Standalone Q2 results approved; director resigns; limited review finds no material misstatement
Board met on 22 Oct 2026 and approved the standalone unaudited results for the quarter and half year ended 30 Sep 2026.
By ScoutQuest · · 2 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 185.26 | 422.12 | −56.1% | 265.02 | −30.1% |
| Total income | 185.41 | 425.27 | −56.4% | 265.29 | −30.1% |
| Profit before tax | (38.87) | (3.92) | −892% | 2.81 | — |
| Profit after tax | (38.20) | (3.43) | — | 3.91 | — |
| Total comprehensive income | (38.20) | (3.43) | — | 3.91 | — |
| Basic EPS | (0.05) | (0.00) | — | 0.01 | — |
- Total income - Year ago / YoY
- 425.27 (−56.4%)
- Period
- Quarter ended 30.09.2026 (Unaudited)
Also decided at the meeting
- Board took note of resignation of Mrs. Arunaben Prafulkumar Bavishiya (DIN: 07385551) as Director due to other pre-existing commitments, effective from close of business hours on October 22, 2026.
Auditor's review
Conclusion: Unmodified
Notes to the results
- Capital Work-in-Progress: expenditure on two ongoing projects (Solar Power Plant and own premises for FIBC Bags manufacturing unit) capitalised under CWIP pending completion.
The board of Shivamshree Businesses Ltd met on 22 October 2026 and approved the company's standalone unaudited financial results for the quarter and half year ended 30 September 2026.
What the board approved
- The standalone unaudited results, reviewed by the audit committee and approved by the board without any modifications or qualifications.
- The board took note of the resignation of Mrs. Aruna Prabhukumar Bavishiya (DIN: 07385551) as a director, effective from the close of business hours on 22 October 2026. Her stated reason is other pre-existing commitments, and she confirmed there is no other material reason.
The meeting ran from 04:05 PM to 04:30 PM.
Auditor's conclusion
The statutory auditors' limited review report says nothing has come to their attention that causes them to believe the statement has not disclosed what Regulation 33 requires, or that it contains any material misstatement. A review gives limited assurance and is narrower than a full audit.
Results at a glance (standalone, Rs. in lakh)
- Revenue from operations: 185.26 for the quarter and 450.27 for the half year; the year-ago quarter was 422.12.
- Total income: 185.41 for the quarter.
- Total expenses: 224.27 for the quarter.
- Profit after tax: a loss of 38.20 for the quarter and 34.29 for the half year; the year-ago quarter was a loss of 3.43.
- Basic earnings per share for the quarter: 0.05 (negative), on shares of face value Rs. 1 each.
How the two segments did
- Manufacturing of Industrial bags: revenue 185.26 in the quarter and segment result 34.87 for the half year.
- Trading and manufacturing of Solar Power Generating System and ancillaries: no revenue in the quarter, and a segment result of 16.92 (negative) for the quarter and 33.40 (negative) for the half year.
Balance sheet (Rs. in lakh)
- Total assets: 3,165.13 as at 30 September 2026, against 2,174.04 as at 31 March 2026.
- Non-current borrowings: 2,060.12, against 697.05.
- Capital work-in-progress: 1,701.71, against 732.52.
- Paid-up equity share capital: 756.50 (face value Rs. 1 each).
Cash flow for the six months (Rs. in lakh)
- Net cash used in operating activities: 371.16 (negative).
- Net cash used in investing activities: 994.38 (negative).
- Net cash from financing activities: 1,361.51 (positive).
What is being built
A note explains the company is undertaking two capital projects: construction and development of a Solar Power Plant under the solar segment, and construction of its own manufacturing premises for the FIBC bags manufacturing unit. Spending on these is capitalised under capital work-in-progress until the projects are complete and commercial operations begin.
Put simply, this update tells you three things: the June-September quarter's numbers (a loss at the profit after tax line), that the auditor's limited review raised no material misstatement, and that one director has stepped down.
Also from Shivamshree Businesses
Board meeting on 22 October 2026 to consider September quarter and half year results
17 Oct 2026
Non-applicability of related party transaction disclosures for the half year ended 30.09.2026
15 Oct 2026
Kavita Kothari Appointed Whole-Time Company Secretary and Compliance Officer
29 Sep 2026
More numbers
- Profit after tax, half year ended 30.09.2026 (standalone)(34.29)
- Total assets as at 30 September 20263,165.13
- Non-current borrowings as at 30 September 20262,060.12
- Capital work-in-progress as at 30 September 20261,701.71
- Net cash used in operating activities, six months ended 30.09.2026(371.16)
- Total income, latest quarter185.41 (Rs. in lakhs)
- Total income, year-ago quarter425.27 (Rs. in lakhs)
- Total income, previous quarter265.29 (Rs. in lakhs)
- Total comprehensive income, latest quarter(38.20) (Rs. in lakhs)
- Total comprehensive income, year-ago quarter(3.43) (Rs. in lakhs)
- Total comprehensive income, previous quarter3.91 (Rs. in lakhs)
- Profit after tax, latest quarter(38.20) (Rs. in lakhs)
- Profit after tax, year-ago quarter(3.43) (Rs. in lakhs)
- Profit after tax, previous quarter3.91 (Rs. in lakhs)
- Revenue from operations, latest quarter185.26 (Rs. in lakhs)
- Revenue from operations, year-ago quarter422.12 (Rs. in lakhs)
- Revenue from operations, previous quarter265.02 (Rs. in lakhs)
- Profit before tax, latest quarter(38.87) (Rs. in lakhs)
- Profit before tax, year-ago quarter(3.92) (Rs. in lakhs)
- Profit before tax, previous quarter2.81 (Rs. in lakhs)
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