Balaxi first-half revenue rises 28%, profit reaches Rs 2.45 crore

Balaxi Pharmaceuticals Limited reported consolidated revenue from operations of Rs 162.05 crore for the half year ended September 30, 2026, up 28% year on year, while net profit reached Rs 2.45 crore versus Rs 49.91 lakh. The Board approved the unaudited results on November 12, 2026.

Why did Balaxi's first-half revenue rise?

Balaxi's revenue from operations increased by Rs 35.14 crore to Rs 162.05 crore in the half year ended September 30, 2026, from Rs 126.92 crore in the corresponding half year ended September 30, 2025. The increase was about 27.7%, which rounds to the reported 28% growth rate.

The two quarters contributed similar revenue amounts during the six-month period. Balaxi recorded Rs 81.37 crore in revenue from operations in the quarter ended September 30, 2026, compared with Rs 80.68 crore in the quarter ended June 30, 2026, a sequential increase of Rs 69.05 lakh.

Other income was negative Rs 1.82 crore for the first half of 2026, compared with negative Rs 19.16 lakh a year earlier. Consequently, total income was Rs 160.23 crore in the latest first half, below revenue from operations of Rs 162.05 crore, while the corresponding 2025 total income was Rs 126.73 crore.

How did Balaxi's profitability change in the first half?

Balaxi's consolidated net profit rose to Rs 2.45 crore in the half year ended September 30, 2026, from Rs 49.91 lakh in the prior-year period. Profit before tax increased to Rs 4.10 crore from Rs 2.25 crore, and both basic and diluted earnings per share were Rs 0.44, compared with Rs 0.09 a year earlier.

Total expenses rose by Rs 31.68 crore to Rs 156.13 crore, an increase smaller than the Rs 35.14 crore rise in revenue from operations. The difference between total income and total expenses was therefore Rs 4.10 crore, compared with Rs 2.25 crore in the half year ended September 30, 2025.

Cost of materials consumed increased to Rs 85.68 crore from Rs 68.39 crore, employee benefit expense rose to Rs 23.54 crore from Rs 17.35 crore, and administrative expenses increased to Rs 43.06 crore from Rs 35.67 crore. Finance cost moved the other way, declining to Rs 1.59 crore from Rs 1.90 crore over the two first-half periods.

Balaxi reported current tax of Rs 1.38 crore and deferred tax expense of Rs 27.66 lakh in the latest half year. In the comparable period, current tax was Rs 1.81 crore and deferred tax was a Rs 3.32 lakh credit, meaning the net-profit comparison reflects a different tax mix as well as the increase in pre-tax profit.

What changed on Balaxi's balance sheet?

Balaxi's total assets stood at Rs 341.40 crore on September 30, 2026, compared with Rs 337.03 crore on March 31, 2026. Total equity increased to Rs 254.18 crore from Rs 249.08 crore, with other equity rising to Rs 243.14 crore from Rs 238.03 crore.

Inventory increased by Rs 9.03 crore over the six months to Rs 92.51 crore, while trade receivables fell by Rs 16.03 crore to Rs 120.07 crore. These changes occurred within current assets, which totalled Rs 254.39 crore at September 30, 2026, compared with Rs 251.43 crore at the preceding year-end.

Current borrowings declined by Rs 5.35 crore to Rs 28.08 crore at September 30, 2026, while non-current borrowings decreased by Rs 79.47 lakh to Rs 21.56 crore. Trade payables increased to Rs 25.13 crore from Rs 21.21 crore during the same period, and total current liabilities were Rs 61.91 crore against Rs 62.16 crore at March 31, 2026.

What do Balaxi's cash flow and review disclosures show?

Balaxi reported net cash flow from operating activities of Rs 22.96 crore for the half year ended September 30, 2026. Its cash-flow statement starts with profit before tax of Rs 4.10 crore and includes Rs 2.27 crore of depreciation and amortisation and Rs 1.59 crore of finance cost in the operating-cash reconciliation.

Investing activity included Rs 2.35 crore spent on purchases of fixed assets during the same first half. The balance sheet reported property, plant and equipment of Rs 19.09 crore and capital work-in-progress of Rs 33.08 crore at September 30, 2026, compared with Rs 49.00 crore and Rs 30.67 crore respectively at March 31, 2026.

The independent auditor issued a review conclusion on the September 2026 consolidated results rather than an audit opinion. It said nothing had come to its attention to indicate that the statement failed to make required disclosures or contained a material misstatement, while noting that a review provides moderate assurance and has a narrower scope than an audit.

The auditor also identified two wholly owned subsidiaries whose interim financial information was approved and furnished by management and had not been reviewed by their auditors. That information represented total assets of Rs 302.28 crore at September 30, 2026, first-half revenue of Rs 162.05 crore and first-half net profit after tax of Rs 4.27 crore for the entities concerned.

Conclusion

Balaxi's first-half outcome combined 28% growth in revenue from operations to Rs 162.05 crore with an increase in net profit to Rs 2.45 crore from Rs 49.91 lakh. Expenses rose more slowly than revenue in absolute terms, while the balance sheet showed lower receivables and borrowings but higher inventory and trade payables at September 30, 2026.

The disclosed unresolved matter to watch is the status of the interim financial information for the two wholly owned subsidiaries, which had not been reviewed by their auditors when the consolidated results were issued on November 12, 2026. Subsequent financial disclosures can also show whether operating cash flow of Rs 22.96 crore and the changes in inventory and receivables continue.