Glen Industries H1 profit rises 31% as revenue gains 21%

Glen Industries Limited reported consolidated profit of Rs 10.91 crore for the half year ended September 30, 2026, up 31% year on year, while revenue from operations increased 21% to Rs 115.30 crore. Profit growth exceeded revenue growth despite higher material, employee and other expenses in the reported half year.

How did Glen Industries perform in H1 September 2026?

Glen Industries increased consolidated revenue from operations to Rs 115.30 crore in the half year ended September 30, 2026, from Rs 95.56 crore in the corresponding half year of 2025. Total income rose to Rs 116.47 crore from Rs 96.56 crore, including other income of Rs 1.18 crore compared with Rs 1.01 crore a year earlier.

Glen Industries reported profit before tax of Rs 14.30 crore, up from Rs 11.13 crore in H1 September 2025. Tax expense was Rs 3.39 crore, compared with Rs 2.82 crore, leaving profit for the period at Rs 10.91 crore against Rs 8.31 crore in the prior-year half.

Glen Industries also exceeded its immediately preceding half-year result. Revenue from operations was Rs 107.57 crore and profit for the period was Rs 8.20 crore in the half year ended March 31, 2026, compared with Rs 115.30 crore and Rs 10.91 crore respectively in H1 September 2026. Basic and diluted earnings per share were Rs 4.53, against Rs 3.41 in the preceding half year, on a face value of Rs 10 per share.

What changed in Glen Industries’ costs and reported margins?

Glen Industries’ total expenses rose to Rs 102.18 crore in H1 September 2026 from Rs 85.44 crore a year earlier. Material consumed remained the largest cost at Rs 70.78 crore, increasing from Rs 49.98 crore, while employee benefits expense increased to Rs 9.60 crore from Rs 6.78 crore.

Glen Industries’ direct expenses rose to Rs 12.71 crore from Rs 11.53 crore, and other expenses increased to Rs 6.07 crore from Rs 4.41 crore. Finance costs declined to Rs 4.29 crore from Rs 4.82 crore, while depreciation and amortisation fell slightly to Rs 4.12 crore from Rs 4.24 crore.

The reported figures imply a profit-before-tax margin of about 12.3% of total income in H1 September 2026, compared with about 11.5% in H1 September 2025. Profit for the period was about 9.4% of total income, compared with about 8.6% a year earlier; these are calculations from Glen Industries’ reported income and profit figures, not separately disclosed margins.

Glen Industries recorded a Rs 5.39 crore negative change in inventories of finished goods and work-in-progress, compared with a Rs 3.67 crore positive change in H1 September 2025. This movement, together with the Rs 20.81 crore increase in material consumption, was reflected within the Rs 16.74 crore year-on-year increase in total expenses.

What did Glen Industries’ cash flow and balance sheet show?

Glen Industries generated net operating cash flow of Rs 28.56 crore in H1 September 2026, compared with net cash used of Rs 36.49 crore in the prior-year half. Cash generated from operations before tax was Rs 32.39 crore, against an outflow of Rs 33.57 crore, followed by Rs 3.83 crore of net income tax paid.

Glen Industries’ operating cash flow included a Rs 4.26 crore reduction in trade receivables and a Rs 5.11 crore reduction in loans and advances. These movements were partly offset by a Rs 10.44 crore increase in inventories and a Rs 6.88 crore decrease in trade payables; the cash-flow statement also recorded Rs 16.00 crore under other current assets including initial public offering proceeds as fixed deposits.

Glen Industries spent Rs 33.81 crore on property, plant, equipment and intangible assets in H1 September 2026, compared with Rs 10.89 crore a year earlier. Net investing cash outflow was Rs 33.20 crore, while net borrowings provided Rs 8.61 crore versus a Rs 17.53 crore repayment in H1 September 2025. Cash and cash equivalents ended the half year at Rs 19.72 lakh, down from Rs 51.77 lakh at the start of the year.

Glen Industries’ total assets and total equity and liabilities stood at Rs 304.25 crore at September 30, 2026, compared with Rs 290.77 crore at March 31, 2026. Capital work-in-progress rose to Rs 55.54 crore from Rs 22.69 crore, while inventories increased to Rs 88.86 crore from Rs 78.42 crore and trade receivables declined to Rs 32.89 crore from Rs 37.17 crore.

Glen Industries reported short-term borrowings of Rs 100.05 crore at September 30, 2026, compared with Rs 98.05 crore at March 31, 2026 and Rs 80.66 crore a year earlier. Long-term borrowings were Rs 29.29 crore, up from Rs 22.68 crore at March 2026 but below Rs 34.64 crore at September 2025, while reserves and surplus increased to Rs 118.32 crore from Rs 107.41 crore.

What did the limited review cover for Glen Industries?

Glen Industries’ consolidated results include Glen Realty Private Limited and Glen Paper Products Private Limited, with a 99.98% ownership interest in each subsidiary according to the limited review report. The consolidated statement reported total income of Rs 116.47 crore and profit of Rs 10.91 crore for the half year ended September 30, 2026.

Tosniwal & Associates performed a limited review under Standard on Review 2410 rather than an audit, according to its report dated November 13, 2026. The firm said nothing had come to its attention that caused it to believe the consolidated unaudited results failed to make required disclosures or contained a material misstatement.

Glen Industries’ Managing Director Nikhil Agrawal and Chief Financial Officer Chirag Ribiawala certified the unaudited standalone and consolidated results for the half year ended September 30, 2026. Their certification, dated November 13, 2026, stated that the results did not contain false or misleading statements or omit material facts that could make them misleading.

Conclusion

Glen Industries delivered a 31% year-on-year increase in consolidated H1 profit to Rs 10.91 crore, ahead of 21% growth in revenue from operations to Rs 115.30 crore. The result combined higher material, employee and other expenses with lower finance costs, a year-on-year rise in calculated profit ratios and a shift to Rs 28.56 crore of operating cash generation.

The key unresolved operating items disclosed in the filing are Rs 55.54 crore of capital work-in-progress, Rs 88.86 crore of inventories and Rs 100.05 crore of short-term borrowings at September 30, 2026. Subsequent disclosures can show how the capital expenditure of Rs 33.81 crore, working-capital movements and borrowings develop after the half year.