Cian Healthcare Limited posts Rs 21.75 lakh first-half profit

Cian Healthcare Limited reported standalone net profit of Rs 21.75 lakh for the half year ended September 30, 2026, compared with losses of Rs 15.83 crore in the preceding half year and Rs 6.19 crore a year earlier. Revenue from operations was Rs 12.49 crore, although operating activities used Rs 5.09 crore of cash.

How did Cian Healthcare return to profit in the first half?

Cian Healthcare returned to a standalone profit as total income of Rs 12.90 crore exceeded total expenses of Rs 12.67 crore in the half year ended September 30, 2026. The company reported profit before tax of Rs 25.23 lakh and net profit of Rs 21.75 lakh for the period.

The result contrasted with a net loss of Rs 15.83 crore in the half year ended March 31, 2026, and a loss of Rs 6.19 crore in the half year ended September 30, 2025. Profit before prior-period items, exceptional items and tax was Rs 23.99 lakh in the latest half year, compared with losses of Rs 3.49 crore in the preceding half year and Rs 4.11 crore a year earlier.

Cian Healthcare reported one business segment, pharmaceutical formulations, for the September 2026 half year. The filing records Rs 1.24 lakh of prior-period income in the latest period, while the reported profit before tax was Rs 25.23 lakh.

What changed in Cian Healthcare's revenue and costs?

Cian Healthcare reported revenue from operations of Rs 12.49 crore for the half year ended September 30, 2026, compared with Rs 11.32 crore in the half year ended September 30, 2025. Other income was Rs 41.06 lakh, lower than Rs 62.82 lakh in the year-earlier half year.

Total expenses declined to Rs 12.67 crore from Rs 16.06 crore a year earlier and Rs 21.01 crore in the preceding half year ended March 31, 2026. The fall from the March period included a reduction in the reported change in inventories of finished goods and work-in-progress to Rs 1.07 lakh from Rs 4.70 crore.

Material-consumption cost was Rs 3.73 crore, down from Rs 9.26 crore in the September 2025 half year and Rs 7.35 crore in the March 2026 half year. Employee-benefit expense, however, rose to Rs 3.69 crore from Rs 2.22 crore a year earlier and was close to Rs 3.65 crore in the preceding half year.

Finance cost increased to Rs 56.99 lakh from Rs 20.64 lakh in the March 2026 half year and Rs 33,000 in the September 2025 half year. Depreciation and amortisation was Rs 1.14 crore, compared with Rs 1.07 crore in the preceding half year and Rs 1.08 crore a year earlier.

How dependent was Cian Healthcare on revenue outside India?

Cian Healthcare reported Rs 9.39 crore of revenue from operations outside India and Rs 3.10 crore within India for the half year ended September 30, 2026. Overseas revenue was therefore the larger disclosed geographical stream, and the geographical total of Rs 12.49 crore matched reported revenue from operations after rounding.

The filing does not provide geographical revenue for the March 2026 or September 2025 half years, so no period-on-period comparison of domestic and overseas sales is available. It also does not identify export markets, customers, products, pricing or margins behind the Rs 9.39 crore reported outside India.

Cian Healthcare's single disclosed business segment was pharmaceutical formulations, rather than separate domestic and export operating segments. As a result, the filing does not show whether either geographical revenue stream generated the Rs 21.75 lakh net profit in the September 2026 half year.

Did Cian Healthcare generate cash from operations?

Cian Healthcare did not generate positive operating cash flow during the September 2026 half year, reporting net cash used in operating activities of Rs 5.09 crore. That was lower than the Rs 7.11 crore operating-cash outflow in the half year ended September 30, 2025, despite the latest period's Rs 21.75 lakh accounting profit.

Operating profit before working-capital changes was Rs 1.89 crore, but several balance-sheet movements reduced cash. Trade receivables increased by Rs 1.14 crore, other current assets increased by Rs 2.37 crore, inventories increased by Rs 15.22 lakh, and trade payables decreased by Rs 1.69 crore.

Investing activities used Rs 1.11 crore, including Rs 1.12 crore spent on property, plant and equipment and intangible assets. Financing activities generated Rs 5.87 crore as Rs 13.46 crore of short-term borrowing proceeds exceeded Rs 6.82 crore of long-term borrowing repayment and Rs 50.49 lakh of interest paid.

Cash and cash equivalents fell by Rs 33.91 lakh during the half year to Rs 79.03 lakh at September 30, 2026, from Rs 1.13 crore at March 31, 2026. The cash-flow statement was prepared using the indirect method, according to the filing.

What did the auditor qualify in Cian Healthcare's results?

Cian Healthcare's statutory auditor issued a qualified conclusion on the September 2026 standalone financial results because it could not obtain sufficient appropriate evidence for several reported balances. The review covered unaudited results approved by the board on November 13, 2026.

The auditor said physical inventory verification was not carried out during the half year, while inventory of Rs 4.75 crore at September 30, 2026 was valued by management using book records. It said no inventory statement showing quantities and valuation was made available, preventing it from determining whether adjustments to inventory or net profit were necessary.

The qualification also covered property, plant and equipment of Rs 21.99 crore and capital work-in-progress of Rs 6.16 crore. The auditor said Cian Healthcare did not maintain a fixed-asset register with full particulars and did not physically verify those assets during the half year.

The auditor also cited missing balance confirmations for trade receivables, advances, creditor advances and trade payables, alongside unreconciled Goods and Services Tax input-tax-credit balances. These matters were unresolved from earlier reports, according to the auditor, which said they affected comparability with the September 2025 half year and the year ended March 31, 2026.

Conclusion

Cian Healthcare's September 2026 standalone results show a return to a Rs 21.75 lakh profit after losses in both comparison periods, supported by total expenses falling to Rs 12.67 crore. The result was accompanied by Rs 12.49 crore of revenue from operations, led by Rs 9.39 crore of revenue outside India, but operating activities still used Rs 5.09 crore of cash.

The next results will show whether Cian Healthcare can continue to convert revenue into profit and operating cash, while maintaining its reported outside-India revenue stream. Investors can also watch for progress on the auditor's unresolved matters involving inventory verification, fixed-asset records and verification, balance confirmations, and Goods and Services Tax input-tax-credit reconciliation.