Beezaasan Explotech revenue rises 26% as pre-tax profit slips

Beezaasan Explotech Limited reported consolidated revenue from operations of Rs 126.9845 crore for the half year ended September 30, 2026, up 26.40% year on year, while profit before tax fell 1.26% to Rs 11.1078 crore. Total expenses rose faster than total income, increasing 29.71% to Rs 116.6161 crore.

How did Beezaasan Explotech perform in the September 2026 half-year?

Beezaasan Explotech increased revenue from operations to Rs 126.9845 crore in the half year ended September 30, 2026, from Rs 100.4626 crore in the corresponding half year ended September 30, 2025. Other income rose to Rs 0.7317 crore from Rs 0.6935 crore, taking consolidated total income to Rs 127.7163 crore from Rs 101.1561 crore.

Beezaasan Explotech’s profit before exceptional and extraordinary items and tax was Rs 11.1001 crore, compared with Rs 11.2493 crore a year earlier. The Group recorded Rs 0.0077 crore as its share of profit from an associate, which resulted in profit before tax of Rs 11.1078 crore, against Rs 11.2493 crore in the September 2025 half.

Which costs increased at Beezaasan Explotech?

Beezaasan Explotech’s total expenses increased to Rs 116.6161 crore in the September 2026 half from Rs 89.9068 crore in the prior-year period, an increase of 29.71% against the 26.25% rise in total income. Cost of material consumed, purchases of stock-in-trade and inventory movements together were Rs 98.2387 crore, compared with Rs 77.2878 crore a year earlier.

Employee benefits expense increased to Rs 4.7063 crore from Rs 3.6182 crore, finance costs rose to Rs 1.5827 crore from Rs 0.5634 crore, and depreciation and amortisation expense increased to Rs 1.9886 crore from Rs 1.5257 crore. Other expenses rose by Rs 3.1883 crore to Rs 10.1000 crore, from Rs 6.9117 crore.

The inventory-change line reduced reported expenses by Rs 5.5876 crore in the September 2026 half, compared with a Rs 1.3103 crore reduction in the September 2025 half. Despite this larger reduction, the increase in materials, employee costs, finance costs, depreciation and other expenses brought the total expense increase to Rs 26.7093 crore.

How did Beezaasan Explotech compare with the preceding half-year?

Beezaasan Explotech reported higher income and profit before tax than in the half year ended March 31, 2026. Revenue from operations rose by Rs 15.8359 crore from Rs 111.1186 crore in that preceding half, while total income increased by Rs 15.0871 crore from Rs 112.0792 crore.

Profit before tax increased by Rs 4.8052 crore from Rs 6.3026 crore in the half year ended March 31, 2026, while profit for the period rose by Rs 3.3473 crore from Rs 5.0154 crore. Total expenses increased by Rs 10.8306 crore from Rs 105.7855 crore over the same comparison.

The filing records basic and diluted earnings per share, or EPS, of Rs 5.52 each for the September 2026 half, compared with Rs 3.883 each for the preceding half and Rs 6.39 each a year earlier. Paid-up equity share capital was Rs 15.1518 crore at September 30, 2026, unchanged from March 31, 2026, and above Rs 12.9211 crore at September 30, 2025.

What changed in Beezaasan Explotech’s financial position?

Beezaasan Explotech’s consolidated total assets stood at Rs 221.1288 crore at September 30, 2026, compared with Rs 203.1469 crore at March 31, 2026. Current assets increased to Rs 99.6345 crore from Rs 79.7909 crore, while total fixed assets, including capital work-in-progress, increased to Rs 56.0593 crore from Rs 53.1208 crore.

Trade receivables rose to Rs 25.7180 crore at September 30, 2026 from Rs 12.6044 crore six months earlier. Short-term loans and advances increased to Rs 11.3249 crore from Rs 7.7784 crore, while inventories declined to Rs 36.9036 crore from Rs 37.5794 crore.

Shareholders’ funds increased to Rs 163.79717 crore from Rs 155.43444 crore. Long-term borrowings declined to Rs 13.0471 crore from Rs 15.5023 crore, but short-term borrowings increased to Rs 25.0543 crore from Rs 21.5376 crore, and total current liabilities rose to Rs 41.5640 crore from Rs 29.5922 crore.

What does Beezaasan Explotech’s cash flow statement show?

Beezaasan Explotech generated Rs 3.4566 crore of net cash from operating activities in the half year ended September 30, 2026, down from Rs 4.5522 crore in the comparable 2025 half. Operating profit before working-capital changes increased to Rs 13.3393 crore from Rs 12.5308 crore, but trade receivables increased by Rs 13.1493 crore.

The Group spent Rs 3.2707 crore on purchases of fixed assets and Rs 1.6563 crore on capital work-in-progress during the September 2026 half. Net cash used in investing activities was Rs 4.94 lakh, compared with Rs 3.5607 crore used in the corresponding prior-year half.

In financing activities, term loans decreased by Rs 2.4448 crore, short-term borrowings increased by Rs 3.5167 crore and interest paid was Rs 1.1995 crore. Net cash used in financing activities was Rs 12.76 lakh, compared with Rs 25.54 lakh in the September 2025 half, while net cash flow during the period was Rs 3.2796 crore.

What businesses and entities are included in Beezaasan Explotech’s results?

Beezaasan Explotech states that it manufactures slurry and emulsion explosives and detonating fuse, which it treats as one reportable segment under Accounting Standard 17. The results were prepared under Accounting Standards, with the filing citing the exemption from mandatory Indian Accounting Standards adoption for companies listed on the SME Exchange.

The consolidated accounts include wholly owned subsidiaries Asawara Industries Limited and Beezaasan Safetycord Limited, alongside 51%-owned Beezaasan Defense Industries Limited. Before consolidation adjustments, Asawara Industries reported September-half revenue of Rs 6.3090 crore and profit after tax of Rs 0.91936 crore, while the other two subsidiaries reported no revenue and losses after tax of Rs 0.0071 crore and Rs 0.0036 crore, respectively.

The auditor, PSV Jain & Associates, conducted a limited review of the September 2026 consolidated financial results rather than an audit. Its November 6, 2026 report said nothing had come to its attention that caused it to believe the statement had not made required disclosures or contained a material misstatement; it also noted that subsidiary and associate information was unaudited and furnished by management.

Conclusion

Beezaasan Explotech delivered Rs 126.9845 crore of September-half revenue, but the Rs 26.7093 crore increase in expenses exceeded the Rs 26.5602 crore increase in total income. As a result, profit before tax edged down to Rs 11.1078 crore, even as profit for the period rose to Rs 8.3627 crore from Rs 8.2592 crore.

The next financial results will indicate whether receivables, which rose to Rs 25.7180 crore at September 30, 2026, and short-term borrowings, which reached Rs 25.0543 crore, change further. The filing discloses no revenue guidance, profit target, capacity plan or scheduled corporate event beyond the board’s November 6, 2026 approval of these results.