Fundamentals Hub
▼ FY 2026 Summary Analysis
Annual report ending Mar 31, 2026Overview and Growth
HIGHWAY HOLDINGS LTD generated $4.80M of revenue in fiscal 2026, with net loss of $1.52M and an operating cash outflow of $1.41M. Revenue of $4.80M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $7.41M in fiscal 2025, revenue decreased 35.2%, a top-line contraction that reduced operating scale. The company reported diluted EPS of -$0.33, adding a shareholder-level measure to the absolute income figures considered below. At period end, total assets were $11.00M, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 0.44x, showing the sales generated relative to the resources carried on the balance sheet.Profitability
The first profit layer was $1.37M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 28.4% of revenue, showing how much of the top line remained after direct costs. The company recorded an operating loss of $2.31M after the reported operating expense base. Relative to revenue, the operating deficit measured 48.0%, showing the shortfall after operating costs. The bottom-line result was a net loss of $1.52M after operating, financing, tax, and other recognized items. The net loss equaled 31.7% of revenue, showing the bottom-line deficit relative to the company’s sales base. The pretax result was a loss of $2.03M, establishing the deficit before tax effects. The pretax loss equaled 42.2% of revenue, measuring the pre-tax deficit against sales. An income-tax benefit of $486.00K improved the final result relative to pretax income or loss. Relative to period-end equity, the net loss represented 28.0%. The loss-to-assets relationship was 13.9%, placing the bottom-line deficit against the company’s resource base.Liquidity and Capital Structure
At period end, the $11.00M asset base was financed through $5.56M of liabilities and $5.44M of equity. Current assets were $7.14M against $3.19M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 2.23x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $4.41M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 138.0% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Borrowings totaled $569.00K, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 0.1x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 5.2%, showing how much of the asset base was matched by borrowing. Liabilities represented 50.6% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 40.1%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 15.1% higher than fiscal 2025 assets of $9.55M, measuring the company’s own balance-sheet change. Book equity was 13.3% lower than fiscal 2025 equity of $6.27M, showing how shareholder capital changed year over year. Compared with $5.97M in fiscal 2025, the current cash balance moved 26.2% and finished lower.Cash Flow and Earnings Quality
Operating activities used $1.41M of cash, resulting in an operating cash outflow for the year. Capital spending of $103.00K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Operating cash flow and capital spending combined to leave a $1.51M cash deficit after capital spending. The free-cash-flow deficit equaled 31.5% of revenue, showing the post-investment cash shortfall relative to sales. The cash deficit after capital spending represented 13.8% of the period-end asset base.
Based on the annual report for the fiscal year ending Mar 31, 2026.
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