INCAP Limited has released its unaudited financial results for the third quarter ended December 31, 2025, showcasing the company's operational performance during the period. The Andhra Pradesh-based company's financial statements were reviewed by the Audit Committee and approved by the Board of Directors on January 31, 2026.

Quarterly Financial Performance

The company's financial performance for Q3 FY26 reflects mixed results compared to the previous year. Key financial metrics demonstrate the company's operational dynamics during the quarter.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, INCAP Limited demonstrated resilient performance across key financial parameters. The company maintained profitability despite operational challenges.

Balance Sheet Position

As of December 31, 2025, the company's balance sheet reflects significant changes in asset composition and financial structure. Total assets increased to ₹3,341.77 lakhs from ₹2,994.37 lakhs as of March 31, 2025.

Key Balance Sheet Highlights:

• Property, Plant and Machinery: ₹581.80 lakhs
• Inventories: ₹898.25 lakhs (substantial increase from ₹229.03 lakhs)
• Trade Receivables: ₹1,082.02 lakhs
• Cash and Cash Equivalents: ₹8.18 lakhs
• Equity Share Capital: ₹513.32 lakhs (unchanged)
• Total Equity: ₹1,690.51 lakhs

Cash Flow Analysis

The company's cash flow statement reveals operational and financial activities during the nine-month period. Net cash from operating activities was ₹8.07 lakhs, while investing activities generated ₹113.58 lakhs primarily from asset sales. Financing activities resulted in a net outflow of ₹419.59 lakhs, leading to a significant decrease in cash and cash equivalents.

Corporate Governance

The financial results were subjected to limited review by the company's statutory auditors and were formally approved by the Board of Directors. C. Neelima, Managing Director (DIN: 02737481), signed off on the financial statements. The company maintains its registered office at 1-58, Nidamanur, Vijayawada - 521104, Andhra Pradesh, and continues to operate under CIN L32101AP1990PLC011311.

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.