Bhanderi Infracon returns to Rs 34.52 lakh shareholder profit

Bhanderi Infracon Limited reported Rs 34.52 lakh consolidated profit attributable to shareholders for the six months ended September 30, 2026, reversing a Rs 4.61 lakh attributable loss in the preceding six months, although total income declined to Rs 1.14 crore from Rs 2.88 crore.

How did Bhanderi Infracon return to shareholder profit?

Bhanderi Infracon returned to shareholder profit because its consolidated profit after tax rose to Rs 46.02 lakh in the six months ended September 30, 2026, from Rs 3.61 lakh in the six months ended March 31, 2026, before minority interest of Rs 11.51 lakh was deducted. That deduction left Rs 34.52 lakh attributable to shareholders, compared with a Rs 4.61 lakh loss after a Rs 8.22 lakh minority-interest deduction in the preceding half.

The result also exceeded the Rs 25.04 lakh profit attributable to shareholders reported for the six months ended September 30, 2025. Basic and diluted earnings per share, not annualised, were Rs 1.33 for the September 2026 half, compared with a loss per share of Rs 0.18 in the March 2026 half and earnings per share of Rs 0.96 a year earlier. The paid-up equity share capital was unchanged at Rs 2.60 crore, with a face value of Rs 10 per share.

The filing records no exceptional or extraordinary items in any of the three half-year columns. Profit before tax was Rs 48.89 lakh in the latest half, up from Rs 21.21 lakh in the preceding half, while tax expense fell to Rs 2.87 lakh from Rs 17.59 lakh. These reported movements explain the increase in profit after tax, while the higher minority-interest allocation reduced the amount ultimately attributable to shareholders.

Why did Bhanderi Infracon profit rise despite lower income?

Bhanderi Infracon reported lower total expenses of Rs 35.97 lakh for the September 2026 half, down from Rs 2.66 crore in the March 2026 half, a larger reduction than the fall in total income to Rs 1.14 crore from Rs 2.88 crore. Consequently, profit from operations before other income and finance cost increased to Rs 78.51 lakh from Rs 21.15 lakh.

The largest change within expenses was an Rs 88.37 lakh decrease in finished goods in the latest half, compared with an Rs 27.63 lakh decrease in the preceding half. Cost of operations fell to Rs 40.22 lakh from Rs 2.09 crore and employee benefit expense declined to Rs 23.92 lakh from Rs 54.11 lakh. Those reductions were partly offset by other expenditure, which increased to Rs 58.98 lakh from Rs 28.23 lakh.

Other income increased to Rs 4.51 lakh from Rs 0.06 lakh, but the latest period also included a finance cost of Rs 34.13 lakh, against no finance cost reported in the March 2026 half. After that charge, profit from ordinary activities before tax stood at Rs 48.89 lakh. Total income was also above Rs 1.04 crore in the September 2025 half, while the latest period’s total expenses of Rs 35.97 lakh were below Rs 60.41 lakh a year earlier.

What changed in Bhanderi Infracon’s balance sheet and borrowings?

Bhanderi Infracon’s total assets increased to Rs 98.92 crore at September 30, 2026, from Rs 93.67 crore at March 31, 2026, while total equity and liabilities rose by the same Rs 5.25 crore. Shareholders’ funds, comprising Rs 2.60 crore of share capital and Rs 24.33 crore of reserves and surplus, totalled Rs 26.93 crore, compared with Rs 26.59 crore at the prior year-end.

The principal liability movement was between borrowing categories. Long-term borrowings rose to Rs 53.03 crore at September 30 from Rs 3.88 crore at March 31, while short-term borrowings declined to Rs 3.86 crore from Rs 48.95 crore. Minority interest increased to Rs 2.01 crore from Rs 1.90 crore, consistent with the Rs 11.51 lakh charge shown in the half-year income statement.

On the asset side, inventories increased to Rs 38.31 crore from Rs 37.42 crore, trade receivables rose to Rs 4.43 crore from Rs 4.32 crore, and short-term loans and advances increased to Rs 7.40 crore from Rs 4.95 crore. Non-current investments were Rs 41.73 crore, compared with Rs 41.55 crore at March 31. Cash and cash equivalents in the balance sheet rose to Rs 1.32 crore from Rs 1.06 crore.

Did Bhanderi Infracon generate operating cash in the half year?

Bhanderi Infracon reported net cash used in operating activities of Rs 96.11 lakh for the six months ended September 30, 2026, despite the reported Rs 46.02 lakh net profit used as the starting point in its consolidated cash-flow statement. The cash-flow statement showed Rs 69.07 lakh of operating profit before working-capital changes, followed by Rs 1.65 crore of adverse working-capital changes.

Inventory absorbed Rs 88.38 lakh, trade payables absorbed Rs 79.69 lakh and other current assets absorbed Rs 1.38 crore. These uses were partly offset by a Rs 1.52 crore increase in other current liabilities. The prior financial year ended March 31, 2026 recorded Rs 3.35 crore of operating cash inflow, but that is a full-year figure and is not directly comparable with the latest six-month period.

Investing cash flow was an outflow of Rs 4.69 lakh in the latest half, including Rs 17.90 lakh of changes in non-current investments, partly offset by Rs 12.30 lakh described as share of profit from partnership firms. Financing activities generated Rs 1.27 crore, as Rs 56.89 crore of proceeds from long-term and short-term borrowings exceeded Rs 55.28 crore of short-term loans and advances given or repaid, together with a Rs 34.13 lakh finance-cost payment. Net cash increased by Rs 25.79 lakh to Rs 1.32 crore.

What does the filing say about Bhanderi Infracon’s reporting scope?

Bhanderi Infracon states that its entire operation relates to one segment, real estate, so it has not presented segment-wise reporting. The unaudited consolidated results cover six subsidiaries or entities, including Bhanderi Gandhinagar Projects Private Limited, Bhanderi Pethapur Projects Private Limited and Dharnidhar Developers.

The limited-review report says the subsidiaries reviewed by other auditors accounted for Rs 55.31 lakh of total revenue, Rs 28.23 lakh of expenditure and Rs 57.52 crore of assets for the September 2026 half. The reporting auditor based its conclusion on those other-auditor reports for the relevant subsidiary amounts and said its conclusion was not modified in respect of that matter.

The Board reviewed and approved the unaudited results on November 5, 2026. The auditor’s report, dated November 5, 2026, says the work was performed under Standard on Review Engagement 2410 and provides moderate assurance; it also states that a review is not an audit and does not express an audit opinion. Bhanderi Infracon additionally states that it has not adopted Indian Accounting Standards, or Ind AS, under the exemption available to companies listed on an SME exchange.

Conclusion

Bhanderi Infracon’s September 2026 half-year filing shows a shift from a Rs 4.61 lakh attributable loss to Rs 34.52 lakh attributable profit, even as total income fell by Rs 1.73 crore from the March 2026 half. The result reflects a Rs 2.30 crore reduction in total expenses, a larger decrease in finished goods and lower cost of operations, while the group also recorded Rs 34.13 lakh of finance cost and a Rs 96.11 lakh operating-cash outflow.

The next disclosure will show whether operating cash generation changes from the Rs 96.11 lakh outflow and how the reported Rs 38.31 crore inventory, Rs 7.40 crore of short-term loans and advances, and Rs 53.03 crore of long-term borrowings move after September 30, 2026. The filing does not disclose a profit target, operating plan or scheduled future event.