Panthaora narrows September-quarter loss to Rs 9.18 lakh

Panthaora Limited reported a net loss of Rs 9.18 lakh for the quarter ended September 30, 2026, compared with a Rs 37.84 lakh loss a year earlier, as total expenses fell to Rs 15.88 lakh and trading income contributed Rs 3.67 lakh. The Board approved the unaudited standalone results on November 12, 2026.

Why did Panthaora's September-quarter loss narrow?

Panthaora's September-quarter loss narrowed year on year as the decline in total expenses exceeded the decline in total income. Net loss was Rs 9.18 lakh for the quarter ended September 30, 2026, against Rs 37.84 lakh in the corresponding quarter of 2025, a reduction of Rs 28.66 lakh. Loss before tax was Rs 9.20 lakh, compared with Rs 37.84 lakh a year earlier.

Total expenses were Rs 15.88 lakh in the latest quarter, down from Rs 49.37 lakh in the September 2025 quarter. Employee-benefit expense decreased to Rs 8.07 lakh from Rs 18.60 lakh, while finance costs fell to Rs 0.34 lakh from Rs 1.97 lakh. Other expenses, however, increased to Rs 6.78 lakh from Rs 2.61 lakh.

The reported net loss was Rs 0.02 lakh lower than the pre-tax loss because the results show a deferred-tax credit of Rs 0.02 lakh. Panthaora did not report current tax for either the September 2026 quarter or the corresponding September 2025 quarter. Basic and diluted loss per share were each Rs 0.04 for the latest quarter, versus Rs 0.16 a year earlier.

Sequentially, the loss widened from Rs 8.45 lakh in the quarter ended June 30, 2026, to Rs 9.18 lakh in the September quarter. Total income rose by Rs 5.60 lakh to Rs 6.68 lakh from Rs 1.08 lakh, but total expenses increased by Rs 6.35 lakh from Rs 9.53 lakh. The quarter-on-quarter movement therefore differed from the year-on-year reduction in loss.

How did Panthaora's revenue mix change in September?

Panthaora reported Rs 3.67 lakh of trading income and Rs 3 lakh of professional income in the September 2026 quarter. Trading income was Rs 1.07 lakh in the June 2026 quarter and was nil in the September 2025 quarter. Professional income was Rs 11 lakh in the September 2025 quarter and nil in the June 2026 quarter.

Revenue from operations in the main financial-results statement was Rs 6.67 lakh for the quarter ended September 30, 2026, compared with Rs 11 lakh a year earlier and Rs 1.07 lakh in the preceding quarter. Other income was Rs 0.01 lakh, taking total income to Rs 6.68 lakh, against Rs 11.54 lakh in September 2025 and Rs 1.08 lakh in June 2026.

The segment disclosure lists Rs 6.69 lakh of total net sales or income from operations for September 2026, comprising Rs 3 lakh of professional income, Rs 3.67 lakh of trading income and Rs 0.02 lakh of unallocated income. This is Rs 0.02 lakh higher than revenue from operations in the main statement, which reports Rs 6.67 lakh. The filing separately reports Rs 0.01 lakh of other income in the main statement.

For the half year ended September 30, 2026, Panthaora reported Rs 4.74 lakh of trading income and Rs 3 lakh of professional income. Revenue from operations was Rs 7.74 lakh in the main statement, compared with Rs 33.50 lakh in the half year ended September 30, 2025. The segment disclosure shows professional income of Rs 33.50 lakh and no trading income in the prior-year half.

What changed in Panthaora's half-year costs and result?

Panthaora reported a Rs 17.63 lakh net loss for the half year ended September 30, 2026, compared with a Rs 73.88 lakh loss in the corresponding prior-year half. Total expenses declined to Rs 25.41 lakh from Rs 1.09 crore, while total income fell to Rs 7.76 lakh from Rs 34.83 lakh. The smaller loss coincided with the larger absolute reduction in expenses.

Employee-benefit expense for the latest six months was Rs 13.02 lakh, down from Rs 40.60 lakh a year earlier. Other expenses decreased to Rs 10.05 lakh from Rs 62.98 lakh, and finance costs fell to Rs 0.64 lakh from Rs 4.81 lakh. Purchase of stock in trade was Rs 1.72 lakh in the latest half year, while the corresponding prior-year line was nil.

The segment statement records a Rs 5.54 lakh loss from professional income for the half year ended September 2026, compared with a Rs 70.39 lakh loss a year earlier. It also records a Rs 12.11 lakh loss from trading income in the latest half year. Unallocated income was Rs 0.03 lakh, compared with Rs 1.33 lakh in the corresponding prior-year half.

Panthaora said that assets and liabilities are used interchangeably among its segments and that allocating them to individual reportable segments was not practicable. The company therefore did not disclose segment assets or liabilities for the six months ended September 30, 2026. It said a forced allocation would not produce meaningful segregation.

What do Panthaora's balance sheet and cash position show?

Panthaora's total assets were Rs 7.10 crore at September 30, 2026, compared with Rs 7.31 crore at March 31, 2026. Non-current assets were Rs 6.68 crore at September-end, including loans of Rs 5.01 crore. Current assets were Rs 42.37 lakh, down from Rs 56.07 lakh at the March year-end.

Cash and cash equivalents were Rs 11.06 lakh at September 30, 2026, compared with Rs 24.81 lakh at March 31, 2026. The cash-flow statement records a Rs 13.76 lakh reduction in cash and cash equivalents during the six-month period. It also records a Rs 13.53 lakh operating cash outflow and Rs 3.12 lakh of purchases of fixed assets.

Total equity declined to Rs 5.96 crore at September 30 from Rs 6.13 crore at March 31. Equity share capital remained Rs 5.79 crore, while reserve and surplus decreased to Rs 16.61 lakh from Rs 34.24 lakh. Long-term borrowings increased to Rs 27.75 lakh from Rs 21 lakh over the same period.

Current liabilities were Rs 86.61 lakh at September 30, 2026, versus Rs 94.19 lakh at March 31, 2026. Trade payables were Rs 50.95 lakh at September-end, compared with Rs 60.43 lakh at the March year-end. Total assets and total equity and liabilities each stood at Rs 7.10 crore, as presented in the unaudited balance sheet.

Did the auditor identify a material misstatement in Panthaora's results?

Panthaora's statutory auditor said nothing came to its attention to indicate that the September 2026 results contained a material misstatement or failed to make required disclosures. S U N S V G & Associates issued its independent limited-review report for the quarter and six months ended September 30, 2026, under Regulation 33 of the Securities and Exchange Board of India listing regulations.

The auditor said the unaudited statement had been prepared under Indian Accounting Standard 34, or Ind AS 34, Interim Financial Reporting. It also said a review is limited primarily to enquiries and analytical procedures and provides less assurance than an audit. Accordingly, the auditor did not express an audit opinion on the September 2026 results.

The Audit Committee and Board reviewed and approved the results at meetings held on November 12, 2026. The Board meeting began at 10:30 a.m. Indian Standard Time and concluded at 12:25 p.m., according to Panthaora's filing. The result announcement was dated November 12, 2026.

Conclusion

Panthaora's September 2026 results show a substantially smaller year-on-year loss alongside a changed revenue mix that included Rs 3.67 lakh of trading income. The half-year loss also narrowed by Rs 56.25 lakh to Rs 17.63 lakh, while the company reported lower employee costs, other expenses and finance costs than in the corresponding prior-year period.

The next results will show whether trading income can continue beyond the Rs 4.74 lakh reported for the half year ended September 30, 2026 and whether cash can stabilise after falling to Rs 11.06 lakh. Panthaora disclosed no revenue target or operating plan in this filing, and segment assets and liabilities remain unallocated because the company considers a meaningful segregation impracticable.