Citichem India September-half revenue declines 68% year on year

Citichem India Limited reported total revenue of Rs 3.49 crore for the half year ended 30 September 2026, about 68% below Rs 10.77 crore a year earlier. Profit after tax declined less sharply, by about 37%, to Rs 42.54 lakh as total expenses fell to Rs 2.80 crore from Rs 9.56 crore.

Why did Citichem India’s September-half revenue decline?

Citichem India’s total revenue declined because all three disclosed income lines were lower than in the half year ended 30 September 2025. Revenue from operations fell to Rs 2.30 crore from Rs 8.52 crore, other operating income declined to Rs 1.19 crore from Rs 1.58 crore, and other income decreased to Rs 1 lakh from Rs 66.81 lakh. Together, those items produced total revenue of Rs 3.49 crore, compared with Rs 10.77 crore a year earlier.

The filing does not specify a cause for the reduction in income or provide product-level volumes, customer data or pricing information. Citichem India identifies Chemicals as its only reportable segment. Total revenue was also below the Rs 4.71 crore recorded in the half year ended 31 March 2026, while revenue from operations in that preceding half was Rs 96.14 lakh.

The composition of income changed alongside the decline in revenue from operations. Revenue from operations represented roughly two-thirds of total revenue in the September 2026 half year, against about four-fifths in the corresponding 2025 period, based on the disclosed income lines. Other operating income of Rs 1.19 crore was therefore a larger share of the latest Rs 3.49 crore total than it was of the prior-year Rs 10.77 crore total.

How did Citichem India’s costs change during the half year?

Citichem India’s total expenses fell to Rs 2.80 crore in the half year ended 30 September 2026 from Rs 9.56 crore a year earlier, a larger percentage reduction than the decline in total revenue. Purchases of stock-in-trade fell to Rs 1.36 crore from Rs 10.86 crore. This movement was partly offset by a Rs 47.42 lakh expense from changes in inventories of finished goods, compared with a Rs 2.49 crore credit in the corresponding 2025 half year.

Employee benefits expense increased to Rs 35.84 lakh from Rs 12.78 lakh despite the revenue contraction. Other expenses declined to Rs 61.50 lakh from Rs 1.06 crore. The reported change in expenses left profit before tax at Rs 57.48 lakh, compared with Rs 91.40 lakh in the half year ended 30 September 2025.

Compared with the half year ended 31 March 2026, total expenses decreased from Rs 3.90 crore to Rs 2.80 crore. Purchases of stock-in-trade increased from Rs 9.36 lakh to Rs 1.36 crore, while the inventory movement changed from an expense of Rs 2.03 crore to an expense of Rs 47.42 lakh. Other expenses also declined from Rs 1.69 crore in the preceding half year.

Why did Citichem India’s profit fall less than revenue?

Citichem India’s profit after tax fell less than revenue because the Rs 6.76 crore year-on-year reduction in total expenses broadly offset the Rs 7.27 crore reduction in total revenue. Profit before tax decreased to Rs 57.48 lakh from Rs 91.40 lakh, while total tax expense declined to Rs 14.95 lakh from Rs 23.40 lakh. Profit after tax was Rs 42.54 lakh, against Rs 68 lakh in the prior-year half.

Profit after tax improved from Rs 32.14 lakh in the half year ended 31 March 2026, although total revenue declined from Rs 4.71 crore to Rs 3.49 crore across the two periods. Profit before tax similarly rose from Rs 46.02 lakh to Rs 57.48 lakh. The latest tax charge comprised Rs 15.69 lakh of current tax and a deferred-tax credit of Rs 74,000.

Finance cost declined to Rs 2.51 lakh in the September 2026 half year from Rs 26.47 lakh a year earlier. Depreciation and amortisation moved in the other direction, rising to Rs 9.21 lakh from Rs 2.88 lakh. Basic and diluted earnings per equity share were Rs 0.63 each, not annualised, compared with Rs 1 each in the corresponding 2025 half year and Rs 0.47 each in the half year ended 31 March 2026.

What do Citichem India’s results and balance sheet show?

Citichem India reported unaudited standalone results that its board approved on 14 November 2026 after review by the Audit Committee. NGST & Associates conducted a limited review under Standard on Review Engagement 2410. The reviewer said nothing had come to its attention suggesting that the results did not meet applicable disclosure requirements or contained a material misstatement.

The reviewer stated that its procedures consisted mainly of enquiries and analytical procedures, providing less assurance than an audit, and it did not issue an audit opinion. Citichem India said it has not adopted Indian Accounting Standards because it is covered by the stated exemption from compulsory adoption for specified companies listed on the BSE SME platform. It also said prior-period figures were regrouped or rearranged where necessary.

At 30 September 2026, trade receivables stood at Rs 30.39 crore, down from Rs 37.17 crore at 31 March 2026, while inventories were Rs 6.17 crore against Rs 8.65 crore. Cash and cash equivalents were Rs 58.24 lakh at 30 September, compared with Rs 65.59 lakh at the start of the period. Short-term borrowings reduced to Rs 1,000 from Rs 7.72 crore at 31 March 2026.

Conclusion

Citichem India’s September-half results show that a steep reduction in income was accompanied by an even larger decline in total expenses. Total revenue fell to Rs 3.49 crore from Rs 10.77 crore, while profit after tax declined to Rs 42.54 lakh from Rs 68 lakh. Lower purchases of stock-in-trade and lower finance cost were among the disclosed changes alongside the lower revenue base.

The principal unresolved matter is the reason for revenue from operations falling to Rs 2.30 crore from Rs 8.52 crore, as the filing gives no product, customer or pricing explanation. Future disclosures will also show whether the reduction in trade receivables to Rs 30.39 crore and short-term borrowings to Rs 1,000 is maintained while Citichem India seeks to stabilise revenue in its Chemicals segment.