Dhunseri Ventures H1 profit hits Rs 280.18 crore on associates

Dhunseri Ventures Limited reported consolidated net profit of Rs 280.18 crore for the half year ended 30 September 2026, including Rs 200.46 crore as its share of profit from equity-accounted investees. Continuing-operations revenue rose to Rs 434.93 crore from Rs 229.11 crore in the half year ended 30 September 2025.

How did Dhunseri Ventures perform in H1 2026?

Dhunseri Ventures recorded profit before tax from continuing operations of Rs 359.83 crore in the half year ended 30 September 2026, compared with Rs 89.22 crore in the corresponding prior-year period. Total tax expense was Rs 79.65 crore, leaving net profit after tax of Rs 280.18 crore. The current half-year result did not include food and beverages operations, which the company has classified as discontinued.

Revenue from continuing operations reached Rs 434.93 crore in H1 2026, against Rs 229.11 crore in H1 2025, while other income rose to Rs 48.97 crore from Rs 42.25 crore. The board approved the unaudited consolidated results on 6 November 2026. B S R & Co. LLP conducted a limited review, which is less extensive in scope than an audit and does not provide an audit opinion.

The largest stated contributor to the change in pre-tax profit was the share of profit from equity-accounted investees, which rose to Rs 200.46 crore from Rs 60.37 crore. This contribution was more than half of the Rs 359.83 crore pre-tax profit from continuing operations. It is the group’s accounting share of associates’ results, rather than revenue produced by its consolidated operating segments.

What generated Dhunseri Ventures' H1 profit?

Dhunseri Ventures recognised Rs 200.46 crore of profit from equity-accounted investees in H1 2026, compared with Rs 60.37 crore in H1 2025. The limited-review report identifies IVL Dhunseri Petrochem Industries Private Limited and IVL Dhunseri Polyester Co. S.A.E. as associates. The report also states that interim financial information for an associate outside India was converted by management to Indian accounting principles.

The operating result before the associate contribution was smaller than the final pre-tax outcome. Continuing-operations segment results totalled Rs 147.90 crore in H1 2026, compared with Rs 48.36 crore a year earlier. Finance costs fell to Rs 14.20 crore from Rs 41.37 crore, while other unallocable expenditure, net of unallocable income, increased to Rs 25.66 crore from Rs 21.86 crore.

The consolidated cash-flow statement recorded Rs 84.20 crore of dividends received from equity-accounted investees during H1 2026, up from Rs 40.38 crore a year earlier. That receipt differs from the Rs 200.46 crore share of associate profit: dividends are cash received, while the associate-profit figure is recognised under equity accounting in the consolidated results.

Which Dhunseri Ventures segments increased revenue and results?

Dhunseri Ventures' flexible packaging films segment generated H1 revenue of Rs 303.30 crore, up from Rs 165.04 crore in H1 2025. Treasury operations generated Rs 131.63 crore, compared with Rs 64.07 crore. These two continuing segments together matched the group’s Rs 434.93 crore revenue from operations, and the filing does not disclose sales volumes, pricing or margins behind their movement.

Flexible packaging films reported segment results of Rs 16.27 crore in H1 2026, compared with Rs 5.70 crore a year earlier. Treasury operations reported segment results of Rs 131.63 crore, against Rs 42.66 crore in H1 2025. The segment measure is reported before finance costs, unallocable expenditure and the share of profit from equity-accounted investees, so it does not equal consolidated net profit.

Food and beverages generated Rs 26.27 crore of revenue and recorded a loss before tax of Rs 6.65 crore in H1 2025. Dhunseri Ventures said Twelve Cupcakes Pte Limited, then a subsidiary, initiated creditors’ voluntary winding-up proceedings in Singapore on 29 October 2025, resulting in loss of control. Under Indian Accounting Standard 105, the company classified the food and beverages segment as discontinued operations.

What do Dhunseri Ventures' balance sheet and cash flows show?

Dhunseri Ventures had total assets of Rs 5,419.54 crore at 30 September 2026, compared with Rs 4,877.92 crore at 31 March 2026. Investments in equity-accounted investees increased to Rs 2,395.40 crore from Rs 2,205.44 crore, while capital work-in-progress rose to Rs 994.20 crore from Rs 818.74 crore. These balances provide context for the group’s increased associate-profit contribution and investment activity.

Current investments increased to Rs 884.93 crore at 30 September from Rs 713.92 crore at 31 March, while cash and cash equivalents declined to Rs 45.60 crore from Rs 89.83 crore. Non-current borrowings rose to Rs 957.77 crore from Rs 852.34 crore, and current borrowings increased to Rs 116.40 crore from Rs 98.69 crore over the same six-month period.

The cash-flow statement records Rs 191.31 crore spent on property, plant, equipment and intangible assets in H1 2026, compared with Rs 209.18 crore in H1 2025. It also shows Rs 105.66 crore of proceeds from long-term borrowings and Rs 18.02 crore of net proceeds from short-term borrowings. The balance-sheet cash position was Rs 44.24 crore lower at 30 September 2026 than at 31 March 2026.

Conclusion

Dhunseri Ventures' H1 2026 result combined higher continuing-operations revenue of Rs 434.93 crore, improved segment results and a Rs 200.46 crore contribution from equity-accounted investees. The associate-profit contribution was substantially above the Rs 60.37 crore reported a year earlier, making associate performance material to interpreting the consolidated profit of Rs 280.18 crore.

The next reported period will indicate whether flexible packaging films, which generated Rs 303.30 crore of H1 revenue, and treasury operations, which generated Rs 131.63 crore, maintain their reported contributions. The filing also leaves capital work-in-progress of Rs 994.20 crore, non-current borrowings of Rs 957.77 crore and the discontinued classification of food and beverages as matters to monitor.