Balaji Phosphates H1 profit rises to Rs 11.69 crore in 2026

Balaji Phosphates Limited reported consolidated profit after tax of Rs 11.69 crore for the half year ended September 30, 2026, compared with Rs 8.05 crore a year earlier and Rs 2.18 crore in the preceding half year. Revenue from operations reached Rs 106.85 crore, against Rs 84.71 crore in the September 2025 half year.

How did Balaji Phosphates perform in the half year ended September 2026?

Balaji Phosphates reported total income of Rs 106.89 crore for the half year ended September 30, 2026, up from Rs 85.32 crore in the corresponding 2025 period and Rs 85.88 crore in the half year ended March 31, 2026. Revenue from operations accounted for Rs 106.85 crore, while other income was Rs 3.93 lakh, lower than Rs 60.96 lakh a year earlier.

Profit before tax was Rs 15.27 crore, compared with Rs 10.90 crore in the September 2025 half year and Rs 4.08 crore in the March 2026 half year. After total tax expense of Rs 3.58 crore, Balaji Phosphates reported profit after tax of Rs 11.69 crore. Total comprehensive income was Rs 11.68 crore after an other comprehensive loss, net of tax, of Rs 75,000.

Balaji Phosphates reported basic and diluted earnings per share of Rs 4.91 for the September 2026 half year, compared with Rs 3.38 in September 2025 and Rs 0.91 in March 2026. The filing says these earnings-per-share figures are not annualised and are based on equity shares with a face value of Rs 10 each.

Why did Balaji Phosphates’ profit change from the prior periods?

Balaji Phosphates’ total expenses were Rs 91.62 crore in the September 2026 half year, up from Rs 74.42 crore a year earlier and Rs 81.80 crore in the preceding half year. Total income increased by Rs 21.57 crore year on year, exceeding the Rs 17.21 crore rise in expenses, while profit before tax increased by Rs 4.37 crore.

Cost of materials consumed was the largest expense at Rs 80.96 crore, compared with Rs 57.93 crore in September 2025 and Rs 62.90 crore in March 2026. Changes in inventories reduced expenses by Rs 12.18 crore in the September 2026 half year, whereas the same line added Rs 23.47 lakh to expenses in the March 2026 half year.

Other expenses declined to Rs 15.40 crore from Rs 17.14 crore a year earlier, although they increased from Rs 11.15 crore in March 2026. Finance cost rose to Rs 2.32 crore from Rs 1.83 crore in September 2025 and Rs 1.76 crore in March 2026, while employee-benefit expense was Rs 4.59 crore against Rs 4.78 crore a year earlier.

What changed in Balaji Phosphates’ balance sheet and borrowings?

Balaji Phosphates’ total assets were Rs 208.47 crore as of September 30, 2026, compared with Rs 162.95 crore at March 31, 2026. Current assets increased to Rs 178.44 crore from Rs 135.52 crore, led by trade receivables of Rs 94.15 crore and inventories of Rs 70.78 crore.

Trade receivables were Rs 67.88 crore and inventories were Rs 57.84 crore at March 31, 2026. Capital work-in-progress rose to Rs 16.91 crore from Rs 11.83 crore, while property, plant and equipment declined to Rs 6.63 crore from Rs 7.01 crore over the same period.

Total equity increased to Rs 102.34 crore from Rs 90.66 crore. Non-current borrowings rose to Rs 31.62 crore from Rs 9.44 crore, and current borrowings increased to Rs 42.37 crore from Rs 33.03 crore; total liabilities consequently reached Rs 106.13 crore, compared with Rs 72.29 crore at March 31, 2026.

How did working capital affect Balaji Phosphates’ cash flow?

Balaji Phosphates recorded operating profit before working-capital changes of Rs 18.36 crore for the half year ended September 30, 2026. It nevertheless reported net cash used in operating activities of Rs 25.26 crore, compared with net operating cash generated of Rs 4.71 crore for the year ended March 31, 2026.

The cash-flow statement records a Rs 26.54 crore increase in trade receivables and a Rs 12.95 crore increase in inventories during the September 2026 half year. Those movements were partly offset by a Rs 2.73 crore increase in trade payables, while net income tax paid was Rs 4.18 crore.

Investing activities used Rs 4.01 crore, including Rs 5.25 crore spent on property, plant and equipment. Financing activities generated Rs 29.19 crore, alongside a Rs 31.50 crore increase in borrowings and Rs 2.32 crore of interest paid, leaving cash and cash equivalents at Rs 14.05 lakh, down from Rs 22.05 lakh at March 31, 2026.

What are the reporting scope and comparability limits for Balaji Phosphates?

Balaji Phosphates’ consolidated results include its subsidiary, Jyoti Weighing Systems Private Limited. The subsidiary reported total revenue of Rs 14.68 crore, net profit and total comprehensive income of Rs 37.22 lakh, and total assets of Rs 22.41 crore for the half year ended September 30, 2026.

The independent auditor’s review report says the subsidiary’s interim results were reviewed by another auditor and that the conclusion on those amounts and disclosures was based on that report. The consolidated statement itself is described as unaudited, and the Board approved the results on November 13, 2026.

Balaji Phosphates identifies phosphates fertilizers as its only operating segment under Indian Accounting Standard 108, Operating Segments. The September 2025 comparative figures are based on management-certified financial statements that were not audited or reviewed, while the March 2026 half-year figures are balancing figures between the audited full-year results and the September 2025 comparative information.

Conclusion

Balaji Phosphates’ September 2026 half-year results show higher revenue and profit than both the September 2025 and March 2026 periods. Revenue from operations rose to Rs 106.85 crore and profit after tax reached Rs 11.69 crore, while the increase in income exceeded the rise in total expenses compared with a year earlier.

The next disclosure to watch is whether the higher receivables of Rs 94.15 crore and inventories of Rs 70.78 crore convert into operating cash generation after the Rs 25.26 crore operating cash outflow in the half year. The filing also says a statement on the utilisation of Rs 41.58 crore of fresh initial public offering proceeds is enclosed as Annexure 1.