MSGY · Masonglory Limited

Masonglory Limited reported significantly weaker financial results for the six months ended September 30, 2025, with revenue declining 19.1% to $9.4 million compared to the same period in 2024. The decrease was primarily driven by reduced work volume in existing projects, as most work was completed during the year ended March 31, 2025. Revenue from the public sector decreased substantially from $6.97 million to $2.20 million, while private sector revenue increased from $4.65 million to $7.20 million. Gross profit declined 53.3% to $452,597, with gross margin contracting from 8.3% to 4.8% due to variation orders still under negotiation with customers and unexpected project delays leading to cost overruns. Administrative expenses increased 213.4% to $322,260, primarily due to higher legal and professional fees and expected credit loss provisions. Despite a significant increase in other income (primarily exchange gains), net income decreased 80.3% to $146,780. The company completed its initial public offering on NASDAQ on July 8, 2025, issuing 1.725 million shares at $4.00 per share for gross proceeds of $6.9 million, which strengthened the balance sheet with shareholders' equity increasing to $8.70 million. However, cash at banks decreased to $1.89 million as of September 30, 2025, with net cash used in operating activities of $2.09 million, partially offset by $3.58 million from financing activities. Management believes existing cash, IPO proceeds, and anticipated cash flow will be sufficient to meet cash needs for the next 12 months.