Shikhar Consultants Ltd reports nil revenue, Rs 6.68 lakh loss

Shikhar Consultants Limited reported nil revenue from operations and a standalone loss of Rs 6.68 lakh for the half year ended September 30, 2026, compared with a Rs 7.94 lakh loss a year earlier. Shikhar Consultants Ltd also recorded Rs 7.33 lakh of net cash used in operating activities during the period.

Why did Shikhar Consultants Ltd report a first-half loss?

Shikhar Consultants Ltd reported a Rs 6.68 lakh loss for the half year ended September 30, 2026 because total income was nil while expenses were incurred. The loss narrowed by Rs 1.27 lakh from Rs 7.94 lakh in the half year ended September 30, 2025. The company identified its primary business segment as a non-banking financial company, or NBFC.

The results statement recorded nil interest income, dividend income, rental income, fees and commission income, net gains on fair-value changes, and sale-of-services income for the six months. Other income was also nil, leaving total income at Rs 0. The filing does not identify any revenue stream that contributed income during the period.

Employee benefits expense was Rs 1.69 lakh in the September 2026 half year, compared with Rs 1.80 lakh in the prior-year half. Other expenses were Rs 4.99 lakh, taking total expenses to about Rs 6.68 lakh. The statement reported no current or deferred tax expense and no other comprehensive income, so the loss before tax, loss after tax and total comprehensive loss were all Rs 6.68 lakh.

How did Shikhar Consultants Ltd's quarterly loss change?

Shikhar Consultants Ltd's loss was Rs 2.09 lakh in the quarter ended September 30, 2026, down from Rs 2.88 lakh in the quarter ended September 30, 2025 and Rs 4.58 lakh in the preceding June 2026 quarter. The September-quarter loss represented about 31% of the Rs 6.68 lakh loss reported for the first half.

The company reported nil revenue from operations in all three presented quarterly columns: September 2026, June 2026 and September 2025. As a result, the change in quarterly loss coincided with changes in expenses rather than a reported change in operating income. The June and September 2026 quarterly losses together equal the reported six-month loss.

Employee benefits expense rose to Rs 1.04 lakh in the September 2026 quarter from Rs 0.65 lakh in June 2026 and Rs 0.90 lakh in September 2025. Other expenses, however, fell to Rs 1.05 lakh from Rs 3.93 lakh in the June 2026 quarter. That reduction in other expenses accompanied the lower September-quarter loss despite the higher employee-cost line.

Basic and diluted earnings per share for continuing and discontinued operations were negative Rs 0.15 for the six months ended September 30, 2026, compared with negative Rs 0.18 in the prior-year half. The results contain no exceptional item, which means the reported first-half loss was not adjusted by a separately disclosed exceptional gain or charge.

What happened to Shikhar Consultants Ltd's operating cash flow?

Shikhar Consultants Ltd used Rs 7.33 lakh in operating activities during the period ended September 30, 2026. The cash-flow statement showed an operating loss before working-capital changes of Rs 6.68 lakh, followed by a larger net operating cash outflow of Rs 7.33 lakh.

Investing activities generated Rs 1.31 lakh, shown as a decrease in long-term loans and advances. Financing activities provided Rs 6 lakh. These inflows almost offset the operating outflow, but the company still reported a net decrease in cash of Rs 2,245 for the six-month period.

Cash and cash equivalents were Rs 29,606 at September 30, 2026, compared with Rs 31,851 at March 31, 2026. The opening balance of Rs 31,851 plus the Rs 2,245 net decrease reconciles to the reported closing balance. For the year ended March 31, 2026, the statement showed a Rs 3,532 net decrease in cash and closing cash of Rs 31,851.

The financing cash inflow of Rs 6 lakh was lower than the Rs 9.10 lakh reported for the year ended March 31, 2026. Investing cash inflow was also lower than Rs 2.47 lakh in that year-end comparison. The filing does not provide a separate explanation for the financing inflow or identify the specific source within the blank financing sub-lines.

How did Shikhar Consultants Ltd's receivables and loans change?

Shikhar Consultants Ltd reported loans of Rs 2.81 crore at September 30, 2026, while the March 31, 2026 balance sheet displayed no amount on the loans line. Over the same interval, other receivables declined to Rs 12.06 lakh from Rs 2.81 crore, a change in the composition or presentation of these financial-asset balances.

Trade receivables were nil at September 30, 2026, compared with Rs 11.41 lakh at March 31, 2026. Since the company reported nil operating revenue for the September 2026 half year, the filing does not connect the fall in trade receivables with any first-half revenue recognised in the income statement.

Total assets were Rs 2.94 crore at September 30, 2026, compared with Rs 2.93 crore at March 31, 2026. Inventory was Rs 17,500 at both dates, while cash declined by Rs 2,245. The Rs 2.81 crore loans balance was the largest specifically stated financial-asset amount at September 30, 2026.

The cash-flow statement separately recorded Rs 1.31 lakh from a decrease in long-term loans and advances during the period. The filing does not provide a reconciliation between that cash-flow line and the balance-sheet loans classification, nor does it disclose the terms, counterparties or asset-quality details of the loans balance.

What does Shikhar Consultants Ltd's balance sheet show about equity?

Shikhar Consultants Ltd reported equity share capital of Rs 4.54 crore at both September 30, 2026 and March 31, 2026. Other equity was negative Rs 2.88 crore at September 30, 2026, compared with negative Rs 2.82 crore at March 31, 2026, reflecting the reported first-half loss during the intervening period.

Total liabilities and equity were Rs 2.94 crore at September 30, 2026, matching total assets of Rs 2.94 crore. At March 31, 2026, total liabilities and equity were Rs 2.93 crore. The results therefore show a Rs 62,918 increase in the reported balance-sheet total over the six months.

The board approved the unaudited standalone results on November 14, 2026 after review by the audit committee. BMAKS & Associates conducted a limited review under Regulation 33 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015; the auditor stated that it had not performed an audit.

The company disclosed one primary segment, NBFC, and did not announce a capital-raising plan, operating-revenue target or loan-book target in this filing. The reported figures therefore provide a financial position at September 30, 2026 but no management forecast for the remaining months of the financial year.

Conclusion

Shikhar Consultants Ltd narrowed its first-half loss to Rs 6.68 lakh from Rs 7.94 lakh a year earlier, but it did so with nil revenue from operations and nil total income. Lower other expenses in the September quarter coincided with a smaller quarterly loss, while operating activities still consumed Rs 7.33 lakh of cash.

What to watch next is whether later disclosures provide income from the NBFC segment and explain the movement from Rs 2.81 crore of other receivables at March 31, 2026 to Rs 2.81 crore of loans at September 30, 2026. The filing leaves the loan classification, loan terms and source of the Rs 6 lakh financing cash inflow unresolved.