GKB Ophthalmics standalone loss widens to Rs 1.16 crore in September

GKB Ophthalmics Limited reported a standalone net loss of Rs 1.16 crore for the quarter ended September 30, 2026, compared with a Rs 52.26 lakh loss a year earlier, as total income fell to Rs 6.82 crore from Rs 7.47 crore. Revenue from operations increased to Rs 6.79 crore, but other income declined sharply.

Why did GKB Ophthalmics’ September-quarter standalone loss widen?

GKB Ophthalmics’ standalone loss widened because lower total income and an adverse inventory movement outweighed reductions in employee and finance costs. Loss before tax was Rs 1.16 crore in the September 2026 quarter, compared with Rs 50.47 lakh in the September 2025 quarter. Total income declined by Rs 65.59 lakh year on year, while total expenses were almost unchanged at Rs 7.98 crore versus Rs 7.98 crore.

The September result also deteriorated sequentially from the Rs 48.41 lakh net loss reported for the quarter ended June 30, 2026. In the June quarter, a Rs 25.53 lakh tax adjustment relating to earlier years reduced the reported loss from Rs 73.94 lakh before tax. No current tax, deferred tax or tax adjustment was reported for the September 2026 quarter, leaving the entire Rs 1.16 crore pre-tax loss as the net loss.

Basic and diluted loss per share was Rs 2.30 for the September 2026 quarter, compared with Rs 1.04 in the September 2025 quarter and Rs 0.96 in the June 2026 quarter. Paid-up equity share capital remained Rs 5.04 crore across all three periods. Total comprehensive loss was Rs 89.19 lakh in the latest quarter after a Rs 26.72 lakh remeasurement gain on defined benefit plans.

How did GKB Ophthalmics’ revenue and income change in September?

GKB Ophthalmics’ operating revenue rose year on year and sequentially, but other income declined to Rs 2.50 lakh from Rs 1.37 crore a year earlier. Revenue from operations was Rs 6.79 crore for the quarter ended September 30, 2026, compared with Rs 6.11 crore in the September 2025 quarter and Rs 6.40 crore in the June 2026 quarter. The fall in other income reduced total income to Rs 6.82 crore from Rs 7.47 crore a year earlier.

For the half year ended September 30, 2026, the revenue direction was different. Revenue from operations declined to Rs 13.19 crore from Rs 14.88 crore in the corresponding prior-year half, while other income fell to Rs 49.85 lakh from Rs 1.44 crore. As a result, first-half total income decreased to Rs 13.69 crore from Rs 16.32 crore.

The first-half net loss narrowed to Rs 1.64 crore from Rs 2.67 crore despite the revenue decline. The latest period included the Rs 25.53 lakh tax adjustment of earlier years recorded in the June 2026 quarter, whereas the corresponding prior-year half included a Rs 3.58 lakh deferred-tax charge. Loss per share for the latest first half was Rs 3.26, compared with Rs 5.29 a year earlier.

Which standalone costs changed for GKB Ophthalmics?

GKB Ophthalmics reported lower employee benefits and finance costs in the September quarter, while materials consumed increased. Employee benefits expense fell to Rs 2.00 crore from Rs 2.59 crore in the year-earlier quarter, and finance costs declined to Rs 28.61 lakh from Rs 57.10 lakh. Cost of materials consumed increased to Rs 3.36 crore from Rs 2.98 crore.

Inventory changes also moved unfavourably. Changes in inventories of finished goods and work-in-progress were an expense of Rs 20.87 lakh in the September 2026 quarter, compared with a Rs 35.96 lakh reduction in the September 2025 quarter. Depreciation and amortisation was Rs 66.10 lakh against Rs 67.87 lakh, while other expenses decreased to Rs 1.47 crore from Rs 1.51 crore.

For the half year, employee benefits expense declined to Rs 4.21 crore from Rs 5.43 crore and finance costs fell to Rs 58.47 lakh from Rs 1.26 crore. Cost of materials consumed declined to Rs 6.65 crore from Rs 8.11 crore. However, inventory changes were an expense of Rs 2.37 lakh in the latest half year, against a Rs 44.83 lakh reduction in the prior-year period.

What do GKB Ophthalmics’ cash flow and balance sheet show?

GKB Ophthalmics used Rs 1.35 crore in operating activities during the half year ended September 30, 2026, compared with an operating cash inflow of Rs 34.63 lakh in the prior-year period. Cash generated from operations changed to an outflow of Rs 1.73 crore from an inflow of Rs 35.46 lakh. Trade receivables increased by Rs 47.39 lakh in the latest half year, whereas they had decreased by Rs 1.80 crore a year earlier.

Investing activities generated Rs 2.28 crore of cash in the latest first half, compared with Rs 1.24 crore a year earlier. The latest investing inflow included Rs 1.84 crore of dividends received, Rs 30.51 lakh from fixed deposits and Rs 27.55 lakh of interest received. Financing activities used Rs 92.88 lakh, compared with an outflow of Rs 1.59 crore in the corresponding 2025 period.

At September 30, 2026, total assets were Rs 34.23 crore, down from Rs 36.60 crore at March 31, 2026. Total equity declined to Rs 12.88 crore from Rs 14.33 crore, while total liabilities decreased to Rs 21.35 crore from Rs 22.28 crore. Current borrowings fell to Rs 8.08 crore from Rs 8.51 crore, while non-current borrowings increased to Rs 1.12 crore from Rs 1.02 crore.

What actions has GKB Ophthalmics’ board approved?

GKB Ophthalmics’ board decided on November 12, 2026 to exit or debond Unit II, a 100% Export Oriented Unit at Tivim Industrial Estate in Mapusa, Goa. Following debonding, the facility is intended to operate as a Domestic Tariff Area unit. The board said reductions in customs duties had significantly diminished the financial benefits that had previously made the export-oriented scheme commercially viable.

The company said the Unit II transition will not affect ongoing operations or turnover. The board also approved the plan in the context of current business operations, export orders and prevailing market conditions. The standalone financial results for the quarter and half year ended September 30, 2026 were approved by the board on November 12, 2026 after review and recommendation by the Audit Committee.

GKB Ophthalmics also decided to sub-lease an unutilised building at Plot 16-C&D, adjacent to Plot 16-A, that was constructed for Rs 3.85 crore. The building has remained vacant since the COVID-19 pandemic. Management is seeking licences and clearances from the Industrial Development Corporation and is assessing prevailing market rents before leasing the property.

Conclusion

GKB Ophthalmics’ standalone result shows that the September-quarter increase in operating revenue did not offset the reduction in other income and the change in inventory costs. The first half also recorded lower revenue and a shift from operating cash inflow to a Rs 1.35 crore outflow, although the reported net loss narrowed from the prior-year period after the tax adjustment recorded in June 2026.

The next disclosed developments are the debonding of Unit II into a Domestic Tariff Area unit and progress on leasing the vacant Rs 3.85 crore building. Management is pursuing Industrial Development Corporation approvals and assessing market rents, while GKB Ophthalmics said it will seek shareholder approval in due course because the building investment exceeds the threshold under Section 180(1)(a) of the Companies Act, 2013.