India Radiators losses widen 74% on ₹6.32 lakhs revenue
The nano-cap's annual loss grew to ₹147.58 lakhs while revenue stayed flat. Accumulated losses now exceed equity capital by threefold.
What's new
- Net loss widened to ₹147.58 lakhs in FY26 from ₹84.92 lakhs in FY25.
- Revenue was flat at ₹6.32 lakhs; total expenses jumped 57% to ₹175.58 lakhs.
- Accumulated losses pushed net worth to ₹-274.60 lakhs against ₹90 lakhs in equity capital.
Why this matters
India Radiators is burning cash at a rate that dwarfs its own equity. With just ₹6.32 lakh in annual revenue and ₹175 lakh in expenses, the losses are deepening an already negative net worth. The company's liabilities now exceed its assets by a wide margin.
What we're watching
- Whether the auditors add a going-concern emphasis in the next cycle.
- Any plan to raise capital or restructure the ₹274.60 lakh accumulated loss hole.
- How the company funds ₹175 lakh in annual costs with ₹6 lakh in revenue.
The full read
India Radiators lost ₹147.58 lakhs in FY26 on ₹6.32 lakhs of revenue. Revenue did not move. Total expenses jumped 57% to ₹175.58 lakhs, with finance costs and other outgoings accounting for the increase. The damage flows straight to the balance sheet: accumulated losses now stand at ₹274.60 lakhs, three times the ₹90 lakh equity base. The net worth is negative by a multiple. For a company with a ₹1 crore market cap, the maths is stark.
Questions answered
- How did the losses grow while revenue stayed flat?
- Total expenses surged 57% to ₹175.58 lakhs from ₹111.46 lakhs, driven by higher finance costs and other expenses. Revenue remained at ₹6.32 lakhs, so every rupee of new expense dropped straight to the bottom line as a loss.
- What does the negative net worth mean for the company?
- Accumulated losses of ₹274.60 lakhs now exceed the ₹90 lakh equity capital three times over. This means the company's liabilities exceed its assets, a position that makes raising fresh equity difficult.
- Why is a ₹6 lakh revenue company spending ₹175 lakh?
- The filing lists finance costs and other expenses as the drivers, but gives no breakdown. At ₹175 lakh in costs against ₹6 lakh in revenue, the spending appears to be fixed overhead with no corresponding income stream to cover it.
- Is the audit opinion clean?
- Yes. The audited results received an unmodified opinion, meaning the auditors found no material misstatements. This is separate from a going-concern opinion, which would address the company's ability to continue operating.