Board approves unaudited Q2 and H1 results; auditor's review flags TDS non-compliance as emphasis of matter

Board meeting held on October 12, 2026 approved the unaudited financial results for the quarter and half year ended September 30, 2026, along with the Limited Review Report of the statutory auditors.

Mon 12 Oct 2026

Revenue from operations, half year (standalone)

Rs. 2,831.58 lakhs

Profit for the period (half year)

Rs. 79.44 lakhs

Auditor Emphasis of Matter

timely deposit and update of TDS statements under the Income-tax Act, 1961 was not complied with

Board meeting outcome

The Board of Directors met on Monday, October 12, 2026, from 04:00 P.M. to 05:30 P.M., and approved the Unaudited Financial Results of the company for the half year and quarter ended September 30, 2026, along with the Limited Review Report issued by the statutory auditors. The results are standalone. The company stated the results and the review report will be submitted separately in the prescribed format.

What the results show (Rs. in Lakhs)

• Revenue from operations: 631.57 for the quarter, 2,831.58 for the half year
• Total revenue: 640.42 for the quarter, 2,847.27 for the half year
• Total expenses: 569.28 for the quarter, 2,767.83 for the half year
• Profit before exceptional items and tax: 71.14 for the quarter, 79.44 for the half year
• Profit for the period: 71.14 for the quarter, 79.44 for the half year
• Earnings per share (basic, not annualised): 0.37 for the quarter, 0.41 for the half year
• For the year ended March 31, 2026, Profit/(Loss) for the period was (636.95)
• Paid up equity share capital: 1,920.00, face value Rs. 10 each

Balance sheet and cash flow

• Total assets: 1,326.26 as at September 30, 2026, against 1,834.66 as at March 31, 2026
• Cash and cash equivalents: 4.17 as at September 30, 2026, against 0.58 as at March 31, 2026
• Borrowings: 78.22 as at September 30, 2026, against 170.68 as at March 31, 2026
• Net cash flow generated from operating activities for the half year: 108.78

All the figures above are in Rs. in Lakhs, as printed in the update.

What the auditor's review report says

• The auditors carried out a limited review in line with SRE 2410 and stated there is no qualification in their report on these financial results. The board's note records that the statutory auditor expressed an unmodified opinion.
• Emphasis of Matter: the auditors observed that the company has not complied with certain statutory requirements under the Income-tax Act, 1961 relating to timely deposit and update of TDS statements. Consequently, interest, penalties and other liabilities, if any, arising from this have not been ascertained and provided for in the books of accounts. In the auditor's opinion this constitutes non-compliance with statutory provisions which may have a material impact on the financial statements.
• The auditors also drew attention that certain documents and confirmation of books of accounts pertaining to the year were not available for verification. Management represented that the underlying transactions have been duly recorded in the books of account and provided alternative supporting documentation, based on which the financial statements have been prepared.
• The report notes that the review is based on documents, explanations and representations provided by management, and that a review is substantially less in scope than an audit.

Other points from the update

• The company has a single business segment.
• Previous quarter figures have been regrouped or reclassified where necessary to make them comparable.

What this means for a reader

The update is the company's quarterly and half-yearly results update. The reported numbers carry an unmodified review opinion, while the auditor has separately recorded an Emphasis of Matter on TDS-related compliance and on documents not being available for verification. Those two observations are the points a reader can weigh alongside the reported revenue and profit figures.

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