Polycon International reported a standalone net loss of ₹89.10 crore for the quarter ended September 30, 2026, narrowing from ₹101.52 crore in the corresponding period last year.

The Jaipur-based infrastructure company saw revenue from operations contract by 28% year-on-year to ₹277.25 crore, down from ₹385.77 crore in Q2FY26. Despite the top-line decline, the company managed to reduce its net loss due to lower costs and improved other income contributions.

Financial Performance Overview

For the half-year ended September 30, 2026 (H1FY27), Polycon posted a net loss of ₹136.17 crore, compared to a loss of ₹127.04 crore in H1FY26. Total revenue for the half-year stood at ₹722.19 crore, reflecting a decline from ₹821.62 crore in the previous year's comparable period.

Cost Structure and Margins

Total expenses for Q2FY27 decreased to ₹379.36 crore from ₹490.18 crore in Q2FY26. A significant contributor to this reduction was the cost of materials consumed, which fell to ₹142.42 crore from ₹232.97 crore year-on-year. Employee benefits expense rose slightly to ₹54.52 crore from ₹51.96 crore, while finance costs remained relatively stable at ₹56.42 crore compared to ₹52.87 crore in the prior year.

Other income played a notable role in cushioning the bottom line, surging to ₹9.16 crore in Q2FY27 against a negligible ₹0.05 crore in Q2FY26. This shift helped offset some of the operational losses, although the company remained in the red.

What the Numbers Show

A divergence between revenue contraction and loss narrowing highlights the impact of non-operating items and cost management. While revenue fell sharply by 28%, the net loss only narrowed by 12%. This suggests that the improvement in profitability was driven less by operational efficiency and more by the substantial increase in other income (from ₹0.05 crore to ₹9.16 crore) and a significant drop in material costs relative to the revenue decline. The persistent negative EBITDA indicates that core operations remain under pressure despite these adjustments.

Polycon International has submitted the voting results and scrutinizer's report for its 35th Annual General Meeting held on September 30, 2026. The meeting, conducted in Jaipur, saw the adoption of FY26 financial statements and director reappointments with unanimous support from shareholders.

The proceedings were chaired by Rajiv Baid, Chairman and Managing Director. The meeting was held at Parmanand Hall, Ashok Watika Samiti, C-Scheme, Jaipur. Attendance included 17 members present in person and 5 members participating through proxy.

Key resolutions passed

Members considered and approved two ordinary resolutions during the session:

1. Adoption of the audited financial statements for FY26, along with the reports of the Board of Directors and Auditors.
2. Appointment of Prashant Singh Vohra as Director in place of himself, who was liable to retire by rotation and offered himself for reappointment.

Voting results and scrutiny

The final voting results indicate that both resolutions were passed with 100% of valid votes cast in favour. There were no votes against or abstentions recorded for either resolution. The total number of valid votes cast across both modes (e-voting and polling paper) stood at 37,03,961.

The voting breakdown is as follows:

Compliance and participation details

The company provided a remote e-voting facility from September 27 to September 29, 2026, in accordance with Section 108 of the Companies Act, 2013, and Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The cut-off date for voting rights was September 23, 2026.

Practicing Company Secretary B K Sharma served as the scrutinizer. The report confirms that the electronic data and records relating to remote e-voting through the CDSL platform and voting through polling paper remain in safe custody until the Chairman approves and signs the Minutes of the Annual General Meeting.

A total of 1,049 shareholders were on record as of the cut-off date. Of these, 22 shareholders attended the meeting either in person or through proxy. No shareholders attended via video conferencing.