Add-Shop animal food sales rise while segment profit falls

Add-Shop E-Retail Limited reported Rs 37.8053 crore of animal food revenue in the quarter ended September 30, 2026, or about four-fifths of total segment revenue, while the division’s segment result fell to Rs 2.7393 crore from Rs 6.9316 crore a year earlier.

How dependent was Add-Shop on animal food revenue in September 2026?

Add-Shop derived Rs 37.8053 crore of its Rs 47.0743 crore total segment revenue from animal food in the September 2026 quarter. That was about 80.3% of reported revenue, calculated from the segment disclosure, making animal food substantially larger than the next two businesses, Ayurvadic Product at Rs 5.0978 crore and Agriculture Product at Rs 3.9396 crore.

Animal food revenue increased from Rs 25.4543 crore in the quarter ended September 30, 2025 to Rs 37.8053 crore a year later, an increase of Rs 12.351 crore, or about 48.5%. It also rose from Rs 36.0332 crore in the immediately preceding June 2026 quarter. Total segment revenue increased to Rs 47.0743 crore from Rs 33.3976 crore year on year, so animal food accounted for most of the Rs 13.6767 crore increase.

For the six months ended September 30, 2026, animal food generated Rs 73.8385 crore, compared with Rs 46.9541 crore in the corresponding prior-year period. Its share of Add-Shop’s Rs 92.7132 crore year-to-date segment revenue was about 79.6%, showing that the September-quarter concentration was also present over the first half of the financial year.

Why did Add-Shop’s animal food segment result fall despite higher sales?

Add-Shop reported an animal food segment result of Rs 2.7393 crore for the September 2026 quarter, down Rs 4.1923 crore from Rs 6.9316 crore in September 2025. The decline of about 60.5% occurred even as segment revenue rose by nearly half, meaning the disclosed segment result did not move in line with the division’s sales growth.

The segment filing does not give a product-level cost bridge explaining the change in animal food’s result. It reports total company cost of materials consumed of Rs 34.7008 crore in the September 2026 quarter and other expenses of Rs 9.164 crore, but it does not allocate those costs by segment. Therefore, the filing supports the result decline, but not a definitive explanation of the division’s cost or pricing movement.

The quarter-on-quarter comparison was less severe: animal food’s reported result was Rs 2.7771 crore in the June 2026 quarter, compared with Rs 2.7393 crore in September 2026. For the six months ended September 30, 2026, its result was Rs 5.5164 crore, below Rs 8.2546 crore in the comparable 2025 period, while six-month animal food revenue rose by Rs 26.8844 crore.

Which Add-Shop segments recorded higher results in the quarter?

Add-Shop’s Ayurvadic Product segment reported the largest year-on-year increase in segment result among its main disclosed businesses, reaching Rs 4.1497 crore in the September 2026 quarter from Rs 1.318 crore a year earlier. Its revenue rose to Rs 5.0978 crore from Rs 4.6624 crore, while its segment result also increased from Rs 3.8281 crore in the June 2026 quarter.

Agriculture Product reported a September-quarter segment result of Rs 3.101 crore, compared with Rs 2.3662 crore in September 2025. Revenue for that segment increased to Rs 3.9396 crore from Rs 3.2421 crore, although it was lower than the Rs 4.5724 crore reported in the June 2026 quarter. For the six-month period, the segment result rose to Rs 6.7723 crore from Rs 5.4001 crore.

Books and Others recorded a Rs 25.42 lakh segment result in the September 2026 quarter, versus a Rs 5.12 lakh loss a year earlier, on revenue of Rs 22.11 lakh. Sanitary Pad reported Rs 8,000 of revenue and Rs 7,000 of segment result for the quarter. These businesses were small beside animal food, Ayurvadic Product and Agriculture Product, based on the disclosed revenue figures.

How did unallocable costs affect Add-Shop’s reported profit?

Add-Shop reported Rs 9.8681 crore of unallocable segment cost in the September 2026 quarter, compared with Rs 10.2717 crore a year earlier. The company’s segment note describes unallocable items as common services not directly identifiable to individual segments, corporate expenses and unallocable exceptional items. This charge offset the positive reported results across the operating segments.

After including the unallocable result, total segment result was Rs 37.69 lakh for the September 2026 quarter, up from Rs 29.21 lakh a year earlier. The standalone income statement reported the same Rs 37.69 lakh as profit before tax, while net profit for the period was Rs 28.59 lakh, compared with Rs 22.73 lakh in the September 2025 quarter.

For the half year, unallocable cost increased to Rs 19.7562 crore from Rs 17.2431 crore in the previous corresponding period. Total segment result nevertheless rose to Rs 73.37 lakh from Rs 58.07 lakh. The filing also reported September-quarter finance costs of Rs 36.33 lakh and depreciation and amortisation expense of Rs 18.90 lakh in its overall expense presentation rather than assigning them to individual segments.

What do Add-Shop’s segment assets show about the business mix?

Add-Shop reported animal food segment assets of Rs 146.9017 crore at September 30, 2026, up from Rs 114.4473 crore at September 30, 2025 and Rs 145.2835 crore at June 30, 2026. Animal food represented about 91.2% of total segment assets of Rs 161.0149 crore at the September reporting date, a higher asset concentration than its roughly four-fifths share of quarterly revenue.

Add-Shop’s total assets were Rs 161.0149 crore at September 30, 2026, compared with Rs 152.2934 crore at March 31, 2026. Trade receivables rose to Rs 119.373 crore from Rs 112.1899 crore, while inventories declined to Rs 31.2615 crore from Rs 32.5312 crore. The statement of cash flows reported net cash used in operating activities of Rs 117.62 lakh for the six months ended September 30, 2026, versus net cash generated of Rs 6.9958 crore in the previous corresponding period.

Conclusion

The September 2026 disclosure shows that Add-Shop’s growth and asset base remained concentrated in animal food: the division supplied Rs 37.8053 crore of quarterly revenue and held Rs 146.9017 crore of segment assets. Yet its Rs 2.7393 crore segment result was materially below the prior-year level, while Ayurvadic Product and Agriculture Product delivered higher reported results.

The next disclosed comparison will be whether animal food’s result changes after its near-flat sequential movement from Rs 2.7771 crore in June 2026 to Rs 2.7393 crore in September 2026. Readers can also watch the movement in Rs 119.373 crore of trade receivables, the Rs 117.62 lakh six-month operating cash outflow, and unallocable costs that totalled Rs 19.7562 crore in the first half.