Binny Q4 FY26: PAT falls 64% YoY (~50% adjusted) on 48% revenue drop, margins compress

Binny's standalone Q4 FY26 (quarter ended 31-Mar-2026) revenue from operations fell 47.6% YoY to ₹22.59 Cr from ₹43.12 Cr, and PAT fell 64.3% YoY to ₹10.76 Cr from ₹30.11 Cr. The comparison base is distorted: the year-ago quarter carried a one-off ₹8.80 Cr deferred-tax credit that is absent this quarter — stripping that out, adjusted YoY PAT decline is closer to ~49.5%, still a steep fall but less dramatic than the reported number. Sequentially, revenue rose 18.4% QoQ (₹19.08 Cr in Q3 FY26) but PAT slipped 6.8% QoQ, so the net profit margin compressed to 47.6% from 60.5% last quarter and 69.8% a year ago — the squeeze sits mainly on the tax line (last year's credit) and on the sharp drop in core operating revenue, partly cushioned by other income of ₹3.36 Cr versus just ₹0.19 Cr a year ago. Full-year FY26 revenue was ₹65.51 Cr (down 21.1% YoY) and PAT ₹35.998 Cr (down 22.6% YoY). There is no analyst/street coverage identifiable for this stock — trading has been suspended on BSE — so vsStreet is unknown, and the company has no formal guidance on record (context and filing both show none), so vsGuidance is also unknown; no management press release was available to cross-check framing. The auditor's qualified opinion (third consecutive) flags two unresolved items: a ₹29.18 Cr advance to RRB Energy Ltd with no confirmed recoverability (now under NCLT insolvency proceedings, next hearing 19-Aug-2026), and ₹19.12 Cr of revenue not recognised on a land sale to Sanklecha Infra Projects pending balance consideration — both bear on the volatility in revenue/inventory lines given the company's real-estate/land-monetisation exposure. The quarter's dominant corporate development is procedural rather than operational: the board used today's meeting to adopt the FY26 audited financials specifically to remedy the filing lapse that triggered BSE's suspension of trading in Binny's shares, and it has now appointed a consultant with a target of getting the suspension revoked before 31-Oct-2026. A board meeting for 12-Aug-2026 will approve the actual Q1 FY27 unaudited numbers — the period originally expected here — so this print should be read as a compliance catch-up filing rather than a fresh quarterly signal.