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Dangee Dums Limited (DANGEE)

₹3.08 +0.00% last close, 16 Oct

📊 NSE: DANGEE 🏢 Food - Processing - Indian 📢 Latest filing: 07 Sep 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Dangee Dums' revenue was ₹6.9 Cr (+12.2% year on year, -2.2% on the previous quarter), and net profit ₹-0.5 Cr (a bigger loss than a year earlier); the operating margin was 14.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹6.9	+12.2%	-2.2%
Operating profit	₹1.0	-1.8%	+53.5%
Net profit	₹-0.5	loss widened	loss narrowed
EPS (₹)	-0.03	—	loss narrowed
Operating margin	14.3%	—	—

Full quarterly financials → Results calendar →

DANGEE delivery percentage and bulk deals

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 72.35% of the DANGEE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 75.61%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average. It closed at a price band (circuit) on 3 sessions in about the last 20. 2 bulk or block deals were reported in DANGEE in the last 60 days: ₹2 Cr bought and ₹2 Cr sold.

72.35%Delivery, 16 Oct

75.61%Own 20-session average

<0.1×Volume vs its average

₹3.08NSE close · +0.00%

Delivery in the last 5 sessions: 75.2% · 61.6% · 61.0% · 92.4% · 72.3%

Date	Side	Counterparty	Value	Price	Quantity	Type
24 Sep	Buy	Nikul J Patel Huf	₹2.02 Cr	₹2.82	7,155,000	Bulk
24 Sep	Sell	Aeml Investments Limited	₹2.02 Cr	₹2.82	7,155,000	Bulk

Delivery across the market →Circuit stocks →All bulk and block deals →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Dangee Dums Dispatches FY26 Annual Report; 16th AGM Scheduled for Sept 29, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Sep 2026, 06:49 PM

Dangee Dums Limited has issued the notice for its 16th Annual General Meeting (AGM), scheduled for Tuesday, September 29, 2026, at 3:00 p.m. IST via video conferencing. The company has set Friday, September 18, 2026, as the cut-off date to determine shareholder eligibility for e-voting. Remote e-voting will run from September 26, 2026 (9:00 a.m. IST) to September 28, 2026 (5:00 p.m. IST). This is a standard annual compliance filing alongside the release of the FY25-26 Annual Report.

16th Annual General Meeting to be held on Tuesday, September 29, 2026 at 3:00 p.m. IST via VC/OAVM
Cut-off date for remote e-voting and AGM voting set as Friday, September 18, 2026
Remote e-voting window opens September 26, 2026 (9:00 a.m. IST) and closes September 28, 2026 (5:00 p.m. IST)
Annual Report for FY 2025-26 circulated electronically to registered shareholders

💡 Shareholders seeking to vote must hold shares as of the September 18, 2026 cut-off date and utilize the e-voting window before September 28, 2026.

Dangee Dums Schedules 16th AGM for September 29, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 04:15 PM

Dangee Dums Limited announced the outcome of its board meeting held on September 05, 2026. The board approved convening the company's 16th Annual General Meeting (AGM) on Tuesday, September 29, 2026, via Video Conferencing/OAVM. It also approved the AGM Notice and Director's Report for FY26 and appointed M/s. Nisarg Sharma & Associates as the scrutinizer for e-voting. This is a standard administrative corporate filing with no immediate financial or operational impact.

16th Annual General Meeting scheduled for September 29, 2026 at 03:00 P.M. (IST)
Approved AGM notice and Director's Report for the financial year ended March 31, 2026
Appointed M/s. Nisarg Sharma & Associates as Scrutinizer for remote e-voting and AGM voting
Meeting conducted on September 05, 2026 from 03:15 P.M. to 04:00 P.M.

💡 Shareholders can review the upcoming Annual Report and FY26 Director's Report once circulated to track management commentary on turnaround initiatives.

5-Year Re-appointment of Independent Director and Change in Secretarial Auditor

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 13 Aug 2026, 04:52 PM

Dangee Dums Limited has re-appointed Mr. Suchit Kandarp Amin as an Independent Director for a second five-year term effective August 13, 2026. The company also announced the resignation of its Secretarial Auditor, M/s. SJV & Associates, due to the expiry of their Peer Review Certificate. M/s. Nisarg Sharma & Associates has been appointed as the new Secretarial Auditor for a five-year term spanning FY 2026-27 to 2030-31. Additionally, the board approved the unaudited standalone financial results for the quarter ended June 30, 2026.

Re-appointment of Mr. Suchit Kandarp Amin as Independent Director for a 5-year term starting August 13, 2026.
Appointment of M/s. Nisarg Sharma & Associates as Secretarial Auditor for a 5-year period through FY 2030-31.
Resignation of M/s. SJV & Associates as Secretarial Auditor effective August 13, 2026, due to certificate expiry.
Approval of unaudited standalone financial results for the quarter ended June 30, 2026.
Company maintains a high Debt-to-Equity ratio of 1.58 with a TTM net loss of Rs 1 Cr.

💡 Investors should focus on the detailed Q1 FY27 financial results to assess if the company is improving its negative net margin (-4.28% in H1 FY26) and managing its Rs 23 Cr debt.

Dangee Dums Appoints New Secretarial Auditor for 5-Year Term Following Resignation

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 13 Aug 2026, 04:47 PM

Dangee Dums Limited has appointed M/s. Nisarg Sharma & Associates as Secretarial Auditors for a five-year term (FY27-FY31) following the resignation of M/s. SJV & Associates. The outgoing auditor resigned due to the expiry of their Peer Review Certificate, a technical compliance requirement. Additionally, the board re-appointed Mr. Suchit Kandarp Amin as an Independent Director for a second five-year term. These administrative changes come as the company manages a high debt-to-equity ratio of 1.58 and a TTM net loss of Rs 1 Cr.

M/s. Nisarg Sharma & Associates appointed as Secretarial Auditor for a 5-year term starting FY 2026-27
Outgoing auditor M/s. SJV & Associates resigned effective August 13, 2026, due to Peer Review Certificate expiry
Independent Director Mr. Suchit Kandarp Amin re-appointed for a second 5-year term starting August 13, 2026
Company reported a net loss of Rs 1.06 Cr in the quarter ended March 2026
Debt remains high at Rs 23 Cr against a market capitalization of Rs 40 Cr

💡 Investors should focus on the upcoming Q1 FY27 financial performance to see if the company can reverse its loss-making trend and manage its high debt levels, rather than these administrative appointments.

Dangee Dums Reports Q1 FY27 EPS of ₹-0.03; Appoints New Secretarial Auditor

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 13 Aug 2026, 04:43 PM

Dangee Dums Limited reported a net loss for the quarter ended June 30, 2026, with an EPS of ₹-0.03, matching the performance of the same quarter in the previous year. The company's board approved the re-appointment of Independent Director Suchit Kandarp Amin for a second five-year term. Additionally, the company replaced its Secretarial Auditor, M/s. SJV & Associates, with M/s. Nisarg Sharma & Associates due to the expiry of the former's Peer Review Certificate. The company continues to face financial pressure with a high Debt-to-Equity ratio of 1.58 and persistent losses.

Reported a negative EPS of ₹-0.03 for the quarter ended June 30, 2026.
Re-appointed Independent Director Suchit Kandarp Amin for a 5-year term effective August 13, 2026.
Appointed M/s. Nisarg Sharma & Associates as Secretarial Auditor for a 5-year period (FY 2026-27 to 2030-31).
The company maintains a high debt level of ₹23 Cr against a market capitalization of ₹42 Cr.
Revenue growth remains stagnant with TTM revenue at ₹29 Cr and a TTM net loss of ₹1 Cr.

💡 Investors should monitor the company's ability to reduce its ₹23 Cr debt and improve operating margins, which are currently insufficient to cover high finance and lease costs.

Dangee Dums Submits Routine SEBI Regulation 74(5) Compliance for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jul 2026, 04:01 PM

Dangee Dums Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that no securities were received for dematerialization during the quarter ended June 30, 2026. As a result, no certificates were mutilated or cancelled during this period. This is a standard administrative filing with no impact on the company's financial position or operations.

Compliance certificate submitted for the quarter ended June 30, 2026
Confirmed 0 securities were received for dematerialization during the quarter
Registrar Bigshare Services Private Limited issued the confirmation on June 30, 2026
No substitution of depository names was required in the register of members

💡 This is a procedural filing; investors should focus on the company's upcoming quarterly financial results to monitor its high debt-to-equity ratio of 1.58 and negative TTM PAT of -₹1 Cr.

Dangee Dums Announces Trading Window Closure from July 01, 2026 for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jun 2026, 03:28 PM

Dangee Dums Limited has announced the closure of its trading window for all insiders starting July 01, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of un-audited financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the results are officially released to the exchange. This is a procedural filing and does not reflect any change in the company's operational or financial status.

Trading window closure starts from Wednesday, July 01, 2026
Closure pertains to the un-audited financial results for the quarter ended June 30, 2026
Window to reopen 48 hours after the financial results are declared to the stock exchange
Restriction applies to all promoters, directors, KMPs, and designated employees

💡 Investors should wait for the separate announcement regarding the specific date of the Board Meeting to review the Q1 FY27 financial performance.

Dangee Dums Updates KMP Authorization for SEBI Materiality Disclosures

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 09 Jun 2026, 03:33 PM

Dangee Dums Limited has updated its list of Key Managerial Personnel (KMP) authorized to determine the materiality of events and information under SEBI Regulation 30(5). Mrs. Sangeeta Amit Khyani, the Company Secretary and Compliance Officer, has been newly added to this authorized group. She joins the Managing Director, Nikul Jagdishchandra Patel, and the Chief Financial Officer, Ketan Jagdishchandra Patel, in this capacity. This is a routine administrative update to ensure the company remains compliant with listing disclosure requirements.

Mrs. Sangeeta Amit Khyani (Company Secretary) added to the list of KMPs authorized for materiality determination.
The update was approved by the Board of Directors in a meeting held on June 09, 2026.
A total of three KMPs are now officially designated to handle disclosures under Regulation 30(5) of SEBI (LODR).
Contact details for the authorized personnel have been updated with the National Stock Exchange (NSE).

💡 No immediate action is required as this is a routine regulatory compliance update regarding internal governance procedures.

Dangee Dums Appoints Sangeeta Amit Khyani as Company Secretary & Compliance Officer

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 09 Jun 2026, 03:28 PM

Dangee Dums Limited has appointed Mrs. Sangeeta Amit Khyani as the Whole-Time Company Secretary and Compliance Officer, effective June 09, 2026. Mrs. Khyani is an Associate Member of the ICSI with over seven years of post-qualification experience in corporate laws and secretarial compliance. Her background includes extensive work in SEBI regulations, capital market transactions, and merchant banking. This appointment is intended to strengthen the company's corporate governance and regulatory reporting framework.

Appointment of Mrs. Sangeeta Amit Khyani as Company Secretary & Compliance Officer effective June 09, 2026.
The appointee brings over 7 years of experience in corporate governance, SEBI (LODR) regulations, and capital market transactions.
The Board of Directors approved the appointment during a meeting held on June 09, 2026, between 02:00 P.M. and 02:45 P.M.
Mrs. Khyani has prior experience in merchant banking, including due diligence for public and rights issues.

💡 This is a routine management appointment to fulfill statutory requirements; investors should monitor if this leads to improved transparency and timely regulatory filings.

Dangee Dums Appoints Sangeeta Amit Khyani as Company Secretary & Compliance Officer

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 09 Jun 2026, 03:07 PM

Dangee Dums Limited has appointed Mrs. Sangeeta Amit Khyani as the Whole-Time Company Secretary and Compliance Officer, effective June 09, 2026. Mrs. Khyani is an Associate Member of the ICSI with over seven years of post-qualification experience in corporate laws and secretarial compliance. This appointment fills a vital Key Managerial Personnel (KMP) role, ensuring the company remains compliant with SEBI and Companies Act regulations. Her background includes significant expertise in SEBI (LODR) and merchant banking operations.

Appointment of Mrs. Sangeeta Amit Khyani as Company Secretary and Compliance Officer effective June 09, 2026.
The appointee brings over 7 years of post-qualification experience in corporate governance and regulatory affairs.
The appointment was approved during the 3rd Board Meeting of the 2026-27 financial year held on June 09, 2026.
Expertise spans across SEBI (LODR), ICDR, and Insider Trading regulations, as well as merchant banking documentation.

💡 This is a routine administrative appointment to ensure regulatory compliance. No immediate action is required as it does not impact the company's fundamental business operations.

Dangee Dums Appoints Sangeeta Amit Khyani as Company Secretary & Compliance Officer

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 09 Jun 2026, 03:01 PM

Dangee Dums Limited has appointed Mrs. Sangeeta Amit Khyani as the Whole-Time Company Secretary and Compliance Officer, effective June 09, 2026. Mrs. Khyani is an Associate Member of the ICSI with over seven years of post-qualification experience in corporate laws, secretarial compliance, and merchant banking. The appointment was approved by the Board of Directors following a recommendation from the Nomination and Remuneration Committee. This move ensures the company remains compliant with SEBI (LODR) Regulations and other statutory requirements.

Appointment of Mrs. Sangeeta Amit Khyani as CS and Compliance Officer effective June 09, 2026.
The appointee brings over 7 years of specialized experience in corporate governance and capital market regulations.
The Board meeting was held on June 09, 2026, commencing at 02:00 P.M. and concluding at 02:45 P.M.
The appointment fulfills the regulatory requirement for Key Managerial Personnel (KMP) under SEBI guidelines.

💡 This is a routine administrative appointment to ensure regulatory compliance and does not impact the company's fundamentals. No immediate action is required from investors.

Dangee Dums FY26 Net Loss Widens to ₹1.39 Crore; Other Equity Turns Negative

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 27 May 2026, 05:49 PM

Dangee Dums Limited reported a challenging fiscal year 2026, with its annual net loss widening to ₹139.46 lakhs from ₹52.17 lakhs in FY25. Although annual revenue from operations grew by 7.8% YoY to ₹2,893.72 lakhs, the company faced significant margin pressure as total expenses (₹3,073.08 lakhs) exceeded total income. The fourth quarter was particularly weak, recording a net loss of ₹106.26 lakhs compared to a profit of ₹23.10 lakhs in the preceding quarter. Alarmingly, the company's 'Other Equity' has turned negative at ₹(96.89) lakhs, indicating an erosion of reserves.

Annual revenue from operations increased 7.8% YoY to ₹2,893.72 lakhs in FY26.
Net loss for the full year widened to ₹139.46 lakhs vs a loss of ₹52.17 lakhs in FY25.
Q4 FY26 net loss stood at ₹106.26 lakhs, a sharp decline from a profit of ₹23.10 lakhs in Q3 FY26.
Other Equity turned negative at ₹(96.89) lakhs as of March 31, 2026, down from ₹40.53 lakhs in the previous year.
Finance costs for the year rose to ₹199.21 lakhs, contributing to the overall loss before tax of ₹125.80 lakhs.

💡 Investors should exercise high caution as the company's losses are accelerating and its reserves have been depleted into negative territory. A turnaround strategy or capital infusion is likely necessary to stabilize the balance sheet, making this a high-risk stock at current levels.

Dangee Dums FY26 Net Loss Widens to ₹1.39 Crore; Revenue Grows 7.8% YoY

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 27 May 2026, 05:42 PM

Dangee Dums reported a widening net loss of ₹139.46 lakhs for the full year ended March 31, 2026, compared to a loss of ₹52.17 lakhs in the previous fiscal year. While annual revenue grew by 7.8% to ₹2,893.72 lakhs, the company faced significant pressure on the bottom line due to rising operational and finance costs. The fourth quarter was particularly weak, with a net loss of ₹106.26 lakhs compared to a loss of ₹16.63 lakhs in the same quarter last year. Additionally, the company's other equity has turned negative, standing at -₹96.89 lakhs as of March 31, 2026.

Full-year revenue from operations increased to ₹2,893.72 lakhs from ₹2,683.59 lakhs in FY25.
Net loss for FY26 widened significantly to ₹139.46 lakhs from ₹52.17 lakhs in the previous year.
Q4 FY26 net loss stood at ₹106.26 lakhs, a sharp increase from the ₹16.63 lakhs loss in Q4 FY25.
Finance costs rose to ₹199.21 lakhs for the year, up from ₹177.91 lakhs in FY25.
Other equity turned negative at -₹96.89 lakhs, indicating a significant erosion of accumulated reserves.

💡 Investors should exercise caution as the company is struggling with profitability and eroding its net worth despite revenue growth. Monitor the company's cost management strategies and potential capital requirements before making new investment decisions.

Dangee Dums Announces Resignation of Company Secretary Twinkle Chheda

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Apr 2026, 07:04 PM

Dangee Dums Limited has informed the exchange that Ms. Twinkle Chheda has resigned from her position as Company Secretary and Compliance Officer. The resignation is effective from the close of business hours on April 30, 2026. The departure is attributed to the individual pursuing better career opportunities elsewhere. The Board of Directors accepted the resignation in a meeting held on the same day that lasted approximately 20 minutes.

Ms. Twinkle Chheda (ACS 42595) resigned as Company Secretary and Compliance Officer effective April 30, 2026
The resignation was approved during a Board Meeting held from 05:00 P.M. to 05:20 P.M. on April 30, 2026
The reason for resignation is cited as seeking better career opportunities
The company is now required to appoint a successor to fulfill SEBI compliance requirements

💡 This is a routine management change and should not impact the company's core operations. Investors should monitor for the timely appointment of a new Compliance Officer to ensure smooth regulatory filings.

Dangee Dums Submits Routine SEBI Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Apr 2026, 01:21 PM

Dangee Dums Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The report, provided by Bigshare Services Private Limited, covers the quarter ending March 31, 2026. It confirms that the company received zero requests for the dematerialization of securities during this period. As no securities were received, no certificates were mutilated or cancelled, and no changes were required in the register of members.

Compliance certificate filed for the quarter ended March 31, 2026.
Registrar Bigshare Services Pvt Ltd confirmed zero dematerialization requests were received.
No security certificates were mutilated, cancelled, or substituted in the register of members.
The filing adheres to standard SEBI (Depositories and Participants) Regulations, 2018.

💡 No action is required as this is a standard administrative filing. Investors should continue to monitor the company's upcoming quarterly financial results for operational performance.

View All DANGEE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single business segment (Bakery and Confectionery). Standalone revenue from operations for H1 FY26 was INR 1,314.16 Lakhs, representing a growth of 3.13% compared to INR 1,274.29 Lakhs in H1 FY25. Q2 FY26 revenue was INR 700.42 Lakhs, up 2.17% YoY from INR 685.53 Lakhs.

Geographic Revenue Split

Not specifically disclosed in available documents, though the registered office is in Ahmedabad, Gujarat, suggesting a primary concentration in the Western India region.

Profitability Margins

Profitability is currently negative and declining. Net loss margin for H1 FY26 was -4.28% (INR 56.30 Lakhs loss) compared to -3.97% (INR 50.63 Lakhs loss) in H1 FY25. The widening loss is driven by high fixed costs including finance costs and depreciation.

EBITDA Margin

Operating profit before working capital changes for H1 FY26 was INR 242.90 Lakhs (18.48% margin), a significant decrease of 50.94% from INR 495.12 Lakhs (38.85% margin) in H1 FY25, indicating a sharp rise in operational overheads.

Capital Expenditure

In H1 FY26, the company invested INR 62.47 Lakhs in the purchase of Property, Plant, and Equipment (PPE), compared to INR 87.91 Lakhs in the previous year. Capital work-in-progress stood at INR 12.95 Lakhs as of September 30, 2025.

Credit Rating & Borrowing

Total borrowings as of September 30, 2025, include non-current borrowings of INR 75.57 Lakhs and current borrowings of INR 238.10 Lakhs. Finance costs for H1 FY26 were INR 93.72 Lakhs, representing 7.13% of revenue.

⚙️ Operational Drivers

Raw Materials

Specific raw material names are not listed, but 'Cost of materials consumed' (INR 329.39 Lakhs) and 'Purchase of stock-in-trade' (INR 155.30 Lakhs) collectively represent 36.88% of total revenue.

Capacity Expansion

Current installed capacity is not specified in units; however, the company maintains a significant retail footprint with Right-to-use Assets valued at INR 1,286.09 Lakhs as of September 30, 2025.

Raw Material Costs

Raw material costs (consumed + stock-in-trade) totaled INR 484.69 Lakhs in H1 FY26, up 9.36% from INR 443.21 Lakhs in H1 FY25, outpacing revenue growth and pressuring margins.

Logistics & Distribution

Not separately disclosed; however, the business model relies on a network of retail outlets as indicated by substantial lease liabilities.

📈 Strategic Growth

Expected Growth Rate

3.13%

Growth Strategy

The company is focusing on maintaining its retail presence through its 'Dangee Dums' brand. Growth is currently driven by a slight increase in revenue from operations (up 3.13% YoY in H1 FY26). The strategy involves managing a large portfolio of leased retail spaces (INR 1,544.77 Lakhs in total lease liabilities) to reach urban consumers.

Products & Services

Cakes, pastries, designer cakes, chocolates, and various bakery/confectionery products.

Brand Portfolio

Dangee Dums

🌍 External Factors

Industry Trends

The premium bakery and confectionery industry is growing but faces high competition and rising input costs. Dangee Dums is positioned as a branded retail player, but its high fixed-cost structure makes it vulnerable during periods of low demand growth.

Competitive Landscape

Competes with local artisanal bakeries and national confectionery chains in the premium segment.

Competitive Moat

The brand 'Dangee Dums' serves as a local moat in the Gujarat region; however, the lack of profitability suggests the brand strength is currently insufficient to offset high operational and financial leverage.

Macro Economic Sensitivity

Highly sensitive to consumer discretionary spending and urban inflation, which affects the cost of premium ingredients and retail rentals.

Consumer Behavior

Shift toward branded and hygienic confectionery products in urban centers supports the retail outlet model.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to food safety standards (FSSAI) and local municipal licensing for retail outlets.

Taxation Policy Impact

The company reported a deferred tax credit of INR 4.25 Lakhs for H1 FY26. It maintains a significant Deferred Tax Asset of INR 543.59 Lakhs as of September 30, 2025.

⚠️ Risk Analysis

Key Uncertainties

The primary risk is the inability to turn profitable despite revenue growth, with net losses widening by 11.2% YoY in H1 FY26. High financial leverage from leases (INR 1,544.77 Lakhs) poses a liquidity risk.