Harrisons Malayalam Q2 FY27 Net Profit Falls 56% YoY

Board Meeting Details

The meeting commenced at 03:30 p.m. and concluded at 05:30 p.m.

Key Outcomes Approved by the Board

1. Financial Results Approval

The Board approved the following unaudited financial results for the second quarter and half year ended September 30, 2026:

Standalone Financial Results
Consolidated Financial Results

A Limited Review Report from the auditors, Walker Chandiok & Co LLP, is enclosed with the results.

2. Director Appointment

The Board appointed Mr. Gopal Rathi (DIN: 00553066) as an Additional Director in the category of Non-Executive Non-Independent Director, liable to retire by rotation. The appointment was made on the recommendation of the Nomination and Remuneration Committee.

3. Postal Ballot

The Board approved the conduct of a Postal Ballot to seek shareholder approval for the regularization of Mr. Gopal Rathi's appointment as a Non-Executive Non-Independent Director. This must be completed within three months of his appointment as an Additional Director.

4. Cessation of Chairman

Mr. Corattiyil Vinayaraghavan (DIN: 01053367) ceased to be the Chairman of the Board upon completion of his tenure in that designated position. This cessation is only in respect to the Chairman role; he continues to serve on the Board as a Non-Executive Independent Director in accordance with his original appointment terms.

Details of Appointed Director (Mr. Gopal Rathi)

Date of Appointment: November 13, 2026
Profile: Mr. Rathi has 25 years of experience in M&A, strategy, financial planning, and business restructuring. He holds a bachelor's degree in commerce from the University of Calcutta and is a member of the Institute of Chartered Accountants of India. He was previously associated with Hutchison Essar (Hutch) in business planning and finance.
Relationship: He is not related to any other director of the company.
Eligibility: He is not debarred from holding the office of director by any SEBI or other authority order and is not disqualified under Section 164 of the Companies Act, 2013.

Standalone Financial Performance (₹ in lakhs)

Quarterly Performance (Q2 FY27)

| Revenue from Operations | 15,528.39 | 12,491.86 | 13,440.24 |

| Other Income | 286.18 | 318.47 | 1,175.46 |

| Total Income | 15,814.57 | 12,810.33 | 14,615.70 |

| Total Expenses | 15,533.89 | 12,416.68 | 13,973.49 |

| Profit Before Tax (PBT) | 280.68 | 393.65 | 642.21 |

| Tax Expense | - | - | - |

| Profit After Tax (PAT) | 280.68 | 393.65 | 642.21 |

| Other Comprehensive Loss (net of tax) | (234.20) | (47.49) | (76.98) |

| Total Comprehensive Income | 46.48 | 346.16 | 565.23 |

| Basic EPS (₹) | 1.52 | 2.13 | 3.48 |

| Diluted EPS (₹) | 1.52 | 2.13 | 3.48 |

Half-Yearly Performance (H1 FY27)

| Revenue from Operations | 28,020.25 | 25,086.18 | 53,908.42 |

| Other Income | 604.65 | 1,454.64 | 2,385.54 |

| Total Income | 28,624.90 | 26,540.82 | 56,293.96 |

| Total Expenses | 27,950.87 | 25,302.17 | 53,378.94 |

| Profit Before Tax (PBT) | 674.33 | 1,238.65 | 2,915.02 |

| Tax Expense | - | - | - |

| Profit After Tax (PAT) | 674.33 | 1,238.65 | 2,915.02 |

| Other Comprehensive Loss (net of tax) | (281.69) | (146.03) | (464.31) |

| Total Comprehensive Income | 392.64 | 1,092.62 | 2,450.71 |

| Basic EPS (₹) | 3.65 | 6.71 | 15.80 |

| Diluted EPS (₹) | 3.65 | 6.71 | 15.80 |

Standalone Balance Sheet Position (₹ in lakhs)

| Particulars | As at 30-Sep-2026 (Unaudited) | As at 31-Mar-2026 (Audited) |

| Total Assets | 53,398.67 | 50,195.63 |

| Property, Plant & Equipment | 29,433.07 | 29,301.81 |

| Capital Work-in-Progress | 11,235.29 | 10,447.21 |

| Inventories | 5,914.72 | 4,574.11 |

| Trade Receivables | 2,578.71 | 1,515.99 |

| Cash & Cash Equivalents | 81.51 | 307.18 |

| Total Equity | 18,261.86 | 17,869.22 |

| Paid-up Equity Capital | 1,845.43 | 1,845.43 |

| Other Equity | 16,416.43 | 16,023.79 |

| Total Liabilities | 35,136.81 | 32,326.41 |

| Borrowings (Non-Current) | 6,596.73 | 6,322.72 |

| Borrowings (Current) | 5,343.71 | 4,443.96 |

| Trade Payables | 6,611.58 | 6,146.57 |

| Other Financial Liabilities | 5,091.08 | 4,234.79 |

Standalone Cash Flow (H1 FY27) (₹ in lakhs)

| Particulars | 30-Sep-26 (Unaudited) | 30-Sep-25 (Unaudited) |

| Net Cash from Operating Activities | 168.36 | 537.89 |

| Net Cash Used in Investing Activities | (929.75) | (1,020.09) |

| Net Cash from Financing Activities | 535.72 | 472.63 |

| Net Change in Cash & Equivalents | (225.67) | (9.57) |

Consolidated Financial Performance (₹ in lakhs)

The consolidated results include the subsidiary, Malayalam Plantations Ltd.

Quarterly Consolidated Performance (Q2 FY27)

| Profit After Tax (PAT) | 280.38 | 393.41 | 642.07 |

| Total Comprehensive Income | 46.19 | 345.91 | 565.09 |

| Basic EPS (₹) | 1.52 | 2.13 | 3.48 |

| Diluted EPS (₹) | 1.52 | 2.13 | 3.48 |

Half-Yearly Consolidated Performance (H1 FY27)

| Profit After Tax (PAT) | 673.79 | 1,238.36 | 2,913.16 |

| Total Comprehensive Income | 392.10 | 1,092.33 | 2,448.85 |

| Basic EPS (₹) | 3.65 | 6.71 | 15.79 |

| Diluted EPS (₹) | 3.65 | 6.71 | 15.79 |

The consolidated balance sheet and cash flow statements are materially consistent with the standalone statements.

Segment-Wise Performance (Standalone & Consolidated) (₹ in lakhs)

Q2 FY26 Revenue

| Segment | 30-Sep-26 | 30-Jun-26 | 30-Sep-25 |

| Tea | 6,601.50 | 6,072.71 | 5,918.03 |

| Rubber | 8,888.15 | 6,348.16 | 7,421.13 |

| Others | 38.74 | 70.99 | 101.08 |

| Total | 15,528.39 | 12,491.86 | 13,440.24 |

Q2 FY26 Segment Results (Profit/Loss)

| Segment | 30-Sep-26 | 30-Jun-26 | 30-Sep-25 |

| Tea | (813.48) | 86.12 | (602.40) |

| Rubber | 1,405.58 | 571.10 | 533.45 |

| Others | 4.65 / 4.81 | 64.19 / 63.95 | 1,001.41 / 1,001.27* |

*First figure is standalone, second is consolidated.

Critical Notes to the Financial Statements

1. Cost of Materials: Represents the cost of green leaf, latex, and tea used for blending, purchased from others.

2. Gratuity Liability: Other financial liabilities include ₹1,543.45 lakhs (₹1,526.56 lakhs as of Mar'26) in gratuity payable to former employees who have not vacated company-allotted quarters. The liability will be discharged upon vacation, and no interest is payable as per employee consent and legal opinion.

3. Taxation: The company has unabsorbed depreciation and carried-forward losses. Consequently, the tax expense is nil for the current and previous periods. Deferred tax assets are recognized to the extent of deferred tax liabilities.

4. Liquidity: The company's current liabilities exceeded its current assets as of September 30, 2026. Management believes the company can meet its obligations based on expected cash flows, asset realization timelines, unused credit facilities, and operational plans.

5. Auditor's Review: The financial results were reviewed by the statutory auditor, Walker Chandiok & Co LLP, and their unmodified review report is included.

Enclosures

Annexure A: Details of Mr. Gopal Rathi's appointment
Annexure B: Details of Mr. Corattiyil Vinayaraghavan's cessation as Chairman
Limited Review Report by Walker Chandiok & Co LLP
Unaudited Standalone and Consolidated Financial Results
Standalone and Consolidated Balance Sheets
Standalone and Consolidated Cash Flow Statements
Segment Reports