What’s new

• Amanaya's FY26 revenue more than doubled to ₹847.5 million from ₹395.2 million.
• Profit before tax fell to ₹2.9 million from ₹4.0 million.
• Second-half profit before tax was just ₹0.6 million, down from ₹2.3 million in the first half.

Why it matters

A revenue surge that still shrinks the bottom line means costs are rising faster than sales. The second-half collapse in profit, from ₹2.3 million to ₹0.6 million, suggests this is not a one-quarter blip. For a nano-cap, scaling without profitability is a drain on working capital.

What we’re watching

• Whether the H2 profit collapse was a cost issue or a revenue-mix shift.
• The cash-flow statement to see if the working capital is sustainable.
• Management's explanation for the profit decline on the next earnings call.

The full read

Amanaya Ventures is growing fast. It just isn't growing rich. Revenue more than doubled to ₹847.5 million in FY26, up from ₹395.2 million. Profit before tax went the other way, falling to ₹2.9 million from ₹4.0 million. The second half told the story: profit before tax was just ₹0.6 million, down from ₹2.3 million in H1. Costs rose faster than sales, and the faster they sold, the less they earned. The unmodified audit opinion confirms the numbers are clean. The numbers themselves are the problem. The open question is whether the margin compression is a temporary cost from scaling, or the permanent price of the revenue the company is chasing.

Primary source: BSE · NSE