Calcom Vision Q2 profit rises 5% as revenue gains 39%

Calcom Vision Limited reported standalone profit after tax of Rs 2.1981 crore for the quarter ended September 30, 2026, up 5% year on year, as revenue from operations rose 39% to Rs 72.3021 crore. The quarter included Rs 6 crore of production-linked incentive recognised as other operating revenue, while first-half profit declined 5%.

How did Calcom Vision perform in Q2?

Calcom Vision increased standalone profit after tax to Rs 2.1981 crore in the quarter ended September 30, 2026, from Rs 2.0927 crore a year earlier and Rs 0.4628 crore in the preceding June 2026 quarter. Profit before tax rose to Rs 2.9374 crore from Rs 2.7075 crore a year earlier, following revenue growth of Rs 20.4376 crore.

Revenue from operations reached Rs 72.3021 crore, compared with Rs 51.8645 crore in the September 2025 quarter and Rs 60.3332 crore in the June 2026 quarter. Total income, including other income, was Rs 72.4656 crore, against Rs 52.0146 crore a year earlier. Total expenses rose to Rs 60.5282 crore from Rs 49.3071 crore, but remained close to Rs 59.8613 crore in the immediately preceding quarter.

Material costs were Rs 49.809 crore in the September quarter, down from Rs 53.4979 crore in June despite the sequential revenue increase. Employee-benefit expense was Rs 7.3373 crore, compared with Rs 7.6344 crore in June and Rs 5.6931 crore a year earlier. Finance costs were Rs 1.7412 crore, versus Rs 1.7132 crore in June and Rs 1.734 crore in the prior-year quarter.

What contributed to Calcom Vision’s revenue growth?

Calcom Vision recognised Rs 6 crore of production-linked incentive, or PLI, in the quarter ended September 30, 2026 after filing its claim application. Management presented the incentive within other operating revenue because it is directly linked to incremental sales volume and capital expenditure, rather than within other income under its historical presentation.

The company reclassified Rs 1.8 crore of PLI into operating revenue for the quarter and half year ended September 30, 2025, and for the year ended March 31, 2026. Calcom Vision said the reclassification did not change historical profit before tax, profit after tax or earnings per share. Other income in the latest quarter was Rs 0.1635 crore, compared with Rs 0.1501 crore a year earlier.

Calcom Vision reported that it operates in one electronic segment and therefore did not provide segment reporting under Indian Accounting Standard 108. The results do not separately quantify revenue growth excluding the Rs 6 crore PLI recognition, so the filing does not specify the contribution of underlying sales to the quarterly increase.

Why did Calcom Vision’s first-half profit fall despite higher revenue?

Calcom Vision’s standalone profit after tax for the half year ended September 30, 2026 fell to Rs 2.6609 crore from Rs 2.792 crore a year earlier, although revenue from operations rose to Rs 132.6353 crore from Rs 96.9406 crore. Profit before tax declined to Rs 3.5559 crore from Rs 3.6492 crore as expenses rose faster in absolute terms.

Material costs increased to Rs 103.3069 crore from Rs 76.4416 crore in the comparable half year. Employee-benefit expense rose to Rs 14.9717 crore from Rs 11.0833 crore, depreciation and amortisation increased to Rs 3.1663 crore from Rs 2.7595 crore, and other expenses rose to Rs 4.9184 crore from Rs 4.2071 crore. Finance costs were Rs 3.4544 crore, compared with Rs 3.4265 crore.

Current tax was Rs 0.895 crore for the latest half year, against Rs 0.9184 crore a year earlier. Calcom Vision said the current-tax provision was made on a pro-rata basis and deferred-tax assets or liabilities would be provided at the year end. No exceptional item was reported in either first-half comparison period.

What do Calcom Vision’s cash flow and balance sheet show?

Calcom Vision generated operating cash flow of Rs 18.2769 crore in the half year ended September 30, 2026, compared with Rs 12.0749 crore a year earlier. Operating profit before working-capital changes rose to Rs 9.9778 crore from Rs 9.2496 crore, while cash generated from operations reached Rs 18.5449 crore before direct taxes paid.

The operating cash movement included a Rs 11.293 crore reduction in trade receivables and a Rs 8.7554 crore increase in other current liabilities. Inventory increased by Rs 6.3811 crore, compared with a Rs 19.0283 crore increase in the prior-year period. Other current financial assets increased by Rs 6.3043 crore, while trade payables increased by Rs 0.1005 crore.

Inventory stood at Rs 79.7166 crore at September 30, 2026, versus Rs 73.3355 crore at March 31, 2026. Trade receivables fell to Rs 17.1875 crore from Rs 28.4805 crore. Total assets increased to Rs 218.4492 crore from Rs 214.0539 crore, while other equity rose to Rs 74.73 crore from Rs 72.126 crore.

Investing activities used Rs 6.7006 crore, including Rs 4.7851 crore for property, plant and equipment and capital work-in-progress, and Rs 1.3874 crore of loans. Financing activities used Rs 11.5416 crore as borrowings were repaid by Rs 8.1099 crore and interest payments totalled Rs 3.4317 crore. Cash and cash equivalents ended at Rs 14.07 lakh, compared with Rs 10.60 lakh at March 31, 2026.

What joint-venture exposure has Calcom Vision disclosed?

Calcom Vision disclosed Rs 2.3874 crore of standalone exposure to its 50% joint venture, Calcom Taehwa Techno Private Limited, at September 30, 2026. The exposure comprises Rs 1 crore of equity investment carried at cost and a Rs 1.3874 crore short-term interest-bearing working-capital loan.

The joint venture has accumulated losses, but management expects an operational turnaround and recovery of both exposures based on confirmed order pipelines and projected cash flows. Calcom Vision therefore recognised neither impairment under Indian Accounting Standard 36 nor expected credit loss under Indian Accounting Standard 109 on the standalone exposure.

The statutory auditor drew attention to the exposure in its limited-review report without modifying its conclusion. The auditor stated that nothing had come to its attention to indicate that the standalone statement had failed to make required disclosures or contained a material misstatement.

Conclusion

Calcom Vision’s September-quarter revenue increase, including Rs 6 crore of PLI recognition, was accompanied by a 5% year-on-year rise in standalone profit after tax to Rs 2.1981 crore. However, first-half revenue growth of Rs 35.6947 crore did not translate into higher first-half profit as material, employee and depreciation costs increased and profit before tax declined.

The next results will indicate whether the September-quarter revenue level continues after the PLI claim recognition and whether operating cash flow remains supported by working-capital movements. Calcom Vision has also disclosed management’s expectation of recovery from its loss-making joint venture, against which Rs 2.3874 crore of standalone equity and loan exposure remains without impairment or expected-credit-loss provision.