Divine Power Energy H1 profit rises 47% to Rs 11.48 crore

Divine Power Energy Limited reported consolidated profit after tax of Rs 11.48 crore for the half year ended September 30, 2026, a 47% increase from Rs 7.83 crore a year earlier, as revenue from operations rose 28% to Rs 357.64 crore. The proposed Viraj Upkram Private Limited merger was not reflected because it remained before the National Company Law Tribunal.

How did Divine Power Energy perform in the September 2026 half year?

Divine Power Energy increased consolidated total income to Rs 358.94 crore in the half year ended September 30, 2026, from Rs 279.87 crore in the half year ended September 30, 2025. Revenue from operations accounted for Rs 357.64 crore of the latest total, compared with Rs 279.49 crore a year earlier, while other income increased to Rs 1.30 crore from Rs 38.84 lakh.

Divine Power Energy reported profit before tax of Rs 17.70 crore, up from Rs 10.63 crore in the prior-year half, and profit after tax of Rs 11.48 crore, up from Rs 7.83 crore. Profit therefore rose faster than revenue year on year, although the filing presents consolidated results that include wholly owned subsidiary Vimlesh Industries Private Limited.

Divine Power Energy reported basic and diluted earnings per share (EPS) of Rs 4.60 for the September 2026 half year, compared with Rs 3.21 a year earlier, on paid-up equity share capital of Rs 24.97 crore. The audit committee and board approved the results on November 6, 2026, while the statutory auditor issued a limited-review conclusion rather than an audit opinion.

What changed in Divine Power Energy's costs and tax expense?

Divine Power Energy's total expenses were Rs 341.25 crore in the September 2026 half year, compared with Rs 269.24 crore in the corresponding 2025 half year, leaving profit before tax of Rs 17.70 crore. Cost of revenue operations rose to Rs 308.79 crore from Rs 252.73 crore, while purchases of stock in trade increased to Rs 26.75 crore from Rs 24.97 crore.

Divine Power Energy recorded a negative Rs 19.53 crore change in inventories of finished goods, work in progress and stock in trade, compared with a negative Rs 24.54 crore change a year earlier. Employee benefit expense was Rs 2.93 crore, finance cost was Rs 9.35 crore, depreciation and amortisation was Rs 3.12 crore, and other expenses were Rs 9.83 crore in the latest half year.

Divine Power Energy's total tax expense was Rs 6.22 crore for the September 2026 half year, compared with Rs 2.81 crore in the prior-year period. The latest charge comprised current tax of Rs 4.67 crore, deferred tax of Rs 82.13 lakh and a previous-period tax adjustment of Rs 72.29 lakh; the prior-year half included current tax of Rs 2.75 crore and a deferred-tax credit of Rs 19.13 lakh.

How does the September 2026 half compare with the preceding half?

Divine Power Energy recorded higher revenue but lower profit than in the half year ended March 31, 2026. Revenue from operations was Rs 357.64 crore for the September 2026 half year, compared with Rs 346.47 crore in the preceding half, while profit after tax declined to Rs 11.48 crore from Rs 18.88 crore.

Divine Power Energy's profit before tax was Rs 17.70 crore, versus Rs 26.23 crore for the March 2026 half year, while total tax expense fell to Rs 6.22 crore from Rs 7.35 crore. The company did not provide a management explanation for the sequential profit movement, so the filing supports comparison of the reported income, expense and tax figures but not a specific cause.

What do Divine Power Energy's balance sheet and cash flows show?

Divine Power Energy's consolidated total assets were Rs 386.20 crore at September 30, 2026, compared with Rs 337.01 crore at March 31, 2026. Shareholders' funds rose to Rs 140.58 crore from Rs 129.10 crore over the same period, while reserves and surplus increased to Rs 115.61 crore from Rs 104.13 crore.

Divine Power Energy's non-current borrowings were Rs 80.07 crore at September 30, 2026, up from Rs 35.09 crore at March 31, 2026, and current borrowings were Rs 145.11 crore compared with Rs 125.50 crore. Property, plant and equipment stood at Rs 45.98 crore against Rs 39.84 crore, while capital work in progress rose to Rs 12.18 crore from Rs 72.24 lakh.

Divine Power Energy reported net cash used in operating activities of Rs 5.49 crore for the period ended September 30, 2026. It used Rs 20.07 crore in investing activities and generated Rs 55.23 crore from financing activities, resulting in cash and cash equivalents of Rs 66.46 lakh at period end, down from Rs 1.54 crore at March 31, 2026.

What is the status of Divine Power Energy's proposed merger?

Divine Power Energy has proposed a scheme to amalgamate Viraj Upkram Private Limited with and into the company under the Companies Act, 2013. The scheme remained under consideration before the National Company Law Tribunal (NCLT), Mumbai, at the September 30, 2026 reporting date.

Divine Power Energy said the NCLT had not approved the scheme, and consequently no effect had been given to the proposed amalgamation in the September 2026 half-year financial results. The disclosed figures therefore cover the group as reported, including Vimlesh Industries Private Limited, rather than the proposed combination with Viraj Upkram Private Limited.

Conclusion

Divine Power Energy delivered a year-on-year increase of Rs 78.16 crore in revenue from operations and Rs 3.65 crore in profit after tax for the half year ended September 30, 2026. The result combined a 28% rise in revenue with higher total expenses, while the group continued to report one manufacturing segment for insulated wire, cable and other insulated conductors.

The next disclosed matter to watch is the NCLT, Mumbai's consideration of the Viraj Upkram Private Limited amalgamation. As of the results approved on November 6, 2026, Divine Power Energy had not incorporated the proposed scheme into its September 30, 2026 financial statements.