Starsource posts nil September revenue and Rs 6.22 lakh loss

Starsource Multitrade Limited reported nil revenue from operations and a Rs 6.22 lakh net loss for the quarter ended September 30, 2026, versus Rs 52.57 lakh of revenue and a Rs 9.80 lakh profit a year earlier. The result followed Rs 7.46 lakh of revenue and Rs 2.10 lakh of profit in the June 2026 quarter.

Why did Starsource report nil September-quarter revenue?

Starsource reported no revenue from operations for the quarter ended September 30, 2026, compared with Rs 7.46 lakh in the quarter ended June 30, 2026 and Rs 52.57 lakh in the September 2025 quarter. Other income was also nil in the latest September quarter, so total income was nil.

The filing does not provide a product-level or customer-level explanation for the absence of revenue. Starsource said it has no reportable business segment under Indian Accounting Standard 108, or Ind AS 108, meaning it did not provide a segment breakdown of the Rs 7.46 lakh recorded in the June quarter or the nil September-quarter revenue.

Revenue therefore declined by Rs 7.46 lakh sequentially and by Rs 52.57 lakh from the September 2025 quarter. The reviewer’s report describes the business activity shown on the goods and services tax portal as wholesale and distribution as a general trader, but the financial results do not identify any revenue by that activity.

What drove Starsource’s Rs 6.22 lakh loss?

Starsource’s Rs 6.22 lakh loss reflected expenses continuing in the September 2026 quarter despite nil income. Employee-benefit expense was Rs 1.79 lakh, other expenses were Rs 4.41 lakh, finance costs were Rs 17,500 and depreciation and amortisation expense was Rs 13,500.

Other expenses were the largest reported cost category at Rs 4.41 lakh, up from Rs 2.46 lakh in the June 2026 quarter and Rs 2.94 lakh in the September 2025 quarter. Employee-benefit expense declined from Rs 2.88 lakh sequentially and Rs 2.16 lakh a year earlier, while the company reported no purchases of stock-in-trade or materials consumed in the latest quarter.

Starsource reported no current tax, deferred tax or other comprehensive income for the September quarter. As a result, loss before tax and net loss were both Rs 6.22 lakh, and basic and diluted earnings per share were negative Rs 0.41, compared with positive Rs 0.14 in June 2026 and positive Rs 0.65 a year earlier.

How did Starsource perform in the first half of 2026-27?

Starsource reported Rs 7.46 lakh of revenue from operations and a Rs 4.12 lakh net loss for the half year ended September 30, 2026. As the September quarter had nil revenue, the half-year revenue was recorded in the June 2026 quarter.

In the corresponding half year ended September 30, 2025, Starsource reported Rs 52.57 lakh of revenue, Rs 2.07 lakh of other income and a Rs 11.71 crore net loss. The latest half-year revenue was therefore Rs 45.11 lakh lower year on year, while the reported loss was Rs 11.67 crore lower.

The change in the loss chiefly coincided with total expenses falling to Rs 11.58 lakh from Rs 12.25 crore. Within that comparison, other expenses declined to Rs 6.87 lakh from Rs 11.83 crore; the filing does not explain the underlying items behind the prior-year other-expense amount. The results were prepared under Ind AS 34, Interim Financial Reporting, using a going-concern assumption.

What did the reviewer say about Starsource’s GST records?

The independent reviewer issued a qualified conclusion concerning goods and services tax, or GST, information and records for the September 2026 quarter. The reviewer said GST portal information showed the assessee engaged in wholesale and distribution as a general trader was inactive from May 29, 2026, and said the company was not compliant with filing proper returns.

Management represented that Starsource was not registered under GST laws and consequently did not provide GST registration details or other GST records for the period under review. The reviewer said that, except for the possible effects of this matter, nothing had come to its attention to indicate that the standalone financial statement failed to make required disclosures or contained a material misstatement.

The report was a limited review rather than an audit of the September 2026 results. The reviewer said a limited review is substantially narrower in scope than an audit and does not enable it to obtain assurance that it would identify all significant matters that an audit might identify; the board approved the unaudited standalone results on November 5, 2026.

What was Starsource’s financial position at September 30, 2026?

Starsource reported total assets of Rs 1.83 crore at September 30, 2026, compared with Rs 1.81 crore at March 31, 2026. Its current assets included loans and advances of Rs 1.32 crore, trade receivables of Rs 48.84 lakh and cash and cash equivalents of Rs 57,020, while property, plant and equipment was Rs 69,500.

Paid-up equity share capital was Rs 1.50 crore and other equity was negative Rs 25.16 lakh at September 30, versus negative Rs 21.04 lakh at March 31. Current liabilities were Rs 57.20 lakh, including trade payables of Rs 45.06 lakh and other current liabilities of Rs 11.34 lakh; the half-year cash-flow statement showed cash and cash equivalents declining from Rs 1.22 lakh at the beginning of the year to Rs 57,010.

Conclusion

Starsource’s September-quarter result shows that revenue recorded in the June 2026 quarter did not recur in the following quarter, while Rs 6.22 lakh of expenses resulted in an equal net loss. Although the half-year reported loss was lower than the prior-year period, first-half revenue declined to Rs 7.46 lakh from Rs 52.57 lakh.

The next disclosure to watch is whether Starsource records revenue after September 2026 and whether it addresses the GST matter in the qualified review conclusion. The November 5, 2026 filing provides no revenue target, segment detail or timetable for resolving the GST-record matter, while cash and cash equivalents stood at Rs 57,010 at September 30, 2026.