DHP India Limited revenue nearly doubles, pre-tax profit Rs 7.23 crore

DHP India reported Rs 7.2299 crore of profit before tax for the quarter ended September 30, 2026, as gross revenue from operations nearly doubled to Rs 28.1009 crore from Rs 14.6675 crore a year earlier. The board approved the unaudited, limited-review results on November 10, 2026.

How did DHP India’s September-quarter revenue change?

DHP India’s gross revenue from operations rose by Rs 13.4334 crore year on year in the quarter ended September 30, 2026. Product sales, including goods and services tax, or GST, on domestic sales, increased to Rs 22.967 crore from Rs 12.3266 crore in the quarter ended September 30, 2025. Other operating income, including GST on domestic and scrap sales, increased to Rs 5.1339 crore from Rs 2.3409 crore.

The company recorded Rs 0.7307 crore of GST recovered on domestic product and scrap sales in the September 2026 quarter, producing net revenue from operations of Rs 27.3702 crore. Total income was Rs 27.4314 crore, compared with Rs 14.6554 crore in the prior-year quarter. Other income was Rs 0.0612 crore in the latest quarter, while the operating-revenue increase accounted for most of the reported Rs 12.776 crore increase in total income.

What lifted DHP India’s pre-tax profit?

DHP India’s profit before tax increased by Rs 5.637 crore to Rs 7.2299 crore from Rs 1.5929 crore a year earlier because the Rs 12.776 crore increase in total income exceeded the Rs 7.139 crore increase in total expenses. Total expenses were Rs 20.2015 crore in the September 2026 quarter, compared with Rs 13.0625 crore in the September 2025 quarter.

Materials consumed, the largest disclosed expense line, rose to Rs 10.822 crore from Rs 6.0165 crore. Employee-benefit expense increased to Rs 3.9844 crore from Rs 3.8181 crore, and other expenses rose to Rs 2.9882 crore from Rs 2.0003 crore. Depreciation and amortisation declined to Rs 0.8277 crore from Rs 0.915 crore, while finance costs fell to Rs 0.075 crore from Rs 0.1226 crore.

The inventory-change line added Rs 1.5042 crore to expenses in the September 2026 quarter, compared with Rs 0.19 crore in the year-earlier quarter. This line covers changes in the value of finished goods, scrap, work in progress and stock in trade. Current tax expense was Rs 1.9661 crore and total tax expense was Rs 1.9663 crore, which implies profit after tax of Rs 5.2636 crore from the reported pre-tax profit and tax figures.

How did DHP India perform against the June quarter and in the first half?

DHP India’s September-quarter gross revenue from operations was Rs 5.039 crore higher than the Rs 23.0619 crore recorded in the quarter ended June 30, 2026, while profit before tax rose by Rs 0.9196 crore from Rs 6.3103 crore. Product sales increased to Rs 22.967 crore from Rs 19.7112 crore, and other operating income rose to Rs 5.1339 crore from Rs 3.3507 crore.

Expenses also rose sequentially, reaching Rs 20.2015 crore from Rs 16.2642 crore in the June quarter. Materials consumed increased by Rs 0.7569 crore to Rs 10.822 crore. The inventory-change line moved from negative Rs 0.5642 crore in June, which reduced expenses, to positive Rs 1.5042 crore in September, which added to expenses. Basic and diluted earnings per share were Rs 17.55 in September, versus Rs 15.66 in June and Rs 3.87 a year earlier.

For the half year ended September 30, 2026, DHP India reported total income of Rs 50.0059 crore, compared with Rs 37.1553 crore in the corresponding half year of 2025. Gross revenue from operations rose to Rs 51.1628 crore from Rs 35.634 crore, comprising product sales of Rs 42.6782 crore and other operating income of Rs 8.4846 crore. The corresponding prior-year figures were Rs 30.5228 crore and Rs 5.1112 crore.

Half-year profit before tax rose to Rs 13.5402 crore from Rs 7.7196 crore, while expenses increased to Rs 36.4657 crore from Rs 29.4357 crore. Total tax expense was Rs 3.5798 crore, compared with Rs 1.993 crore a year earlier, implying profit after tax of Rs 9.9604 crore. Basic and diluted earnings per share for the half year were Rs 33.20, compared with Rs 19.09 in the prior-year half year.

What changed in DHP India’s cash position and investments?

DHP India generated net cash flow from operating activities of Rs 10.5692 crore in the half year ended September 30, 2026, after Rs 3.0662 crore of income-tax payments. The filing also reports operating cash flow of Rs 10.178 crore for the year ended March 31, 2026, but that full-year period is not directly comparable with the latest six-month period. Cash and cash equivalents rose to Rs 2.6794 crore at September 30 from Rs 0.4458 crore at March 31.

Current investments were Rs 204.7856 crore at September 30, 2026, compared with Rs 182.5866 crore at March 31, 2026. The cash-flow statement shows Rs 7.7996 crore invested in mutual funds during the half year, while the notes state that no mutual-fund investment was made during the September quarter itself. The company said fair-value movements in equity and debt mutual funds, as well as gold and silver exchange-traded fund investments, are recognised in other comprehensive income or loss.

Total equity stood at Rs 256.6646 crore at September 30, compared with Rs 236.7995 crore at the March year-end. The balance sheet listed current borrowings of Rs 8.017 crore, up from Rs 6.5667 crore. Separately, the financial-results table marked debt-service coverage and debt-equity ratios as not applicable, with a notation of no debt; the filing does not explain the difference between that notation and the current-borrowings balance.

Conclusion

DHP India’s September-quarter outcome reflects higher product sales and other operating income rather than a minor non-operating movement. Gross revenue from operations increased to Rs 28.1009 crore from Rs 14.6675 crore, and the increase in income was greater than the rise in expenses, lifting pre-tax profit to Rs 7.2299 crore from Rs 1.5929 crore.

The next result should show whether product sales remain above the Rs 22.967 crore reported for the September quarter and how inventory changes affect expenses after the Rs 1.5042 crore charge in that period. Readers can also watch for clarification of the no-debt ratio notation alongside Rs 8.017 crore of current borrowings, and for further fair-value movements in the Rs 204.7856 crore current-investment portfolio.