Below is a structured extraction and summary of the relevant and actionable financial information from the Rane Holdings Limited results filing dated November 14, 2025, for the quarter and half year ended September 30, 2025.

1. Auditor’s Note

• Type: Limited Review Report by M/s. B S R & Co., LLP (Statutory Auditors)
• Conclusion:
  • No qualifications, concerns, or issues reported.
  • The auditors state that nothing has come to their attention to indicate material misstatements or non-compliance with applicable accounting standards and SEBI regulations.
  • The review was conducted as per applicable standards and is limited in scope (not a full audit).
• Implication: Standard boilerplate unqualified review report. No auditor concerns.

2. Financial Performance

Consolidated Financials (Rs. Lakhs)

Notes on EPS: Quarterly and half-year EPS are not annualized.

Standalone Financials (Rs. Lakhs)

Margins and Growth (Consolidated)

• Revenue Growth:
  • Q2 FY26 vs Q1 FY26: +4.3%
  • Q2 FY26 vs Q2 FY25: +52.6%
  • H1 FY26 vs H1 FY25: +56.8%
• Profit before tax (PBT) Growth:
  • Q2 FY26 vs Q1 FY26: -26.2% (due to lower exceptional income)
  • Q2 FY26 vs Q2 FY25: -81.2% (exceptional item in Q2 FY25 was very high)
  • H1 FY26 vs H1 FY25: -60.8%
• Profit after tax (PAT) Growth:
  • Q2 FY26 vs Q1 FY26: -45.6%
  • Q2 FY26 vs Q2 FY25: -83.1%
  • H1 FY26 vs H1 FY25: -56.7%
• EBITDA Proxy:
  • EBITDA not explicitly stated; approximate EBITDA = Profit before share of JV, exceptional items, tax + Depreciation + Finance costs (approximate)
  • Q2 FY26: 3,628 + 5,195 + 1,947 = 10,770 lakhs
  • Q1 FY26: 3,515 + 5,037 + 2,118 = 10,670 lakhs
  • Q2 FY25: 2,970 + 3,512 + 1,992 = 8,474 lakhs
• EBITDA Margin (approximate):
  • Q2 FY26: 10,770 / 1,39,922 = 7.7%
  • Q1 FY26: 10,670 / 1,34,082 = 7.96%
  • Q2 FY25: 8,474 / 91,650 = 9.25%

3. Detailed Notes / Management Commentary

• Exceptional Items:
  • Q2 FY25 and FY25 included a large exceptional gain (~Rs. 21,350 lakhs) from step acquisition of Rane Steering Systems Private Limited (RSSL) and settlement of warranty claims from NSK Japan.
  • Q2 FY26 recorded exceptional loss of Rs. 161 lakhs; Q1 FY26 had exceptional income of Rs. 1,546 lakhs mainly from sale of land parcel and insurance claims related to warranty obligations.
  • Voluntary Retirement Scheme (VRS) expenses incurred by RSSL and Rane (Madras) Limited (RML) during the periods:
    • RSSL: Rs. 112 lakhs in Q1 and H1 FY26
    • RML: Rs. 159 lakhs in Q2 FY26, Rs. 101 lakhs in Q1 FY26, Rs. 260 lakhs in H1 FY26
  • RML incurred merger-related expenses, one-time warranty costs, and VRS expenses amounting to Rs. 1,299 lakhs in FY25 and Rs. 44 lakhs in Q2 FY25.
  • Insurance claim income of Rs. 425 lakhs recognized by RML related to overseas customer product liability claim.
  • Provision for customer quality claims and merger expenses of Rs. 450 lakhs in H1 FY25.
• Acquisition:
  • RSSL became wholly owned subsidiary effective September 19, 2024; prior periods not comparable due to change in consolidation method.
• Sale of Land:
  • RML entered agreement to sell 3.48 acres of land in Velachery for Rs. 36,118 lakhs; advance of Rs. 11,500 lakhs received as of Sep 30, 2025.
  • Remaining 1.02 acres retained for new office construction.
  • Land carrying value of Rs. 2 lakhs classified as assets held for sale.
• Share Issue:
  • RSSL issued 20 lakh equity shares at Rs. 250/share (including Rs. 240 premium) to Rane Holdings, raising Rs. 5,000 lakhs on rights basis.
• Warranty Provisions:
  • RSSL has ongoing warranty claims; management believes current provisions adequate based on technical estimates and discussions.
• Tax Regime Change:
  • REVL (merged entity) opted for new tax regime effective FY24, resulting in additional tax expense of Rs. 1,420 lakhs in FY25 due to deferred tax asset remeasurement.
• Segment Reporting:
  • Group operates in a single operating segment: manufacturing and supply of components for transportation industry.
• Scheme of Amalgamation:
  • REVL and RBL merged with RML during Q1 FY26; equity shares allotted to Rane Holdings accordingly.
• Demerger:
  • Scheme approved for demerger of Occupant Safety Division into ZF Lifetec Rane Automotive India Private Limited, subject to regulatory approvals.

4. Segment Information

• Single Operating Segment:
  • As per Ind AS 108, the Group is considered a single operating segment (transportation components manufacturing and supply).
• No further segment breakdown provided.

5. Capex, Projects, and Corporate Activity

• Capital Expenditure:
  • Consolidated Capex (PPE and intangible assets) during H1 FY26: Rs. 12,607 lakhs (up from Rs. 9,557 lakhs in H1 FY25).
• Projects:
  • Construction of new office on retained land parcel (1.02 acres) in Velachery by RML.
• Acquisitions:
  • RSSL became wholly owned subsidiary in FY25 (Sep 19, 2024).
  • No new acquisitions reported in current quarter or half year.
• Disposals:
  • Sale of land parcel in Velachery by RML (advance received Rs. 11,500 lakhs).
  • Proceeds from disposal of PPE Rs. 4,402 lakhs in H1 FY26.
• Impairments / Provisions:
  • Provision for warranty claims and customer quality claims ongoing; management believes provisions adequate.
  • Impairment charges of Rs. 359 lakhs in H1 FY26 (consolidated).
• Restructuring / Cost Cutting:
  • Voluntary Retirement Scheme expenses incurred by RSSL and RML during the periods.
  • Merger-related expenses incurred by RML in FY25 and Q2 FY25.

6. Standalone vs Consolidated

• Both Standalone and Consolidated financial results are provided and reviewed.
• Consolidated results include subsidiaries and joint ventures/associates.
• RSSL consolidation started from Sep 19, 2024; prior periods not comparable.
• Standalone results show significantly lower revenue and profit compared to consolidated, reflecting holding company nature.

Summary for Investment Analysis Team

Actionable Insights:

• The company shows strong revenue growth driven by consolidation and organic expansion.
• Profitability is impacted by exceptional items and restructuring costs; normalize for these to assess core profitability.
• Capex and land sale indicate active asset management and investment in infrastructure.
• Warranty provisions and claims should be monitored for potential future impact.
• The merger and demerger activities may affect future financials and operational focus.
• Debt levels are stable with some reduction in long-term borrowings.
• Standalone results reflect holding company operations; consolidated results provide full operational picture.

End of Analysis