Adeshwar Meditex first-half revenue falls 19%, profit drops 29%

Adeshwar Meditex Limited reported a 19% year-on-year fall in revenue from operations to Rs 24.36 crore and a 29% decline in net profit to Rs 52.09 lakh for the half year ended 30 September 2026. The company remained profitable, but profit before tax also decreased to Rs 74.69 lakh from Rs 1.02 crore.

How did Adeshwar Meditex perform in the first half?

Adeshwar Meditex reported lower revenue, pre-tax profit and net profit for the half year ended 30 September 2026. Revenue from operations was Rs 24.36 crore, compared with Rs 30.06 crore in the half year ended 30 September 2025, a decline of Rs 5.70 crore. Other income rose to Rs 5.56 lakh from Rs 5.21 lakh, taking total income to Rs 24.41 crore from Rs 30.11 crore.

Adeshwar Meditex’s profit before tax fell by Rs 26.91 lakh to Rs 74.69 lakh from Rs 1.02 crore. Current tax was Rs 22 lakh, compared with Rs 28.50 lakh a year earlier, while the results show deferred tax of negative Rs 59,000 for the September 2026 half. Net profit was Rs 52.09 lakh, against Rs 73.10 lakh, and basic earnings per share, or EPS, declined to Rs 0.39 from Rs 0.51 on shares with a face value of Rs 10 each.

What changed in Adeshwar Meditex’s expenses?

Adeshwar Meditex cut total expenses by Rs 5.53 crore, but the reduction was slightly smaller than the Rs 5.70 crore fall in revenue. Total expenses were Rs 23.57 crore in the half year ended 30 September 2026, compared with Rs 29.09 crore in the corresponding 2025 period. This left profit before tax at Rs 74.69 lakh, below the Rs 1.02 crore recorded a year earlier.

Material consumption fell to Rs 19.03 crore from Rs 23.16 crore, accounting for most of the decline in expenses. Employee benefit expense declined to Rs 1.30 crore from Rs 1.47 crore, finance costs decreased to Rs 17.80 lakh from Rs 36.25 lakh, and depreciation and amortisation was Rs 18.21 lakh against Rs 21.30 lakh. Other expenses also declined to Rs 91.97 lakh from Rs 1.83 crore, while the inventory-change line was Rs 2.05 crore in both half years.

Adeshwar Meditex identifies its business as manufacturing and trading medical dressings, bandages, face masks and personal protective equipment, or PPE, kits. The 30 September 2026 filing gives no separate sales or profit data for those product categories and does not set out a management explanation for the Rs 5.70 crore year-on-year revenue decline.

How does the September half compare with the prior six months?

Adeshwar Meditex also recorded lower revenue and profit than in the immediately preceding half year ended 31 March 2026. Revenue from operations was Rs 24.36 crore for the September half, compared with Rs 26.05 crore for the March half. Net profit was Rs 52.09 lakh, slightly below Rs 53.30 lakh, while profit before tax declined to Rs 74.69 lakh from Rs 81.58 lakh.

Material consumption was Rs 19.03 crore in the September half, compared with Rs 22.34 crore in the March half, and total expenses reduced to Rs 23.57 crore from Rs 25.28 crore. The inventory-change line differed between the periods: it was Rs 2.05 crore in the September half, while the March 2026 half showed negative Rs 55.17 lakh. Finance costs were Rs 17.80 lakh, compared with Rs 24.77 lakh in the preceding six months.

For the year ended 31 March 2026, Adeshwar Meditex reported revenue from operations of Rs 56.10 crore and net profit of Rs 1.26 crore. Those figures were below revenue of Rs 83.71 crore and net profit of Rs 2.07 crore for the year ended 31 March 2025. The September 2026 half-year result therefore followed lower annual revenue and profit in the company’s latest reported financial year.

What do cash flow and the balance sheet show?

Adeshwar Meditex reported net cash flow from operating activities of Rs 4.42 crore for the period ended 30 September 2026. Operating profit before working-capital changes was Rs 1.05 crore, while the cash-flow statement records a Rs 1.60 crore decrease in inventories, a Rs 73.23 lakh increase in payables and a Rs 1.89 crore decrease in receivables. Taxes paid were Rs 22 lakh.

Investing activities generated Rs 32.18 lakh, including Rs 20.71 lakh from changes in long-term loans and advances and Rs 4.34 lakh of dividend or bank interest received. Financing activities used Rs 4.49 crore, including Rs 4.35 crore of changes in short-term borrowings and Rs 16.36 lakh of interest expense. Cash and cash equivalents increased by Rs 25.19 lakh to Rs 26.68 lakh at 30 September 2026, from Rs 1.49 lakh at the beginning of the period.

Total assets stood at Rs 47.01 crore on 30 September 2026, compared with Rs 50.22 crore on 31 March 2026. Inventories decreased to Rs 18.90 crore from Rs 20.50 crore, and trade receivables fell to Rs 18.94 crore from Rs 20.82 crore. Share capital was unchanged at Rs 14.43 crore, while surplus increased to Rs 24.37 crore from Rs 23.85 crore.

Were Adeshwar Meditex’s results reviewed by auditors?

Adeshwar Meditex’s unaudited standalone financial results were reviewed by its Audit Committee and taken on record by the board on 12 November 2026. The board meeting began at 12:00 PM Indian Standard Time and concluded at 12:15 PM. The board also noted the internal audit report for the period ended 30 September 2026.

Shankar Ramesh & Co. LLP issued its limited review report on 12 November 2026. The auditor said nothing had come to its attention suggesting that the results failed to make disclosures required under Regulation 33 of the Securities and Exchange Board of India listing regulations, or that they contained a material misstatement. It also stated that a limited review is substantially narrower in scope than an audit and does not provide an audit opinion.

Adeshwar Meditex prepared the results under Accounting Standard 25, or AS 25, for interim financial reporting and under non-Indian Accounting Standards, or non-Ind AS. The company said it had not adopted Indian Accounting Standards because companies listed on the small and medium enterprises exchange covered by the relevant Ministry of Corporate Affairs notification are exempt from mandatory adoption. It also said prior-period figures had been regrouped or recast where necessary for comparability.

Conclusion

Adeshwar Meditex’s September 2026 half-year filing records a contraction in sales and profit despite lower spending on materials, employees, finance costs and other expenses. Revenue declined by Rs 5.70 crore year-on-year to Rs 24.36 crore, while net profit decreased by Rs 21.01 lakh to Rs 52.09 lakh. The company also reported lower revenue and pre-tax profit than in the half year ended 31 March 2026.

What remains unresolved is the cause of the revenue decline and its distribution across medical dressings, bandages, face masks and PPE kits, as the filing provides no product-level breakdown or management explanation. The next relevant disclosures will need to show whether the reductions in inventories from Rs 20.50 crore to Rs 18.90 crore and receivables from Rs 20.82 crore to Rs 18.94 crore continue alongside revenue trends.