Dolfin Rubbers first-half profit rises 64% as sales gain 38%

Dolfin Rubbers Limited reported profit after tax of Rs 3.8843 crore for the half year ended September 30, 2026, up 64% from Rs 2.3706 crore a year earlier, while revenue from operations increased 38% to Rs 110.4682 crore. The board approved the unaudited results on November 12, 2026.

How did Dolfin Rubbers perform in the first half?

Dolfin Rubbers increased revenue from operations by Rs 30.3362 crore to Rs 110.4682 crore in the half year ended September 30, 2026, from Rs 80.1320 crore in the corresponding 2025 half. Other income rose to Rs 33.65 lakh from Rs 17.48 lakh, taking total income to Rs 110.8047 crore, compared with Rs 80.3067 crore a year earlier.

Profit before tax increased 63% to Rs 5.2105 crore from Rs 3.2043 crore, while profit after tax rose by Rs 1.5137 crore to Rs 3.8843 crore. Basic and diluted earnings per share, or EPS, were Rs 3.87 for the six-month period, compared with Rs 2.36 in the prior-year half. Dolfin Rubbers said it operates in one business segment and therefore did not provide a segment-wise revenue or profit split.

The quarter ended September 30 contributed revenue of Rs 57.8989 crore and profit after tax of Rs 1.9181 crore. Revenue was higher than Rs 52.5693 crore in the June 2026 quarter, but quarterly profit was lower than Rs 1.9652 crore. Goyal Sanjay & Associates, which conducted the limited review, said nothing had come to its attention indicating that the statement contained a material misstatement.

Which costs changed as Dolfin Rubbers expanded revenue?

Dolfin Rubbers reported total expenses of Rs 105.5941 crore for the six months to September 2026, up from Rs 77.1024 crore a year earlier. Cost of materials consumed was the largest item at Rs 77.6693 crore, against Rs 49.6413 crore, while other expenses increased to Rs 17.2751 crore from Rs 13.3208 crore.

Employee benefits expense rose to Rs 12.3098 crore from Rs 10.9732 crore, depreciation increased to Rs 1.0562 crore from Rs 89.59 lakh, and finance costs were Rs 66.16 lakh against Rs 57.07 lakh. The Rs 28.4917 crore increase in expenses was below the Rs 30.4980 crore increase in total income, while profit before tax increased by Rs 2.0062 crore.

Changes in inventories of finished goods, work in progress and stock in trade were negative Rs 3.3779 crore in the 2026 half, compared with positive Rs 1.7004 crore in the corresponding period. Current tax expense rose to Rs 1.2521 crore from Rs 81.76 lakh, deferred tax expense was Rs 5.60 lakh against Rs 4.46 lakh, and tax relating to earlier years was Rs 1.82 lakh compared with a prior-year credit of Rs 2.85 lakh.

What changed on Dolfin Rubbers’ balance sheet?

Dolfin Rubbers’ total assets stood at Rs 90.9116 crore on September 30, 2026, compared with Rs 82.5067 crore on March 31, 2026. Current assets increased by Rs 6.2403 crore to Rs 57.3125 crore, led by inventories of Rs 37.6377 crore, up from Rs 33.0018 crore, and short-term loans and advances of Rs 2.6765 crore, up from Rs 1.1253 crore.

Property, plant and equipment increased to Rs 32.2511 crore from Rs 29.0095 crore, while capital work in progress declined to Rs 19.29 lakh from Rs 95.17 lakh. Total equity rose to Rs 42.7729 crore from Rs 38.9158 crore, consisting of unchanged equity share capital of Rs 10.0299 crore and other equity of Rs 32.7430 crore. The increase in equity was close to total comprehensive income of Rs 3.8571 crore for the half year.

Non-current borrowings increased to Rs 2.2175 crore from Rs 1.3557 crore, while current borrowings rose to Rs 17.6668 crore from Rs 17.2494 crore. Trade payables to creditors other than micro and small enterprises were Rs 6.0402 crore, compared with Rs 5.7375 crore at March 31. Total current liabilities increased to Rs 31.1205 crore from Rs 26.7215 crore.

How did Dolfin Rubbers fund working capital and capital spending?

Dolfin Rubbers generated net operating cash inflow of Rs 1.3863 crore in the half year ended September 30, 2026, compared with Rs 90.12 lakh in the prior-year half. Profit before tax was Rs 5.2105 crore, but working-capital movements reduced cash by Rs 3.9081 crore, including a Rs 4.5459 crore increase in inventories and a Rs 1.5512 crore increase in short-term loans and advances.

Investing activities used Rs 2.8844 crore, compared with Rs 1.3520 crore used in the corresponding 2025 half. Additions to property, plant, equipment and intangible assets, net of sales, were Rs 3.5377 crore, up from Rs 2.2943 crore. The cash-flow statement records these additions alongside the Rs 3.2416 crore increase in property, plant and equipment during the half year.

Financing activities provided Rs 1.4313 crore, against Rs 54.41 lakh in the prior-year period, including Rs 2.0929 crore of proceeds from long-term borrowings and liabilities and Rs 66.16 lakh of finance costs. Cash and cash equivalents ended the period at Rs 84.29 lakh, down from Rs 90.97 lakh at the beginning. The board recommended a nil dividend in the notes accompanying the November 12 results.

Conclusion

Dolfin Rubbers reported profit growth ahead of revenue growth in the half year ended September 30, 2026, with profit after tax increasing 64% to Rs 3.8843 crore and revenue rising 38% to Rs 110.4682 crore. The result coincided with a Rs 4.6359 crore increase in inventories, Rs 3.5377 crore of capital additions and a rise in total borrowings from Rs 18.6047 crore to Rs 19.8843 crore.

The filing discloses no revenue target, expansion plan or scheduled operating event after the results approval on November 12, 2026. Subsequent disclosures will show whether operating cash generation, which was Rs 1.3863 crore in the first half, changes alongside inventory, capital expenditure and borrowings; the board’s disclosed dividend recommendation remains nil.