Ace Men posts ₹41.68 lakh H1 consolidated profit after tax

Ace Men Engg Works Limited, referred to here as Ace Men, posted consolidated profit after tax of ₹41.68 lakh for the half year ended September 30, 2026, against standalone profit of ₹0.72 lakh. Consolidated revenue from operations was ₹9.87 crore, while wholly owned subsidiary Manibhadra Industries Private Limited reported ₹40.95 lakh net profit before consolidation adjustments.

How did Ace Men perform in the September 2026 half year?

Ace Men reported ₹41.68 lakh consolidated profit after tax for the half year ended September 30, 2026, after profit before tax of ₹53.24 lakh and tax expense of ₹11.56 lakh. Revenue from operations was ₹9.87 crore and other income was ₹5.40 lakh, producing total income of ₹9.93 crore. The consolidated result did not include a comparable half-year figure for September 2025 because the subsidiary was acquired after that date.

Total consolidated expenses were ₹9.39 crore for the six months, compared with total income of ₹9.93 crore. Purchases of stock in trade were ₹10.95 crore, while the change in inventories was negative ₹2.10 crore in the expenses statement. Employee-benefit expense was ₹11.46 lakh, finance cost was ₹18.86 lakh, depreciation and amortisation was ₹72,000, and other expenditure was ₹23.99 lakh.

The six-month profit after tax of ₹41.68 lakh exceeded the ₹16.40 lakh reported for the year ended March 31, 2026, although the periods are of different lengths. Revenue from operations for the half year was ₹1.00 crore below the full-year figure of ₹10.87 crore. Basic and diluted earnings per equity share were ₹0.32 for the September 2026 half year, compared with ₹0.25 for the year ended March 2026.

Why was Ace Men’s consolidated profit higher than standalone profit?

Ace Men’s ₹41.68 lakh consolidated profit was ₹40.96 lakh above the ₹0.72 lakh standalone profit reported for the half year ended September 30, 2026. The disclosed difference shows that the group result was principally associated with the subsidiary included in consolidation rather than with the standalone company result. The filing does not provide a detailed standalone-to-consolidated profit reconciliation.

Ace Men acquired 981,600 equity shares of Manibhadra Industries Private Limited, representing 100% of its equity share capital, on November 25, 2025. The acquisition gave Ace Men control of the subsidiary, which was incorporated on October 18, 2023. Manibhadra Industries Private Limited manufactures, sells, installs and exports or imports electrical poles, lights, equipment, motors, transformers and other electrical materials.

The acquisition date explains the absence of consolidated figures for the quarter and half year ended September 30, 2025. Manibhadra Industries Private Limited became a subsidiary after September 30, 2025, and Ace Men therefore marked those comparative consolidated periods as not applicable. Ace Men identified its own business segment as aviation during the quarter under review and India as its single geographical segment.

What did Manibhadra Industries Private Limited contribute?

Manibhadra Industries Private Limited recorded total revenue of ₹9.71 crore and net profit of ₹40.95 lakh for April 1, 2026 to September 30, 2026, before consolidation adjustments. Its pre-adjustment profit was close to Ace Men’s ₹41.68 lakh consolidated profit after tax. However, the figures cannot be directly reconciled because the subsidiary amount is before consolidation adjustments whereas the group figure is after tax.

The subsidiary’s ₹9.71 crore revenue was close to Ace Men’s consolidated revenue from operations of ₹9.87 crore for the half year. The filing does not set out standalone revenue in the supplied results, so it does not permit a precise revenue bridge between Ace Men and Manibhadra Industries Private Limited. It does, however, identify the subsidiary’s financial information as a substantial component of the consolidated reporting perimeter.

Manibhadra Industries Private Limited’s interim results and other financial information had not been reviewed by its own auditor, according to the consolidated review report dated November 14, 2026. The subsidiary information was approved and supplied by management, and Kakaria and Associates LLP said its conclusion on matters relating to the subsidiary was based solely on that unaudited information. The auditor did not modify its consolidated review conclusion on that basis.

How did Ace Men’s balance sheet and cash flow change?

Ace Men’s total consolidated assets were ₹83.23 crore at September 30, 2026, down ₹2.26 crore from ₹85.50 crore at March 31, 2026. Non-current assets were ₹59.06 crore, compared with ₹59.05 crore at the March year-end, while current assets fell to ₹24.17 crore from ₹26.44 crore. Goodwill remained ₹54.84 crore at both balance-sheet dates.

Inventories increased to ₹6.18 crore at September 30 from ₹4.08 crore at March 31, while trade receivables fell to ₹6.50 crore from ₹10.47 crore. Loans and advances declined to ₹10.89 crore from ₹11.63 crore. Cash and cash equivalents increased to ₹13.89 lakh from ₹5.81 lakh, comprising ₹12.79 lakh cash on hand and ₹1.09 lakh in current accounts at the September reporting date.

Current borrowings declined to ₹9.84 crore at September 30, 2026 from ₹12.64 crore at March 31, 2026. Operating activities generated ₹3.09 crore of cash in the half year, while financing activities used ₹2.99 crore, including repayment of short-term borrowings of ₹2.80 crore and finance cost of ₹18.86 lakh. Investing activities used ₹2.01 lakh for purchases of property, plant and equipment.

What did the auditor say about Ace Men’s results?

Kakaria and Associates LLP issued an unmodified review conclusion on Ace Men’s consolidated and standalone results for the quarter and half year ended September 30, 2026. The firm said nothing had come to its attention to indicate that the financial results failed to make required disclosures under Regulation 33 of the Securities and Exchange Board of India listing regulations or contained a material misstatement.

The work was a review under Standard on Review Engagements 2410, not an audit. The auditor said the procedures mainly involve inquiries and analytical procedures and provide less assurance than an audit. Ace Men’s audit committee and board approved the unaudited results on November 14, 2026, while the board meeting ran from 5:45 p.m. to 11:45 p.m.

The results were prepared under Indian Accounting Standard 34, Interim Financial Reporting, as prescribed under Section 133 of the Companies Act, 2013. The consolidated statement showed no separately presented exceptional or extraordinary items for the six-month period. Accordingly, the reported ₹53.24 lakh profit before tax was not affected by an exceptional or extraordinary item disclosed in the statement.

Conclusion

Ace Men’s September 2026 half-year figures show a material gap between the group and standalone outcomes: consolidated profit after tax was ₹41.68 lakh and standalone profit was ₹0.72 lakh. Manibhadra Industries Private Limited reported ₹9.71 crore revenue and ₹40.95 lakh profit before consolidation adjustments, placing the subsidiary at the centre of the disclosed consolidated result.

The next results will show whether the post-acquisition reporting pattern continues after Ace Men took full control of Manibhadra Industries Private Limited on November 25, 2025. Investors can also track movements from the September 30 balance sheet, including inventories of ₹6.18 crore, trade receivables of ₹6.50 crore and current borrowings of ₹9.84 crore, as well as whether subsidiary information receives its own auditor review.