Shekhawati Industries Limited reported a net loss of ₹1.81 lakh for the quarter ended September 30, 2026, compared to a profit of ₹1.87 lakh in the corresponding period last year. The company’s revenue from operations rose significantly to ₹400.80 lakh in Q2FY27, up from nil in Q2FY26.

The Board of Directors approved the standalone unaudited financial results during its meeting held on October 21, 2026. The results were reviewed by the Audit Committee and subjected to a limited review by the statutory auditors, SGCO & Co. LLP.

Financial Performance Overview

The company witnessed a shift in its income structure, with product sales becoming the primary revenue driver in the current quarter. While operating revenue increased substantially, total income declined due to a sharp drop in other income.

What the Numbers Show

A divergence between operational growth and profitability is evident in the Q2FY27 results. While revenue from operations jumped from nil to ₹400.80 lakh, the company swung to a pre-tax loss of ₹180.21 lakh. This reversal contrasts sharply with the previous quarter (Q1FY27), where a profit of ₹652.43 lakh was largely driven by other income of ₹822.38 lakh, which included a significant write-back of loans outstanding under one-time settlement. In Q2FY27, other income plummeted to just ₹2.62 lakh, exposing the underlying operational costs which exceeded revenues.

Balance Sheet and Cash Flow Dynamics

The company’s cash position tightened considerably during the half-year period. Cash and cash equivalents stood at ₹37.65 lakh as on September 30, 2026, down from ₹170.48 lakh at the beginning of the year. Net cash used in operating activities was ₹774.83 lakh for the half year ended September 30, 2026.

Key balance sheet movements include:

• Inventories: Increased to ₹2,389.99 lakh from ₹1,642.00 lakh as on March 31, 2026.
• Short-term Borrowings: Rose to ₹409.18 lakh from nil at the start of the fiscal year.
• Trade Payables: Decreased significantly to ₹4.34 lakh (combined micro/small and other creditors) from ₹763.37 lakh as on March 31, 2026.

Corporate Governance Updates

In addition to the financial results, the Board approved a postal ballot notice for the appointment of Shrey Mukesh Ruia as an Executive Director. The notice will be dispatched to members in accordance with the Companies Act, 2013, and SEBI regulations. The company also noted that it entered into a Limited Liability Partnership (LLP) deed during the quarter but made no investments or transactions therein, rendering consolidated financial statements not applicable for the period.

Shekhawati Industries Limited saw its promoter group increase its equity stake following an open market purchase of 5,06,587 shares. The acquisition was executed by SKI Realtech Private Limited on September 23, 2026.

This transaction marks a shift in the internal distribution of holdings within the Ruia family-controlled entities. While the aggregate promoter shareholding rose from 64.08% to 65.55%, the purchase was made by one specific entity within the group without diluting other major promoters' stakes.

Acquisition Details

The disclosure filed under Regulation 29(2) of SEBI (SAST) Regulations, 2011, confirms that SKI Realtech Private Limited acquired the shares through the open market. The company’s total equity capital remains unchanged at ₹34,47,00,000, divided into 3,44,70,000 equity shares of ₹10 each.

What the Numbers Show

The data reveals a consolidation of control within the promoter group without any change in the individual stakes of key family members like Mukesh Ramniranjan Ruia or Shrey Mukesh Ruia. Their holdings remained static at 22.92% and 11.89% respectively. The entire 1.46% increase in the group's overall stake is attributable solely to SKI Realtech Private Limited, which increased its own holding from 6.09% to 7.56%. This suggests a strategic accumulation by this specific corporate entity rather than a broad-based buying across all promoter vehicles.