Athena Constructions Reports Net Loss of ₹36.47 Crores for H1 FY26
Athena Constructions Limited reported a net loss of ₹36.47 crores for H1 FY26 compared to ₹34.44 crores loss in H1 FY25, with zero revenue from operations and total expenditure increasing 26.35% to ₹20.86 crores. The company's reserves deteriorated to negative ₹133.95 crores while long-term borrowings increased to ₹686.96 crores. Cash flow from operations was negative at ₹473.74 crores, though the company raised ₹367.80 crores through financing activities.
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Athena Constructions Limited announced its unaudited financial results for the six months ended September 30, 2025, revealing continued operational challenges with a net loss of ₹36.47 crores. The Board of Directors approved these results at their meeting held on November 14, 2025, following review by the audit committee and certification by statutory auditors.
Financial Performance Overview
The company's financial performance for H1 FY26 showed deterioration compared to the previous year, with key metrics highlighting operational difficulties:
| Metric | H1 FY26 | H1 FY25 | Change |
|---|---|---|---|
| Revenue from Operations | ₹0.00 cr | ₹0.00 cr | No change |
| Total Income | ₹0.00 cr | ₹0.00 cr | No change |
| Total Expenditure | ₹20.86 cr | ₹16.51 cr | +26.35% |
| Net Loss | ₹36.47 cr | ₹34.44 cr | +5.89% |
| Basic & Diluted EPS | (₹0.49) | (₹0.46) | -6.52% |
Expenditure Breakdown
The company's expenditure structure for H1 FY26 comprised several components, with employee benefit expenses forming the largest portion:
| Expense Category | H1 FY26 | H1 FY25 | Variance |
|---|---|---|---|
| Employee Benefit Expenses | ₹7.32 cr | ₹8.54 cr | -14.29% |
| Other Expenses | ₹13.22 cr | ₹7.83 cr | +68.84% |
| Depreciation & Amortisation | ₹0.32 cr | ₹0.14 cr | +128.57% |
The significant increase in other expenses by 68.84% contributed substantially to the higher total expenditure, despite a reduction in employee benefit expenses.
Balance Sheet Position
As of September 30, 2025, the company's financial position showed mixed indicators:
| Balance Sheet Item | Sep 30, 2025 | Sep 30, 2024 |
|---|---|---|
| Share Capital | ₹750.00 cr | ₹750.00 cr |
| Reserves & Surplus | (₹133.95) cr | (₹59.01) cr |
| Long-term Borrowings | ₹686.96 cr | ₹480.64 cr |
| Total Assets | ₹1,707.12 cr | ₹1,212.15 cr |
| Cash & Cash Equivalents | ₹4.33 cr | ₹3.76 cr |
The company maintained its paid-up equity share capital at ₹750.00 crores with a face value of ₹10 per share. However, reserves and surplus deteriorated further to negative ₹133.95 crores from negative ₹59.01 crores in the previous year.
Cash Flow Analysis
The cash flow statement for H1 FY26 revealed significant operational challenges:
- Operating Activities: Net cash used was ₹473.74 crores, compared to cash generation of ₹41.64 crores in FY25
- Investing Activities: Generated ₹109.35 crores, primarily from long-term loans and advances
- Financing Activities: Generated ₹367.80 crores, mainly from long-term borrowings of ₹352.18 crores
The company's finance costs remained substantial at ₹15.62 crores for H1 FY26, though lower than ₹17.93 crores in H1 FY25.
Corporate Governance
The financial results were approved by the Board of Directors at their meeting held on November 14, 2025, which commenced at 4:00 PM and concluded at 4:30 PM. Mr. Ravi Kant Rathi, Director (DIN: 00862459), was authorized to sign the financial results on behalf of the Board. The results were reviewed by JMT & Associates, Chartered Accountants, who provided a clean review report confirming compliance with applicable accounting standards and SEBI regulations.
Historical Stock Returns for Athena Constructions
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -100.00% | -100.00% | -100.00% | -100.00% | -100.00% | -100.00% |
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