Board Meeting Details

The Board of Directors meeting was held on November 12, 2026, commencing at 12:00 PM IST and concluding at 1:35 PM IST.

Financial Results Overview

Consolidated Performance (₹ Million)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹1,102.42
  • Other income: ₹50.79
  • Total income: ₹1,153.21
  • Total expenses: ₹1,167.65
  • Profit before exceptional items and taxes: ₹(13.22)
  • Exceptional items: Nil
  • Profit before taxes: ₹(13.22)
  • Tax expense: ₹1.20
  • Net loss: ₹(14.44)
  • Other comprehensive income: ₹5.62
  • Total comprehensive loss: ₹(8.82)
  • Basic EPS: ₹(0.27)
  • Diluted EPS: ₹(0.27)

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹2,338.92
  • Other income: ₹104.13
  • Total income: ₹2,443.05
  • Total expenses: ₹2,449.62
  • Profit before exceptional items and taxes: ₹(6.57)
  • Exceptional items: Nil
  • Profit before taxes: ₹(6.57)
  • Tax expense: ₹11.31
  • Net loss: ₹(17.88)
  • Other comprehensive income: ₹2.27
  • Total comprehensive loss: ₹(15.61)
  • Basic EPS: ₹(0.34)
  • Diluted EPS: ₹(0.34)

Standalone Performance (₹ Million)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹861.47
  • Other income: ₹67.54
  • Total income: ₹929.01
  • Total expenses: ₹919.79
  • Profit before exceptional items and taxes: ₹9.22
  • Exceptional items: Nil
  • Profit before taxes: ₹9.22
  • Tax expense: ₹2.42
  • Net profit: ₹6.80
  • Other comprehensive income: ₹1.27
  • Total comprehensive income: ₹8.07
  • Basic EPS: ₹0.13
  • Diluted EPS: ₹0.13

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹1,863.79
  • Other income: ₹120.72
  • Total income: ₹1,984.51
  • Total expenses: ₹1,933.19
  • Profit before exceptional items and taxes: ₹51.32
  • Exceptional items: Nil
  • Profit before taxes: ₹51.32
  • Tax expense: ₹13.64
  • Net profit: ₹37.68
  • Other comprehensive income: ₹2.56
  • Total comprehensive income: ₹40.24
  • Basic EPS: ₹0.71
  • Diluted EPS: ₹0.71

Consolidated Entities

The consolidated results include:

  • Tarsons Products Limited, India (Holding Company)
  • Tarsons Life Science Pte. Ltd., Singapore (Direct Subsidiary, 100% owned)
  • Nerbe plus GmbH & Co. KG, Germany (Indirect Subsidiary, 100% owned)
  • Nerbe R&D GmbH, Germany (Indirect Subsidiary, 100% owned)

Auditor Review

Price Waterhouse Chartered Accountants LLP issued unmodified review reports for both standalone and consolidated financial results.

Subsidiary Review Details

Reviewed by other auditor (material subsidiary):

  • Total assets: ₹604.12 million as at September 30, 2026
  • Net assets: ₹65.83 million as at September 30, 2026
  • Total income: ₹237.02 million (Q2) and ₹482.55 million (H1)
  • Net loss: ₹(10.72) million (Q2) and ₹(6.56) million (H1)
  • Cash flows (net): ₹(38.97) million for H1

Not reviewed by auditors (immaterial subsidiaries):

  • Total assets: ₹1,151.36 million as at September 30, 2026
  • Net assets: ₹251.67 million as at September 30, 2026
  • Total income: ₹10.94 million (Q2) and ₹26.60 million (H1)
  • Net profit: ₹65.36 million (Q2) and ₹47.65 million (H1)
  • Cash flows (net): ₹16.17 million for H1

Consolidated Assets and Liabilities (as at September 30, 2026)

Total Assets: ₹11,794.52 million

  • Non-current assets: ₹9,051.84 million
  • Property, plant and equipment: ₹6,451.71 million
  • Right-of-use assets: ₹144.05 million
  • Capital work-in-progress: ₹1,676.95 million
  • Goodwill: ₹325.25 million
  • Other intangible assets: ₹247.18 million
  • Financial assets: ₹51.53 million
  • Tax assets: ₹40.43 million
  • Other non-current assets: ₹114.74 million
  • Current assets: ₹2,742.68 million
  • Inventories: ₹1,339.96 million
  • Trade receivables: ₹895.04 million
  • Cash and cash equivalents: ₹157.09 million
  • Bank balances other than cash: ₹108.96 million
  • Other financial assets: ₹1.22 million
  • Other current assets: ₹240.41 million

Total Equity and Liabilities: ₹11,794.52 million

  • Equity: ₹6,330.98 million
  • Equity share capital: ₹106.41 million
  • Other equity: ₹6,224.57 million
  • Liabilities: ₹5,463.54 million
  • Non-current liabilities: ₹2,945.62 million
  • Borrowings: ₹1,888.63 million
  • Lease liabilities: ₹47.33 million
  • Other financial liabilities: ₹304.38 million
  • Provisions: ₹2.25 million
  • Deferred tax liabilities: ₹109.60 million
  • Other non-current liabilities: ₹593.43 million
  • Current liabilities: ₹2,517.92 million
  • Borrowings: ₹1,084.61 million
  • Lease liabilities: ₹38.63 million
  • Trade payables: ₹132.96 million
  • Micro and small enterprises: ₹25.95 million
  • Other creditors: ₹107.01 million
  • Other financial liabilities: ₹102.42 million
  • Provisions: ₹44.24 million
  • Other current liabilities: ₹125.06 million

Consolidated Cash Flows (H1 FY2026)

  • Net cash from operating activities: ₹537.83 million
  • Net cash used in investing activities: ₹(507.93) million
  • Net cash used in financing activities: ₹(98.61) million
  • Net decrease in cash and cash equivalents: ₹(68.71) million
  • Cash and cash equivalents at beginning: ₹231.87 million
  • Exchange gain on translation: ₹(6.07) million
  • Cash and cash equivalents at end: ₹157.09 million

Standalone Assets and Liabilities (as at September 30, 2026)

Total Assets: ₹11,140.74 million

  • Non-current assets: ₹8,899.97 million
  • Property, plant and equipment: ₹6,434.28 million
  • Right-of-use assets: ₹63.70 million
  • Capital work-in-progress: ₹1,676.95 million
  • Intangible assets: ₹0.96 million
  • Investments in subsidiary: ₹534.82 million
  • Other financial assets: ₹43.04 million
  • Tax assets: ₹31.49 million
  • Other non-current assets: ₹114.73 million
  • Current assets: ₹2,240.77 million
  • Inventories: ₹1,059.73 million
  • Trade receivables: ₹837.16 million
  • Cash and cash equivalents: ₹14.96 million
  • Bank balances other than cash: ₹108.96 million
  • Other financial assets: ₹1.04 million
  • Other current assets: ₹218.92 million

Total Equity and Liabilities: ₹11,140.74 million

  • Equity: ₹6,796.15 million
  • Equity share capital: ₹106.41 million
  • Other equity: ₹6,689.74 million
  • Liabilities: ₹4,344.59 million
  • Non-current liabilities: ₹2,177.60 million
  • Borrowings: ₹1,151.13 million
  • Lease liabilities: ₹0.54 million
  • Other financial liabilities: ₹351.85 million
  • Deferred tax liabilities: ₹80.65 million
  • Other non-current liabilities: ₹593.43 million
  • Current liabilities: ₹2,166.99 million
  • Borrowings: ₹1,753.66 million
  • Lease liabilities: ₹0.04 million
  • Trade payables: ₹154.74 million
  • Micro and small enterprises: ₹25.95 million
  • Other creditors: ₹128.79 million
  • Other financial liabilities: ₹115.45 million
  • Provisions: ₹34.16 million
  • Other current liabilities: ₹108.94 million

Standalone Cash Flows (H1 FY2026)

  • Net cash from operating activities: ₹490.03 million
  • Net cash used in investing activities: ₹(597.67) million
  • Net cash from financing activities: ₹55.76 million
  • Net decrease in cash and cash equivalents: ₹(51.88) million
  • Cash and cash equivalents at beginning: ₹66.84 million
  • Exchange loss on translation: ₹0.00 million
  • Cash and cash equivalents at end: ₹14.96 million

Significant Notes

1. New Labour Codes Impact: The Government of India consolidated labour legislations into four Labour Codes effective November 21, 2025. During FY2026, the Group assessed and disclosed an incremental impact of ₹11.27 million in the financial results, primarily due to change in definition of wages and recognition of past service costs. This was presented as "Statutory impact of new Labour Codes" under "Exceptional items" for the year ended March 31, 2026.

2. Segment Reporting: The Group operates in a single business segment of manufacturing and selling plastic laboratory products and scientific instruments. Geographical segments are India, Germany, and Rest of the World.

3. Share Capital: Paid-up equity share capital remained constant at ₹106.41 million with face value of ₹2 per share.