418.51 lakhs to ₹3,520.12 lakhs, and net profit increased by 65.06% from ₹123.64 lakhs to ₹204.11 lakhs.
Capital Structure Changes
During the quarter, the company allotted 1,17,44,722 equity shares of ₹2 each at an issue price of ₹13 per share (including premium of ₹11 per share) on preferential basis on June 23, 2026. This allotment was towards conversion of outstanding unsecured loans amounting to ₹15,26,81,386, pursuant to shareholder approval dated January 19, 2026 and in-principle approval from BSE Limited dated June 15, 2026.
Consequent to this allotment:
- Unsecured loans reduced by ₹15,26,81,386
- Equity share capital increased by ₹2,34,89,444
- Securities premium increased by ₹12,91,91,942
- Paid-up capital increased from ₹804.29 lakhs (as of March 31, 2026) to ₹1,039.18 lakhs (as of September 30, 2026)
The company is in the process of completing requisite listing and trading approval formalities with BSE Limited for the aforesaid shares.
Balance Sheet Position (as of September 30, 2026)
Assets
- Total Assets: ₹9,395.34 lakhs (vs ₹8,950.44 lakhs as of March 31, 2026)
- Non-Current Assets: ₹1,861.76 lakhs (including Property, plant and equipment: ₹339.55 lakhs, Capital Work in Progress: ₹1,464.84 lakhs)
- Current Assets: ₹7,533.58 lakhs (including Inventories: ₹1,323.56 lakhs, Trade receivables: ₹3,534.08 lakhs, Cash and cash equivalents: ₹17.06 lakhs)
Liabilities and Equity
- Total Equity: ₹4,870.50 lakhs (vs ₹3,134.76 lakhs as of March 31, 2026)
- Non-Current Liabilities: ₹1,702.50 lakhs (including Borrowings: ₹1,623.90 lakhs)
- Current Liabilities: ₹2,822.34 lakhs (including Borrowings: ₹1,206.03 lakhs, Trade payables: ₹822.10 lakhs)
Cash Flow Statement (H1 FY27)
- Cash Flow from Operating Activities: Net cash used of ₹121.14 lakhs
- Cash Flow from Investing Activities: Net cash inflow of ₹0.15 lakhs
- Cash Flow from Financing Activities: Net cash inflow of ₹135.13 lakhs (mainly from equity issue proceeds)
- Net change in cash: Increase of ₹14.14 lakhs
- Closing cash balance: ₹17.06 lakhs (vs opening balance of ₹2.93 lakhs)
Auditor's Qualified Review
Parimal S. Shah & Co., Chartered Accountants, issued a qualified review report highlighting:
- Significant unpaid statutory dues of ₹398.79 lakhs as of September 30, 2026 (including Salaries, Provident Fund, Professional Tax and TDS)
- Significant overdue trade receivables of ₹1,085 lakhs out of total trade receivables of ₹3,418 lakhs
- Significant overdue trade payables of ₹531 lakhs out of total trade payables of ₹822 lakhs
- These conditions indicate material uncertainty that casts significant doubt on the company's ability to continue as a going concern
- The financial results do not adequately disclose these facts, material uncertainties, or management's mitigation plans
Additional Information
- The operations fall under Agro Chemical business as the only reportable segment
- Previous period figures have been reclassified where applicable
- The results were reviewed by the Audit Committee and approved by the Board of Directors
- The statement was prepared in accordance with Indian Accounting Standards (Ind AS)