Cropster Agro Limited profit rises as first-half revenue falls

Cropster Agro Limited reported profit of Rs 8.8304 crore for the half year ended 30 September 2026, compared with Rs 8.0923 crore a year earlier, although revenue from operations declined 39% to Rs 62.8833 crore. Total expenses fell faster than income, and the company reported no tax expense against Rs 31.41 lakh in the prior-year half.

How did Cropster Agro perform in the first half?

Cropster Agro’s operating revenue fell to Rs 62.8833 crore in the half year ended 30 September 2026 from Rs 103.5008 crore in the corresponding 2025 half. Including other income, total income was Rs 63.0287 crore, down from Rs 103.5616 crore. Other income rose to Rs 14.54 lakh from Rs 6.08 lakh, but did not offset the reduction in operating revenue.

Profit before tax increased to Rs 8.8304 crore from Rs 8.4065 crore, while profit for the period rose to Rs 8.8304 crore from Rs 8.0923 crore. The latest half-year profit matched pre-tax profit because the income statement reported no tax expense; total tax in the prior-year half was Rs 31.41 lakh. Earnings per equity share were Rs 0.11, compared with Rs 0.10 a year earlier.

The quarter ended 30 September 2026 was lower than the preceding June quarter. Revenue from operations was Rs 8.2934 crore, against Rs 54.5899 crore in the quarter ended 30 June 2026, while quarterly profit was Rs 3.4948 crore, compared with Rs 5.3356 crore. Against the September 2025 quarter, revenue declined from Rs 52.4856 crore and profit declined from Rs 4.1185 crore.

Why did Cropster Agro’s profit rise while revenue declined?

Cropster Agro’s reported expenses declined more than income in the first half. Total expenses fell 43% to Rs 54.1983 crore from Rs 95.1551 crore, compared with the 39% decline in total income. The reduction in expenses left profit before tax Rs 42.39 lakh above the prior-year figure despite lower operating revenue.

Purchases of stock in trade were Rs 67.3780 crore in the latest half, compared with Rs 95.0389 crore a year earlier. The income statement also recorded a negative Rs 8.3405 crore change in inventories of finished goods, stock in trade and work in progress, which reduced reported expenses. Employee-benefit expense was Rs 1.74 lakh and other expenses were Rs 14.27 lakh in the six months.

Based on the reported income statement, profit before tax was about 14.0% of total income in the 2026 half, compared with about 8.1% in the 2025 half. This is a calculation using the company’s stated profit before tax and total income, rather than a margin separately disclosed by Cropster Agro. The absence of tax expense in the latest half also increased the difference between the pre-tax and post-tax comparison with the prior year.

What changed in Cropster Agro’s balance sheet?

Cropster Agro reported total assets of Rs 147.5459 crore as at 30 September 2026, compared with Rs 118.1537 crore as at 30 September 2025. Current assets increased to Rs 138.6858 crore from Rs 116.6801 crore, while non-current assets rose to Rs 8.8602 crore from Rs 1.4737 crore. The filing identifies agro food as its only reportable primary segment under Indian Accounting Standard 108.

Trade receivables were Rs 125.1079 crore at 30 September 2026, compared with Rs 58.5203 crore in the comparative balance-sheet column. Inventories rose to Rs 10.2627 crore from Rs 5.1075 crore. Cash and cash equivalents were Rs 13.71 lakh, compared with Rs 5.1935 crore in the 30 September 2025 column.

Equity was Rs 130.5361 crore at 30 September 2026, compared with Rs 116.0224 crore a year earlier. Paid-up equity share capital was Rs 84 crore in both half-year result columns. Other equity was Rs 46.5361 crore at the latest date, compared with Rs 32.0224 crore in the comparative column, accounting for the increase in total equity shown on the balance sheet.

What does Cropster Agro’s cash-flow statement show?

Cropster Agro reported net cash from operating activities of Rs 4.9097 crore for the half year ended 30 September 2026. The cash-flow statement begins with profit before tax of Rs 8.8304 crore and records a Rs 66.0912 crore increase in trade receivables as a working-capital movement. It also reports a Rs 13.8552 crore increase in inventories.

Investing activities used Rs 8.2668 crore during the half year, alongside a Rs 8.4147 crore increase in investments. The statement reported Rs 14.54 lakh from sale of fixed assets, interest income and dividend. No financing cash flow was shown for the 2026 half, whereas the comparative half included Rs 45 lakh of net cash used in financing activities.

The cash-flow statement’s reported cash lines do not arithmetically reconcile. It shows opening cash and cash equivalents of Rs 5.1915 crore, closing cash of Rs 13.71 lakh and a net decrease of Rs 1.3570 crore. The closing Rs 13.71 lakh agrees with the balance-sheet cash balance at 30 September 2026, but the stated opening balance and net decrease do not lead to that closing figure.

Conclusion

Cropster Agro reported higher first-half profit even as revenue from operations fell by Rs 40.6175 crore year on year. Expenses declined by Rs 40.9568 crore, including lower purchases and a negative inventory-change expense, while the absence of the prior-year Rs 31.41 lakh tax charge supported the increase in profit for the period.

The unresolved cash-flow reconciliation is the key item to watch in a subsequent filing, alongside the Rs 125.1079 crore trade-receivables balance and the Rs 10.2627 crore inventory balance reported at 30 September 2026. The company disclosed no revenue target or capital-allocation plan, but its half-year statement recorded Rs 8.2668 crore of cash used in investing activities.