Financial Performance (Standalone)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹20,501.80 lakhs (compared to ₹16,700.63 lakhs in Q2 FY26)
  • Other income: ₹184.37 lakhs
  • Total income: ₹20,686.17 lakhs
  • Profit before tax: ₹1,093.35 lakhs (compared to ₹482.51 lakhs in Q2 FY26)
  • Tax expense: ₹313.84 lakhs (Current tax: ₹360.22 lakhs, Deferred tax: ₹(46.38) lakhs)
  • Net profit: ₹779.51 lakhs (compared to ₹440.03 lakhs in Q2 FY26)
  • Basic EPS: ₹0.32 (compared to ₹0.18 in Q2 FY26)
  • Diluted EPS: ₹0.32

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹37,067.83 lakhs
  • Other income: ₹319.75 lakhs
  • Total income: ₹37,387.58 lakhs
  • Profit before tax: ₹1,907.10 lakhs
  • Tax expense: ₹523.41 lakhs
  • Net profit: ₹1,383.69 lakhs
  • Basic EPS: ₹0.56
  • Diluted EPS: ₹0.56

Key Ratios (Standalone):

  • Debt Equity Ratio: 2.03 (as of September 30, 2026)
  • Debt Service Coverage Ratio: 1.68
  • Interest Coverage Ratio: 2.06

Significant Developments

1. Stock Exchange Migration: Effective October 27, 2026, the company successfully completed migration of its equity shares from the SME Platform of BSE Limited to the Main Board of BSE Limited and listing on the main board of National Stock Exchange of India Limited.

2. Palghar Unit Closure: During the quarter ended September 30, 2026, the company decided to discontinue its manufacturing operations at the Palghar unit after evaluating the unit's operating performance and contribution to financial results.

3. Dubai Court Award: The company had won an award from Dubai Court against Regans International DMCC and Nand Biharilal Chhabaria Biharilal Chunilal for UAE Dirham 40,30,934.00 (approx. ₹9,18,82,890) plus 5% annual interest. As of September 30, 2026, the company had received ₹7,48,81,069/- (including interest) with balance to be received in future.

4. FCCB Issuance:

  • Board approved raising funds up to ₹1,500 Crores via FCCBs and other securities
  • On May 15, 2026: Approved issuance of up to $20,000,000 8.00% senior unsecured FCCBs due 2029
  • On May 21, 2026: Allotted $10,000,000 aggregate value of FCCBs to subscribers
  • Proceeds received in tranches on May 27, 2026 ($900,000) and June 4, 2026 ($100,000)
  • Conversion price: ₹30.19 per share
  • On August 19, 2026: FCCB Committee allotted 48,11,730 equity shares upon conversion of FCCBs worth $1,500,000

5. Warrant Conversion:

  • On June 12, 2026: Warrants Committee allotted 90,00,000 equity shares at ₹16.98 each (including premium of ₹15.98)
  • Conversion of 9,00,000 warrants issued on December 18, 2024 to promoters Hemal Mehta and Sachin Mehta
  • Received balance amount of ₹11,46,20,000 per warrant (75% of issue price)
  • Increased paid-up capital to ₹24,96,58,870

6. Subsidiary Changes:

  • On September 28, 2026: Sold 2,09,100 equity shares (51% stake) in Ishwari Healthcare Private Limited for ₹1.40 Crores
  • Ishwari ceased to be a subsidiary
  • On June 5, 2026: Incorporated "Sudarshan Industries Inc." USA as wholly-owned subsidiary
  • Subscribed to 1,00,00,000 shares of USD0.00001 each (approx. ₹9,600)

Consolidated Financial Highlights

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹17,441.84 lakhs
  • Other income: ₹186.33 lakhs
  • Total income: ₹17,628.17 lakhs
  • Profit before tax: ₹1,259.73 lakhs
  • Net profit: ₹778.03 lakhs
  • Basic EPS: ₹0.31

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹31,412.86 lakhs
  • Other income: ₹315.23 lakhs
  • Total income: ₹31,728.09 lakhs
  • Profit before tax: ₹1,830.79 lakhs
  • Net profit: ₹1,338.97 lakhs
  • Basic EPS: ₹0.54

Auditor's Review

The statutory auditors, NGST & Associates, conducted a limited review and issued an unmodified report on both standalone and consolidated financial results.

Capital Structure Changes

  • Equity share capital increased from ₹2,406.59 lakhs (March 31, 2026) to ₹2,544.71 lakhs (September 30, 2026)
  • Other equity increased from ₹12,863.92 lakhs to ₹16,751.71 lakhs