SMStanrose Mafatlal Investments & Finance506105Quarterly results

Board approves Q2 and half-year results; auditors flag NBFC status note and unreviewed subsidiary

Board approved standalone and consolidated unaudited results for Q2/half year ended Sept 30, 2026.

By ScoutQuest · Tue 3 Nov 2026, 5:20 PM IST · 3 min read

Total assets (standalone)

Rs. 3557.91 lakh as at September 30, 2026

Garments trading revenue (H1 FY26)

Rs. 149.86 lakh in the half year ended September 30, 2026

Stan Plaza total assets

Rs. 378.60 Lakhs as at September 30, 2026

Board meeting outcome

• The meeting was held on November 3, 2026, commencing at 3:30 P.M. and concluding at 4:30 P.M.
• The Board approved the standalone and consolidated unaudited financial results for the second quarter and half year ended September 30, 2026.
• Statutory auditors Manubhai & Shah LLP, Chartered Accountants, Ahmedabad, issued a Limited Review report on both sets of results.

Auditor's conclusion

The review conclusion is unmodified. The auditors state that nothing has come to their attention that causes them to believe the statements have not disclosed the information required by the Listing Regulations, or that they contain any material misstatement. A review gives only moderate assurance and is not an audit, so no audit opinion is expressed.

Two matters the auditors drew attention to

• Emphasis of matter: the results are prepared under Division III to Schedule III of the Companies Act, 2013 even though the company no longer satisfies the principal business criteria of an NBFC from April 01, 2026, for the reason stated in note 5.
• Other matter: the consolidated results include the subsidiary Stan Plaza Limited, whose financial results have not been reviewed by its auditor. That subsidiary reflects total assets of Rs. 378.60 Lakhs as at September 30, 2026, total revenue of Rs. 0.17 Lakhs, total net profit after tax of Rs. (0.12) Lakhs, total comprehensive income of Rs. (0.21) Lakhs and net cash flows of Rs. (0.60) Lakhs for the half year ended September 30, 2026. The auditors' conclusion is not modified on this account.

Why the NBFC tag changed

• Note 5 explains the test: a company is treated as an NBFC when its financial assets are more than 50% of its total assets (net of intangible assets) and income from financial assets is more than 50% of its gross income, based on the last audited financials.
• During the financial year 2025-26 the company commenced a garments trading business, and turnover from garments trading exceeded 50% of the company's total income for the year ended March 31, 2026.
• Accordingly, with effect from April 01, 2026 the company no longer satisfies the principal business criteria for classification as an NBFC.
• Management intends to continue the garments trading business in the foreseeable future and is evaluating the process of surrendering the company's Certificate of Registration as an NBFC with the RBI. Until that process is completed, the results are prepared under Division III to Schedule III.

What the statements show

• Total assets: standalone Rs. 3557.91 lakh as at September 30, 2026, against Rs. 3076.58 lakh as at March 31, 2026; consolidated Rs. 3805.00 lakh, against Rs. 3324.41 lakh.
• Total equity: standalone Rs. 3360.76 lakh; consolidated Rs. 3406.56 lakh.
• Trading sale of garments, the new business line: Rs. 80.16 lakh in the quarter and Rs. 149.86 lakh in the half year ended September 30, 2026.
• Borrowings appear only in the consolidated statement, at Rs. 201.34 lakh, unchanged from March 31, 2026.
• Cash and cash equivalents at the close of the half year: Rs. 32.21 lakh standalone and Rs. 45.05 lakh consolidated.
• The consolidated statement covers the holding company and its wholly owned subsidiary, Stan Plaza Limited.

What a retail investor can watch

• Progress on the proposed surrender of the NBFC Certificate of Registration with the RBI, which would formally change how the company is regulated and classified.
• How the garments trading business scales, since it is now the activity that determines the company's classification, and the split of income between interest, dividend, fair value gains and trading.
• The subsidiary's numbers, which are part of the consolidated results but were reviewed by a different process than the parent's figures.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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