Chemkart H1 profit more than doubles as revenue climbs 99%

Chemkart India Limited reported consolidated profit after minority-interest adjustment of Rs 22.56 crore for the half year ended September 30, 2026, compared with Rs 10.15 crore a year earlier. Revenue from operations rose 99.2% to Rs 205.87 crore, while calculated net profit margin increased to 10.9% from 9.8%.

How did Chemkart's H1 revenue and profit change?

Chemkart's consolidated revenue from operations was Rs 205.87 crore in the half year ended September 30, 2026, up from Rs 103.23 crore in the half year ended September 30, 2025. The Rs 102.64 crore increase came in the group's trading and distribution business for nutraceutical raw materials, amino acids and functional ingredients used by dietary supplement, functional food and pharmaceutical industries.

Total income reached Rs 207.85 crore in the September 2026 half, compared with Rs 103.91 crore a year earlier. Other income rose to Rs 1.98 crore from Rs 0.69 crore, and profit before tax increased to Rs 30.11 crore from Rs 13.81 crore. The financial results for the half year ended September 30, 2026 were reported as unaudited on October 30, 2026.

Chemkart's profit after minority-interest adjustment rose by Rs 12.40 crore, or about 122.2%, year on year. Current tax expense was Rs 7.80 crore and deferred tax was a benefit of Rs 24.29 lakh in the September 2026 half, resulting in net tax expense of Rs 7.55 crore, compared with Rs 3.66 crore in the year-earlier half.

What changed in Chemkart's costs and margins?

Chemkart's total expenses increased to Rs 177.74 crore in the half year ended September 30, 2026 from Rs 90.11 crore in the prior-year period. Purchases of stock-in-trade, its largest listed expense, rose to Rs 178.06 crore from Rs 74.94 crore, while the increase or decrease in stock-in-trade line was negative Rs 9.04 crore, compared with negative Rs 31.59 lakh a year earlier.

Calculated profit before tax margin increased to 14.5% of total income from 13.3%, while calculated profit after minority-interest adjustment margin rose to 10.9% from 9.8%. These are calculations based on Chemkart's reported total income and profit figures rather than margin measures disclosed in its financial-results table.

Employee benefits expense rose to Rs 2.37 crore from Rs 1.90 crore in the September 2025 half. Other expenses increased to Rs 4.00 crore from Rs 2.49 crore, finance costs rose to Rs 1.01 crore from Rs 78.22 lakh, and depreciation and amortisation declined to Rs 23.12 lakh from Rs 25.33 lakh.

How did Chemkart perform against the preceding half year?

Chemkart's revenue from operations rose from Rs 111.60 crore in the half year ended March 31, 2026 to Rs 205.87 crore in the half year ended September 30, 2026. That represents an increase of Rs 94.27 crore between consecutive six-month periods, with the March 2026 comparative column identified in the filing as audited.

Profit after minority-interest adjustment increased from Rs 9.51 crore in the March 2026 half to Rs 22.56 crore in the September 2026 half. Basic and diluted earnings per share, annualised and based on shares of Rs 10 each, were Rs 18.65 in the latest half, compared with Rs 7.86 in the preceding half and Rs 9.50 in the September 2025 half.

For the year ended March 31, 2026, Chemkart reported revenue from operations of Rs 214.83 crore and profit after minority-interest adjustment of Rs 19.66 crore. The September 2026 half-year profit therefore exceeded the previous full-year amount, while its revenue remained below the prior full-year figure; these are comparisons between periods of different lengths.

What do Chemkart's balance sheet and cash flows show?

Chemkart's consolidated assets totalled Rs 218.52 crore at September 30, 2026, compared with Rs 157.08 crore at March 31, 2026. Trade receivables rose to Rs 89.50 crore from Rs 49.98 crore, inventories increased to Rs 43.77 crore from Rs 34.73 crore, and short-term loans and advances rose to Rs 18.45 crore from Rs 4.05 crore.

Cash and bank balances were Rs 33.02 crore at September 30, 2026, down from Rs 38.65 crore at March 31, 2026. The consolidated cash-flow statement reported net cash used in operating activities of Rs 18.70 crore for the September 2026 half, after a Rs 36.84 crore increase in trade receivables and a Rs 9.04 crore increase in inventories.

Short-term borrowings increased to Rs 20.30 crore at September 30, 2026 from Rs 4.95 crore at March 31, 2026. Trade payables owed to creditors other than micro and small enterprises increased to Rs 33.54 crore from Rs 17.62 crore, while net cash flow from financing activities was Rs 16.10 crore, including Rs 15.34 crore of proceeds from short-term borrowings.

What businesses are included in Chemkart's consolidated results?

Chemkart's consolidated results include Easy Raw Materials Private Limited and Vinstar Biotech Private Limited, both wholly owned subsidiaries. The independent auditor's limited-review report identifies Chemkart as the parent and states that the September 30, 2026 consolidated statement was prepared under Accounting Standard 25, Interim Financial Reporting.

Easy Raw Materials Private Limited is developing a manufacturing facility for finished formulations at JNPA SEZ, Navi Mumbai, according to Chemkart's management commentary dated October 30, 2026. Vinstar Biotech Private Limited is engaged in research and development, custom formulation and contract development, alongside Chemkart's ingredient trading and distribution activity.

Prem Chand Jain & Co stated that nothing had come to its attention to indicate that the unaudited consolidated statement did not disclose the required information or contained a material misstatement. The report said the September 2025 comparative consolidated information was audited by the predecessor auditor, whose report was dated November 10, 2025.

Conclusion

Chemkart's half-year results combined a 99.2% rise in revenue to Rs 205.87 crore with a 122.2% increase in profit after minority-interest adjustment to Rs 22.56 crore. Expenses increased alongside revenue, but calculated profit margins rose, while receivables, inventories, short-term borrowing and trade payables also expanded at September 30, 2026.

The next disclosed operational matter to watch is Easy Raw Materials Private Limited's development of its finished-formulations facility at JNPA SEZ, Navi Mumbai. Chemkart's October 30, 2026 filing did not disclose a completion date, capacity target, capital-cost estimate or expected revenue contribution for the facility.