Incap Limited , a company listed on the Bombay Stock Exchange, has released its unaudited financial results for the second quarter of the fiscal year 2025-2026, ending September 30, 2025. The report reveals a mixed financial performance, with a notable decline in both revenue and profit compared to the previous quarter and the same period last year.

Key Financial Highlights

Revenue and Profitability Analysis

Incap Limited experienced a significant decline in its revenue from operations, which stood at Rs. 623.16 lakhs for Q2 FY2026. This represents a 37.5% decrease compared to the previous quarter (Rs. 996.84 lakhs) and a 12.1% drop from the same quarter last year (Rs. 708.65 lakhs).

The company's total income, including other income, followed a similar trend, decreasing to Rs. 626.30 lakhs in Q2 FY2026 from Rs. 996.91 lakhs in Q1 FY2026 and Rs. 708.17 lakhs in Q2 FY2025.

Profitability also saw a downturn, with the net profit for Q2 FY2026 at Rs. 22.12 lakhs, marking a 26.2% decrease from the previous quarter (Rs. 29.99 lakhs) and a substantial 51.2% decline from the same period last year (Rs. 45.34 lakhs).

Expense Management

Total expenses for Q2 FY2026 were reported at Rs. 604.18 lakhs, showing a decrease from Rs. 966.92 lakhs in the previous quarter. This reduction in expenses, however, was not sufficient to offset the decline in revenue, resulting in lower profitability.

Half-Yearly Performance

For the first half of FY2026 (H1 FY2026), Incap Limited reported:

• Total income of Rs. 1,623.21 lakhs, up from Rs. 1,175.04 lakhs in H1 FY2025
• Net profit of Rs. 52.11 lakhs, down from Rs. 68.31 lakhs in the same period last year

Balance Sheet and Cash Flow

The company's balance sheet as of September 30, 2025, shows a paid-up equity share capital of Rs. 513.32 lakhs, unchanged from the previous periods. The cash flow statement indicates a significant decrease in cash and cash equivalents, from Rs. 306.11 lakhs at the beginning of the period to Rs. 8.07 lakhs at the end of September 2025.

Management Review and Auditor's Statement

The financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 1, 2025. The company's statutory auditors have conducted a limited review of these financial results, as stated in their report.

Conclusion

Incap Limited's Q2 FY2026 results reflect challenges in maintaining revenue growth and profitability. The significant decrease in both top-line and bottom-line figures may prompt investors to closely monitor the company's performance in the coming quarters for signs of recovery or continued pressure.

Incap Limited, a company specializing in assessment services, has reported a significant increase in revenue for the first quarter. The unaudited financial results, submitted to the Bombay Stock Exchange on August 2, reveal substantial growth in both revenue and profit compared to the same period last year.

Financial Highlights

• Revenue Surge: Incap Limited's revenue from operations for Q1 stood at Rs 996.84 lakhs, marking a remarkable 114% increase from Rs 466.38 lakhs in the corresponding quarter of the previous year.
• Profit Growth: The company's net profit rose to Rs 29.99 lakhs, up 30.6% from Rs 22.97 lakhs in the same quarter last year.
• Expenses: Total expenses increased to Rs 966.92 lakhs from Rs 443.89 lakhs year-over-year, reflecting the expanded scale of operations.
• Earnings Per Share: The company reported earnings per share of Rs 0.58 for the quarter.

Key Financial Metrics

Operational Performance

The significant revenue growth suggests a strong market demand for Incap Limited's assessment services. The company's ability to more than double its revenue while maintaining profitability indicates effective operational management and possibly an expansion of its client base or service offerings.

Balance Sheet Highlights

• Cash Position: The company's cash and cash equivalents decreased to Rs 8.16 lakhs from Rs 306.11 lakhs at the end of the previous period, possibly indicating investments in growth or operational needs.
• Inventory Management: Inventories increased substantially to Rs 893.47 lakhs from Rs 229.03 lakhs, which may reflect preparations for anticipated future demand.
• Trade Receivables: There was a slight increase in trade receivables to Rs 1,437.29 lakhs from Rs 1,420.03 lakhs, suggesting stable credit management practices.

Management Commentary

While specific management comments were not provided in the LODR data, the overall financial performance suggests that Incap Limited is experiencing a period of significant growth. The company's board meeting to approve these results commenced at 11:30 AM and concluded at 1:50 PM on August 2.

Looking Ahead

As Incap Limited continues to navigate the fiscal year, investors and stakeholders will be keen to see if the company can maintain this growth trajectory. The substantial increase in revenue and profit sets a high benchmark for future quarters, and it will be interesting to observe how the company manages its expanded operations and capitalizes on market opportunities.

The unaudited financial results provide a snapshot of Incap Limited's performance, and as always, investors are advised to consider these results in conjunction with broader market trends and future outlook statements from the company management.