Q2 FY27 Consolidated PAT at ₹0.87 Cr on Nil Core Revenue; Auditor Flags ₹125 Cr Loan Risk
Hariyana Ship Breakers reported Q2 FY27 consolidated net profit of ₹0.87 Cr (₹86.68 Lakhs), down 61% YoY from ₹2.25 Cr, on zero core operational revenue (Total income was entirely other income of ₹2.27 Cr). For H1 FY27, consolidated PAT stood at ₹5.28 Cr versus ₹2.93 Cr in H1 FY26. The statutory auditor issued an Emphasis of Matter highlighting that ₹144.23 Cr (89.99% of total assets) is invested in partnership firms, out of which one firm utilized ₹125.05 Cr to grant loans to other corporates, posing significant recoverability risks. Additionally, the company surrendered its ₹150 Cr working capital credit facility with Punjab National Bank, receiving a No Dues Certificate in August 2026.
உச்சம் நம்பிக்கை
என்ன மாறியதுHariyana Ship Breakers declared Q2 FY27 results showing nil operational revenue and surrendered its ₹150 Cr credit facility.
ஏன் இது முக்கியம்Core ship-breaking activities remain non-operational at Bhavnagar, shifting financial viability almost entirely to other income and real estate partnership firms bearing significant credit risks.
Consolidated Q2 Net Profit: ₹86.68 லட்சம்Consolidated Q2 Revenue from Operations: NilCapital in Partnerships / Total Assets: 89.99%Loans granted by partnership firm: ₹125.05 CroresSurrendered PNB Credit Facility: ₹150 Crores
📅 குறுகிய காலம்The lack of core operating revenue combined with auditor concerns regarding major loan recoverabilities is likely to keep sentiment cautious.
📈 நீண்ட காலம்The company's transition away from traditional ship-breaking operations toward a holding/financing structure in real estate partnerships increases asset concentration and counterparty default risks.
⚠ அபாய எச்சரிக்கைகள்
- High capital concentration: 89.99% of assets in partnerships with ₹125.05 Cr lent to third-party entities
- Non-operational core ship-breaking activity at Bhavnagar Division
- Unresolved ₹1.21 Cr JV advance pending since FY 2017-18
👀 கவனிக்க வேண்டியவை
Track the recoverability of the ₹125.05 Cr corporate loans extended via its partnership firm, alongside the timeline for resuming operations at the Bhavnagar ship-breaking unit.
