Darshan Orna revenue more than doubles, profit falls 81%

Darshan Orna Limited reported revenue from operations of Rs 13.54 crore for the quarter ended September 30, 2026, more than double the Rs 6.31 crore recorded a year earlier, while profit after tax for the half year fell 81% to Rs 8.66 lakh from Rs 45.23 lakh. Expenses increased faster than first-half revenue.

How did Darshan Orna’s revenue change in the September quarter?

Darshan Orna’s revenue from operations rose 114% year on year to Rs 13.54 crore in the quarter ended September 30, 2026, from Rs 6.31 crore in the quarter ended September 30, 2025. Revenue was also higher than Rs 12.47 crore in the immediately preceding June 2026 quarter.

Total income was Rs 13.54 crore in the September 2026 quarter, including other income of Rs 2,000. For the half year ended September 30, 2026, revenue from operations increased to Rs 26.00 crore from Rs 21.10 crore a year earlier, a rise of Rs 4.91 crore.

Darshan Orna said its activities fall within a single primary business segment. The results therefore provide no product-level or geographic revenue split, although they show September-quarter sales rising by Rs 7.23 crore from the year-earlier quarter.

Why did Darshan Orna’s half-year profit fall despite higher revenue?

Darshan Orna’s profit after tax for the half year ended September 30, 2026 fell to Rs 8.66 lakh from Rs 45.23 lakh in the corresponding 2025 period. Profit before tax declined to Rs 10.16 lakh from Rs 60.23 lakh, while current tax expense decreased to Rs 1.50 lakh from Rs 15 lakh.

The disclosed figures show total expenses rising by Rs 5.41 crore to Rs 25.90 crore in the 2026 half year, exceeding the Rs 4.91 crore increase in revenue. As a result, pre-tax profit represented about 0.39% of first-half total income, compared with about 2.86% in the prior-year half.

The September quarter showed a similar outcome. Profit after tax was Rs 3.57 lakh, against Rs 23.75 lakh a year earlier, and profit before tax was Rs 4.17 lakh compared with Rs 33.75 lakh. Total expenses of Rs 13.50 crore were close to total income of Rs 13.54 crore.

Sequentially, September-quarter profit after tax was below the Rs 5.09 lakh reported for the June 2026 quarter, even as revenue rose by Rs 1.07 crore. The filing does not include management commentary explaining the movement in quarterly profitability.

Which costs changed alongside Darshan Orna’s sales?

Darshan Orna reported cost of materials consumed of Rs 11.71 crore for the September 2026 quarter, up from Rs 2.11 crore in the September 2025 quarter. For the half year, material cost rose to Rs 22.45 crore from Rs 8.36 crore in the corresponding prior-year period.

The Rs 14.09 crore increase in first-half material cost was larger than the Rs 4.91 crore increase in first-half revenue. Total expenses nonetheless rose by Rs 5.41 crore because the financial statement also records changes in inventories and other cost lines within the expense total.

In the September 2026 quarter, Darshan Orna reported employee benefit expense of Rs 2.41 lakh, finance costs of Rs 9,000 and other expenses of Rs 18.01 lakh. The company reported no exceptional items for the periods presented and did not report discontinued operations.

Profit after tax of Rs 8.66 lakh for the half year therefore came from continuing operations after current tax of Rs 1.50 lakh. The filing does not attribute the change in material costs or the narrower profit outcome to a particular product, supplier, customer group or market.

What changed in Darshan Orna’s working capital and cash position?

Darshan Orna’s total assets stood at Rs 38.38 crore on September 30, 2026, down from Rs 40.62 crore on March 31, 2026. Current assets declined to Rs 33.56 crore from Rs 35.80 crore, as inventory fell to Rs 13.85 crore from Rs 17.05 crore.

Trade receivables rose to Rs 15.36 crore on September 30 from Rs 13.97 crore at the March year-end. Cash and cash equivalents fell to Rs 21.06 lakh from Rs 90.93 lakh, a reduction of Rs 69.87 lakh over the six months.

Net cash used in operating activities was Rs 66.04 lakh in the half year ended September 30, 2026, compared with an outflow of Rs 54.17 lakh a year earlier. The cash-flow statement records a Rs 1.39 crore increase in trade receivables and a Rs 2.14 crore decrease in trade payables, partly offset by a Rs 3.20 crore decrease in inventory.

Total equity increased to Rs 35.37 crore on September 30, 2026 from Rs 35.28 crore at March 31, while total liabilities declined to Rs 3.01 crore from Rs 5.34 crore. Trade payables due to creditors other than micro and small enterprises were Rs 1.10 crore, compared with Rs 3.24 crore at the financial year-end.

How were Darshan Orna’s September 2026 results reviewed?

Darshan Orna’s board approved the standalone unaudited quarterly and half-yearly results on November 2, 2026, after Audit Committee review. The board meeting began at 14:30 Indian Standard Time and concluded at 15:00 Indian Standard Time, according to the BSE filing.

P H Shah & Co., Darshan Orna’s statutory auditor, issued its limited review report on November 2, 2026. The auditor said that nothing had come to its attention to indicate that the statement failed to make the disclosures required under the Securities and Exchange Board of India listing regulations or contained a material misstatement.

Paid-up equity share capital was Rs 20.01 crore on September 30, 2026, unchanged from March 31, 2026, and compared with Rs 10.01 crore a year earlier. Basic and diluted earnings per share for the half year were Rs 0.01, versus Rs 0.09 in the prior-year half.

The results were unaudited and covered the quarter and half year ended September 30, 2026. The auditor’s work was a limited review, which the report describes as providing moderate assurance rather than an audit opinion.

Conclusion

Darshan Orna’s September-quarter revenue more than doubled from a year earlier, but the increase did not translate into comparable earnings for the first half. Revenue reached Rs 26.00 crore for the six months, while total expenses reached Rs 25.90 crore and profit after tax fell to Rs 8.66 lakh.

The filing identifies only one primary business segment and does not provide a product or geographic sales split, leaving the source of the revenue growth unresolved. Future disclosures will be relevant for whether higher sales are accompanied by changes in material costs, receivables of Rs 15.36 crore and operating cash flow, which was an outflow of Rs 66.04 lakh in the first half.