SRM stock: Half-year loss leaves SRM stock exposed to delivery delays

Published on 10/22/2026 at 07:24 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SRM reported MAD 122.30 million in first-half revenue, down from MAD 151.20 million. SRM stock posted a MAD 8.50 million net loss in 2026.

Half-year results and delivery timing

SRM recorded MAD 122.30 million in first-half 2026 revenue against MAD 151.20 million a year earlier.
The order book reached MAD 328.00 million as deliveries shifted into the second half of 2026.
Net loss reached MAD 8.50 million after a first-half operating loss of MAD 6.60 million.

SRM, MA0000011025, Illustration mit AI erstellt.

SRM (ISIN MA0000011025) reported MAD 122.30 million in first-half 2026 revenue, down from MAD 151.20 million in the comparable period. The figures were discussed by Dirham Digest on September 29, 2026, with delayed deliveries and invoicing central to the weaker performance.

Three dates define the picture

On September 29, 2026, SRM's first-half revenue stood at MAD 122.30 million, compared with MAD 151.20 million previously, while the net result moved from a MAD 0.80 million profit to a MAD 8.50 million loss, according to Dirham Digest. On October 12, 2026, a Casablanca market report placed SRM at MAD 449.00 at the close, according to Investing.com. On October 20, 2026, the AMMC listed SRM's first-half 2026 financial results among issuer publications.

What does the backlog mean for revenue?

The order book approached MAD 328.00 million, more than twice first-half revenue, but the comparison does not represent recognized sales. The source said deliveries, customer acceptance and invoicing still had to occur before the backlog could support second-half revenue.

The operating result also changed materially. SRM moved from a MAD 3.60 million operating profit in the comparable period to a MAD 6.60 million operating loss in the first half of 2026. Machine sales fell 19.00 percent, while the Industry division declined 41.00 percent and parts fell 34.00 percent. Services increased 4.00 percent, but that gain did not offset the weaker equipment-related activity.

Working capital remains important

Inventory rose from MAD 56.30 million to MAD 86.90 million, while receivables declined from MAD 235.00 million to MAD 161.20 million. Active cash stood at MAD 9.00 million, compared with passive cash of MAD 106.30 million, keeping execution and collection central to the second-half outcome.

Casablanca price stays dated

The last reported Casablanca price was MAD 449.00 on October 16, 2026. For investors, the key test is whether the delayed deliveries convert the MAD 328.00 million order book into revenue while restoring operating profitability.