Below is a structured extraction and summary of all relevant and actionable financial information from the EPACK Durable Limited results filing dated November 4, 2025, for the quarter and six months ended September 30, 2025.
1. Auditor’s Note
- Type: Independent Auditor’s Review Report by Deloitte Haskins & Sells on both Consolidated and Standalone Unaudited Financial Results.
- Conclusion:
- No qualifications, concerns, or issues reported.
- The review was conducted as per applicable standards (SRE 2410).
- Reliance placed on other auditors for two subsidiaries and one joint venture; no modifications to the report.
- Summary: Auditor’s notes are clean and unqualified for both standalone and consolidated results.
2. Financial Performance
Periods Covered:
- Latest quarter: Q2 FY26 (July-Sept 2025) — Quarter ended September 30, 2025
- Immediately preceding quarter: Q1 FY26 (April-June 2025) — Quarter ended June 30, 2025
- Same quarter previous year: Q2 FY25 (July-Sept 2024) — Quarter ended September 30, 2024
- Full financial year: FY25 (April 1, 2024 - March 31, 2025)
- Previous financial year: FY24 (April 1, 2023 - March 31, 2024) — Not provided in detail, but FY25 compared to FY24 is shown.
2.1 Consolidated Financial Results (Rs in Lakhs)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|---|---|---|---|---|---|
| Revenue from operations | 21,326.26 | 66,239.25 | 37,710.48 | 87,565.51 | 1,15,078.37 | 2,17,087.07 |
| Other Income | 616.23 | 568.36 | 474.07 | 1,063.69 | 1,068.22 | 2,105.06 |
| Total Income | 21,942.49 | 66,807.61 | 38,184.55 | 88,629.20 | 1,16,146.59 | 2,19,192.13 |
| Total Expenses | 24,646.63 | 63,632.84 | 39,283.89 | 88,158.57 | 1,13,996.71 | 2,11,450.72 |
| Profit before share of JV & tax | (2,704.14) | 3,174.77 | (1,099.34) | 470.63 | 2,149.88 | 7,741.41 |
| Share of (loss) of joint venture | (164.01) | (28.74) | (70.25) | (192.75) | (88.69) | (301.37) |
| Profit/(loss) before tax | (2,868.15) | 3,146.03 | (1,169.59) | 277.88 | 2,061.19 | 7,440.04 |
| Total tax expense | (643.55) | 856.90 | (320.37) | 213.35 | 569.63 | 1,926.03 |
| Profit/(loss) for the period | (2,224.60) | 2,289.13 | (849.22) | 64.53 | 1,491.56 | 5,514.01 |
| Other Comprehensive Income (net) | (5.39) | (6.32) | (5.82) | (11.71) | (11.41) | (29.52) |
| Total Comprehensive Income | (2,229.99) | 2,282.81 | (855.04) | 52.82 | 1,480.15 | 5,484.49 |
| Paid-up equity share capital | 9,622.85 | 9,596.77 | 9,596.77 | 9,622.85 | 9,596.77 | 9,596.77 |
Notes:
- The company reported a loss in Q2 FY26 of Rs (2,224.60) lakhs compared to a profit of Rs 2,289.13 lakhs in Q1 FY26 and a loss of Rs (849.22) lakhs in Q2 FY25.
- H1 FY26 profit is marginal at Rs 64.53 lakhs vs Rs 1,491.56 lakhs in H1 FY25.
- FY25 profit was Rs 5,514.01 lakhs.
- Margins are negative in Q2 FY26 but positive in Q1 FY26 and previous periods.
- Share of loss from joint venture increased in Q2 FY26.
2.2 Standalone Financial Results (Rs in Lakhs)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|---|---|---|---|---|---|
| Revenue from operations | 21,326.26 | 66,239.25 | 37,710.48 | 87,565.51 | 1,15,078.37 | 2,17,087.07 |
| Other Income | 899.10 | 609.07 | 474.07 | 1,387.27 | 1,068.22 | 2,107.88 |
| Total Income | 22,225.36 | 66,848.32 | 38,184.55 | 88,952.78 | 1,16,146.59 | 2,19,194.95 |
| Total Expenses | 24,620.23 | 63,621.11 | 39,283.89 | 88,120.44 | 1,13,996.71 | 2,11,444.75 |
| Profit/(loss) before tax | (2,394.87) | 3,227.21 | (1,099.34) | 832.34 | 2,149.88 | 7,750.20 |
| Total tax expense | (624.79) | 841.47 | (302.69) | 216.68 | 591.95 | 1,927.53 |
| Profit/(loss) for the period | (1,770.08) | 2,385.74 | (796.65) | 615.66 | 1,557.93 | 5,822.67 |
| Other Comprehensive Income (net) | (5.43) | (5.61) | (5.61) | (11.04) | (10.95) | (29.54) |
| Total Comprehensive Income | (1,775.51) | 2,380.13 | (802.26) | 604.62 | 1,546.98 | 5,793.13 |
| Paid-up equity share capital | 9,622.85 | 9,596.77 | 9,596.77 | 9,622.85 | 9,596.77 | 9,596.77 |
| EPS (Basic & Diluted) (Rs) | (1.84) | 2.49 | (0.83) | 0.64 | 1.63 | 6.07 |
Notes:
- Standalone results mirror consolidated trends but with slightly better profitability in H1 FY26 (Rs 615.66 lakhs profit vs Rs 64.53 lakhs consolidated).
- EPS for Q2 FY26 is negative at Rs (1.84), positive in Q1 FY26 at Rs 2.49.
- FY25 EPS was Rs 6.07.
3. Detailed Notes / Management Commentary
- Accounting Standards: Results prepared as per Ind AS 34 and comply with SEBI Listing Regulations.
- Subsidiaries & Joint Ventures:
- New subsidiaries incorporated in FY26: EPACK Electronic Components Pvt Ltd (July 2025), EPACK Durable Global Sales LLC-FZ (Sept 2025), Bumjin India Audio Products Pvt Ltd (June 2025).
- Joint venture: Epavo Electricals Pvt Ltd.
- Segment Reporting:
- Single business segment: Manufacturing of consumer durable products.
- Single geographical segment: India.
- Seasonality: Business is seasonal; quarter and half-year results are not fully comparable with prior periods.
- IPO Proceeds Utilization:
- Total IPO proceeds: Rs 37,846.45 lakhs.
- Utilized Rs 20,194.78 lakhs till June 30, 2025; Rs 4,263.42 lakhs utilized from July to Sept 2025.
- Unutilized proceeds as of Sept 30, 2025: Rs 13,388.25 lakhs (mostly invested in fixed deposits).
- Major use: Capital expenditure for manufacturing facilities in Bhiwadi (Rajasthan) and Sri City (Andhra Pradesh).
- ESOP Scheme:
- Employee Stock Option Scheme 2023 approved; 9,83,863 options granted at Rs 152 exercise price.
- 2,60,748 shares issued during Q2 FY26 on exercise of ESOPs, raising Rs 396.34 lakhs.
- No changes in accounting policies or material adjustments reported.
4. Segment Information
- Business Segment: Single segment - manufacturing of consumer durable products.
- Geography: Primarily India; no separate geographical segment reported.
- No further segmental financials provided.
5. Capex, Projects, and Corporate Activity
- Capital Expenditure:
- Significant capex ongoing for new manufacturing facilities in Bhiwadi and Sri City.
- Capital work-in-progress increased from Rs 5,821.68 lakhs (Mar 31, 2025) to Rs 14,859.92 lakhs (Sep 30, 2025) consolidated; Rs 8,532.16 lakhs standalone.
- Acquisition of investment property Rs 4,077.92 lakhs standalone during H1 FY26.
- Borrowings:
- Increase in borrowings: Consolidated long-term borrowings increased from Rs 3,258.99 lakhs (Mar 31, 2025) to Rs 12,205.53 lakhs (Sep 30, 2025).
- Short-term borrowings increased from Rs 33,712.03 lakhs to Rs 56,659.84 lakhs in same period.
- Cash Flows:
- Operating cash flow negative for H1 FY26: Consolidated Rs (20,887.31) lakhs; Standalone Rs (21,085.94) lakhs.
- Investing cash flow negative due to capex: Consolidated Rs (6,832.54) lakhs; Standalone Rs (2,640.17) lakhs.
- Financing cash flow positive due to borrowings and share issuance: Consolidated Rs 27,453.87 lakhs; Standalone Rs 23,416.06 lakhs.
- No reported writedowns, impairments, or restructuring costs.
6. Standalone vs Consolidated
- Both standalone and consolidated financial results are provided and reviewed.
- Consolidated includes subsidiaries and joint venture; standalone is for the parent company only.
- Financial trends and results are broadly similar, with consolidated showing slightly higher losses in Q2 FY26 due to joint venture losses.
- No non-controlling interests reported.
Summary for Investment Analysis Team
| Aspect | Key Points |
|---|---|
| Auditor’s Opinion | Clean, unqualified review reports for both standalone and consolidated results. |
| Financial Performance | - Q2 FY26 consolidated loss Rs (2,224.60) lakhs vs profit in Q1 FY26 Rs 2,289.13 lakhs. |
| - H1 FY26 consolidated profit marginal Rs 64.53 lakhs vs Rs 1,491.56 lakhs in H1 FY25. | |
| - Standalone results similar but slightly better profitability. | |
| - EPS negative in Q2 FY26; positive in Q1 FY26. | |
| Revenue | Consolidated revenue stable at Rs 21,326.26 lakhs in Q2 FY26; H1 FY26 Rs 87,565.51 lakhs. |
| Margins | Negative operating margins in Q2 FY26; positive in prior periods. |
| Segment & Geography | Single business segment (consumer durables), single geography (India). |
| Capex & Projects | Ongoing capex for new manufacturing facilities in Bhiwadi and Sri City; significant increase in capital WIP. |
| Borrowings & Liquidity | Increased borrowings (both long and short term) to fund capex and operations. |
| Cash Flows | Operating cash flow negative due to working capital and losses; financing inflows support capex. |
| IPO Proceeds | Rs 13,388.25 lakhs unutilized as of Sept 30, 2025, mostly parked in fixed deposits. |
| Corporate Actions | New subsidiaries incorporated; ESOP shares issued raising Rs 396.34 lakhs in Q2 FY26. |
| Risks/Concerns | Loss in latest quarter; increased borrowings; seasonal business impacts comparability. |
This detailed extraction should assist the investment analysis team in understanding the company’s current financial health, operational status, and ongoing strategic investments.