Trade Wings , a company operating in travel-related services and cargo segments, has reported mixed financial results for the second quarter ended September 30, 2025. The company's performance shows a stark contrast between its standalone and consolidated operations.

Standalone Performance

Trade Wings has shown a remarkable turnaround in its standalone operations. The company posted a net profit of Rs 2.09 lakh for Q2 2025, reversing the loss of Rs 32.58 lakh reported in the same quarter of the previous year. This shift from loss to profit indicates a significant improvement in the company's core operations.

The standalone revenue from operations stood at Rs 589.70 lakh for the quarter, reflecting the company's performance in its primary business segments.

Consolidated Results

While the standalone results paint a positive picture, the consolidated operations tell a different story. Trade Wings reported a consolidated net loss of Rs 194.17 lakh for Q2 2025. This substantial loss at the group level suggests challenges in the company's subsidiary operations.

The consolidated revenue from operations was reported at Rs 6,097.70 lakh, significantly higher than the standalone figure. This indicates that the subsidiary contributes substantially to the group's overall revenue.

Segment-wise Performance

Trade Wings operates in two main segments:

1. Travel-related services
2. Cargo

While specific segment-wise breakdowns were not provided, the disparity between standalone and consolidated results suggests varying performances across these segments and the company's subsidiary.

Additional Insights from LODR Data

The Limited Review Report, as part of the LODR filing, provides further context to the financial results:

1. The company's subsidiary, Trade Wings Hotels Limited, is included in the consolidated results.
2. The subsidiary's interim financial statements reflect:
   • Total assets of Rs 2,190.64 lakh as of September 30, 2025
   • Total revenues of Rs 1,308.89 lakh for the period from April 1, 2025, to September 30, 2025
   • A net loss after tax of Rs 179.90 lakh for the same period

This subsidiary performance largely explains the consolidated loss reported by Trade Wings, despite the standalone profit.

Conclusion

Trade Wings' Q2 2025 results present a mixed picture. While the company has successfully turned around its standalone operations to profitability, the consolidated results are weighed down by losses in its subsidiary. Investors and stakeholders may need to closely monitor the performance of both the parent company and its subsidiary, Trade Wings Hotels Limited, in the coming quarters to gauge the overall health and direction of the group.

Trade Wings Limited has announced its unaudited financial results for the second quarter ended September 30, 2025. The company, which operates in Travel Related Services and Cargo & Others segments, reported a mixed performance with declining revenues and widening losses compared to the previous quarter.

Key Financial Highlights

All figures in lakhs

Standalone Performance

On a standalone basis, Trade Wings Limited experienced a significant decline in revenue from operations, which fell to ₹58.02 lakhs in Q2 FY2026 from ₹113.80 lakhs in the previous quarter. The company's net loss widened to ₹2.09 lakhs, compared to a loss of ₹0.57 lakhs in Q1 FY2026.

Consolidated Results

The consolidated figures paint a similar picture of declining performance. Revenue from operations decreased to ₹609.70 lakhs from ₹698.48 lakhs in the previous quarter. More notably, the consolidated net loss substantially increased to ₹194.17 lakhs, up from ₹15.78 lakhs in Q1 FY2026.

Balance Sheet Position

As of September 30, 2025, Trade Wings Limited reported total assets of ₹3,877.01 lakhs on a standalone basis.

Board Approval and Disclosure

The financial results were approved by the company's Board of Directors at a meeting held on November 13, 2025. The meeting, which took place at the company's corporate office in Vashi, Navi Mumbai, commenced at 11:30 AM and concluded at 2:00 PM.

In compliance with SEBI regulations, Trade Wings Limited has promptly disclosed these results to the BSE Limited. The company has also submitted the Limited Review Report for the quarter ended September 2025.

Investors and stakeholders should note that these results are unaudited and subject to limited review. The significant increase in consolidated net loss may warrant attention and could potentially impact the company's financial outlook for the fiscal year.