Goblin India profit falls 55% despite higher half-year revenue

Goblin India Limited’s standalone net profit fell 55% to Rs 45.84 lakh in the half year ended September 30, 2026, even as revenue from operations rose 0.6% to Rs 16.72 crore from Rs 16.61 crore a year earlier. The board approved the unaudited results on November 14, 2026.

How did Goblin India’s half-year profit change?

Goblin India’s reported standalone net profit declined by Rs 56.88 lakh year on year to Rs 45.84 lakh for the half year ended September 30, 2026, from Rs 102.72 lakh in the corresponding 2025 period. Basic earnings per share fell to Rs 0.33 from Rs 0.74, while paid-up equity share capital remained unchanged at Rs 13.82 crore.

Profit before tax fell to Rs 61.48 lakh from Rs 1.38 crore a year earlier, a reduction of Rs 76.23 lakh. Current tax was Rs 15.47 lakh in the latest half year, compared with a current-tax credit of Rs 34.66 lakh in the September 2025 half year; deferred tax was a credit of Rs 16,000, against a Rs 33,000 credit previously.

The statement separately reports profit from continuing operations of Rs 25.88 lakh and total net profit of Rs 45.84 lakh for September 2026. It records no profit or loss from discontinuing operations and no other comprehensive income, and does not provide a reconciliation between the profit-from-continuing-operations figure and total net profit.

What happened to Goblin India’s revenue and expenses?

Goblin India’s revenue from operations increased by Rs 10.20 lakh to Rs 16.72 crore in the September 2026 half year. Other income rose to Rs 1.57 crore from Rs 77.85 lakh, lifting total revenue to Rs 18.29 crore from Rs 17.39 crore in the corresponding half year.

Total expenses were Rs 17.68 crore in the latest half year, compared with total revenue of Rs 18.29 crore and resulting profit before tax of Rs 61.48 lakh. Purchases of stock in trade were Rs 13.89 crore, changes in inventories were Rs 1.49 crore, employee-benefit expense was Rs 52.54 lakh, finance costs were Rs 61.51 lakh, depreciation and amortisation was Rs 22.37 lakh, and other expenses were Rs 52.83 lakh.

The immediately preceding half year, ended March 31, 2026, had revenue from operations of Rs 22.42 crore and reported net profit of Rs 53.36 lakh. Revenue was therefore Rs 5.71 crore lower in the September 2026 half year, while reported net profit was Rs 7.52 lakh lower, based on the two half-year periods disclosed in the filing.

Goblin India said it does not have more than one reportable segment under Accounting Standard 17 issued by the Institute of Chartered Accountants of India. Segment-wise revenue and profit disclosures were therefore not applicable to the standalone results for the half year ended September 30, 2026.

What changed on Goblin India’s balance sheet?

Goblin India’s total standalone assets and liabilities were Rs 76.51 crore at September 30, 2026, compared with Rs 81.66 crore at March 31, 2026. Reserves and surplus increased to Rs 27.95 crore from Rs 27.49 crore, while share capital stayed at Rs 13.82 crore at both dates.

Working-capital balances were lower in several categories at September 30. Inventories fell by Rs 1.49 crore to Rs 21.22 crore, while trade receivables declined by Rs 3.66 crore to Rs 19.45 crore. Short-term loans and advances increased by Rs 74.48 lakh to Rs 31.07 crore, and cash and cash equivalents decreased by Rs 6.93 lakh to Rs 45.65 lakh.

Long-term borrowings declined by Rs 1.15 crore to Rs 7.18 crore, but short-term borrowings rose by Rs 69.10 lakh to Rs 6.30 crore. Trade payables to creditors other than micro and small enterprises fell by Rs 5.16 crore to Rs 13.66 crore, while dues to micro and small enterprises declined by Rs 50.98 lakh to Rs 50.40 lakh.

Other current liabilities increased to Rs 5.17 crore at September 30, 2026, from Rs 4.84 crore at March 31, 2026. Short-term provisions increased to Rs 1.91 crore from Rs 1.71 crore, while property, plant and equipment decreased to Rs 2.48 crore from Rs 3.06 crore.

How did Goblin India’s cash flow move in the half year?

Goblin India reported net cash from operating activities of Rs 1.27 crore for the half year ended September 30, 2026, compared with Rs 22.88 lakh for the year ended March 31, 2026. Cash generated from operations was Rs 1.42 crore before income-tax payments of Rs 15.47 lakh in the latest half year.

The operating cash-flow reconciliation included a Rs 2.91 crore decrease in current assets other than cash and a Rs 1.54 crore decrease in inventories. These movements were partly offset by a Rs 4.45 crore decrease in current liabilities; depreciation contributed Rs 22.37 lakh and interest expense was Rs 58.02 lakh.

Investing activities generated Rs 39.94 lakh in the September 2026 half year, as Rs 41.27 lakh of proceeds from sale of fixed assets exceeded additions to fixed assets of Rs 1.34 lakh. The year ended March 31, 2026 recorded net cash used in investing activities of Rs 9.43 lakh.

Financing activities used Rs 1.74 crore in the latest half year, comprising a Rs 1.16 crore reduction in long-term borrowings and interest payments of Rs 58.02 lakh. Closing cash and cash equivalents consequently fell to Rs 45.65 lakh from Rs 52.58 lakh at the beginning of the period.

What did Goblin India’s reviewer flag in the results?

Goblin India’s statutory auditor drew attention to a net income-tax liability of Rs 42.63 lakh for assessment year 2020-21 that is subject to reconciliation. The filing says liabilities of Rs 88 lakh and Rs 27 lakh, excluding applicable interest, were adjusted against income-tax refunds from assessment year 2021-22 onwards, and no payment had been made towards those liabilities.

The auditor also said Goblin India had not provided its Goods and Services Tax electronic credit ledger, reconciliations or detailed Goods and Services Tax payable workings for verification. The report states that, as a result, the auditor was unable to verify related balances in the books of account as at September 30, 2026.

The report further says Goblin India had not filed its income-tax return for assessment year 2025-26 and applicable tax deducted at source returns for financial year 2025-26 within prescribed timelines. Certain tax deducted at source liabilities remained unpaid at September 30, 2026, while management had not provided for potential interest, penalties or other liabilities, or disclosed related contingent liabilities.

The September 2026 standalone results received a limited review rather than an audit. The auditor also stated that the September 2025 comparative standalone results were not reviewed and were presented using information compiled by management and approved by the board.

Conclusion

Goblin India’s September 2026 half-year results show a Rs 10.20 lakh increase in revenue from operations alongside a Rs 56.88 lakh decrease in reported net profit. Total assets and liabilities fell to Rs 76.51 crore from Rs 81.66 crore at March 2026, while net operating cash flow was Rs 1.27 crore and closing cash was Rs 45.65 lakh.

The next reported updates should clarify the reconciliation of the Rs 42.63 lakh net income-tax liability and the verification of Goods and Services Tax balances. The filing also leaves unresolved whether late tax filings and unpaid tax deducted at source liabilities as at September 30, 2026 will result in interest, penalties or other obligations not provided for by management.