Goldkart Jewels first-half revenue rises 43% to Rs 66.34 crore

Goldkart Jewels Limited reported revenue from operations of Rs 66.34 crore for the half year ended 30 September 2026, up 43% from Rs 46.46 crore a year earlier, while profit for the period increased 18% to Rs 3.40 crore. Finance costs rose to Rs 2.01 crore and inventory changes moved from a prior-year credit to an expense.

How did Goldkart Jewels perform in the first half?

Goldkart Jewels increased total income to Rs 66.34 crore in the half year ended 30 September 2026 from Rs 46.46 crore in the half year ended 30 September 2025. Revenue from operations was Rs 66.34 crore and other income was Rs 0.88 lakh, while the company identified trading of gold jewellery as its single business segment.

Profit before tax rose to Rs 4.68 crore from Rs 3.68 crore in the prior-year half, an increase of Rs 1.01 crore. Total tax expense increased to Rs 1.29 crore from Rs 0.81 crore, including Rs 23.46 lakh of tax relating to earlier years, resulting in profit for the period of Rs 3.40 crore compared with Rs 2.87 crore.

Goldkart Jewels’ revenue was lower than Rs 70.86 crore in the half year ended 31 March 2026, but profit for the period increased from Rs 68.41 lakh in that preceding half. The March 2026 half included profit before tax of Rs 92.97 lakh and negative other comprehensive income of Rs 16.55 crore.

Why did Goldkart Jewels’ profit rise more slowly than revenue?

Goldkart Jewels’ profit rose more slowly than revenue because finance costs increased to Rs 2.01 crore from Rs 1.06 crore, while changes in inventories became an expense of Rs 4.05 crore after a Rs 6.59 crore credit in the prior-year half. The filing does not give a separate operational explanation for either movement.

Purchases of stock-in-trade increased to Rs 55.23 crore from Rs 47.88 crore, a rise of Rs 7.35 crore. Total expenses therefore increased 44% to Rs 61.66 crore, marginally faster than the 43% increase in revenue, while employee benefits expense was Rs 14.48 lakh compared with Rs 13.55 lakh a year earlier.

The segment statement reported jewellery trading profit before finance costs and tax of Rs 6.68 crore, up from Rs 4.73 crore in the half year ended 30 September 2025. After deducting finance costs of Rs 2.01 crore, profit before tax was Rs 4.68 crore, compared with Rs 3.68 crore in the earlier period.

What changed in Goldkart Jewels’ assets and borrowings?

Goldkart Jewels’ total assets increased to Rs 104.50 crore at 30 September 2026 from Rs 87.66 crore at 31 March 2026, while total liabilities rose to Rs 49.93 crore from Rs 33.49 crore. The six-month balance-sheet movement included an increase in trade receivables and the addition of non-current borrowings.

Trade receivables increased to Rs 32.57 crore from Rs 13.54 crore, while inventories declined to Rs 40.60 crore from Rs 44.65 crore. Cash and cash equivalents fell to Rs 2.04 crore from Rs 2.81 crore, and total equity was Rs 54.56 crore at 30 September 2026 versus Rs 54.17 crore at 31 March 2026.

Current borrowings increased by Rs 8.70 crore to Rs 41.02 crore, and Goldkart Jewels reported Rs 7.79 crore of non-current borrowings at 30 September 2026, compared with none reported at 31 March 2026. Financing activities generated Rs 14.49 crore of cash, comprising Rs 8.71 crore of net current borrowings and Rs 7.79 crore of net non-current borrowings, less Rs 2.01 crore of finance costs paid.

What do Goldkart Jewels’ cash flow and related-party disclosures show?

Goldkart Jewels used Rs 9.22 crore in operating activities during the half year ended 30 September 2026, principally because trade receivables increased by Rs 19.03 crore. This occurred despite operating profit before working-capital changes of Rs 6.72 crore.

The cash-flow statement recorded Rs 4.05 crore generated from the inventory movement, but this did not offset the receivables increase and Rs 1.25 crore of income taxes paid. Net cash used in investing activities was Rs 6.03 crore, mainly reflecting an inter-corporate loan of Rs 6 crore.

Goldkart Jewels granted the loan to related party Laxmi Goldorna House Limited at 8% a year after board approval on 25 June 2026. Including Rs 68,000 of accrued interest, the outstanding balance was Rs 6.01 crore at 30 September 2026; Goldkart Jewels also held equity shares in that company measured at fair value through other comprehensive income.

How did fair-value movements affect Goldkart Jewels’ comprehensive income?

Goldkart Jewels reported total comprehensive income of Rs 39.31 lakh for the half year ended 30 September 2026, below its Rs 3.40 crore profit for the period because it recorded Rs 3 crore of negative other comprehensive income. The amount represented fair-value changes in equity instruments designated at fair value through other comprehensive income.

The same line was a gain of Rs 16.95 crore in the half year ended 30 September 2025, producing total comprehensive income of Rs 19.82 crore despite profit for that period being Rs 2.87 crore. Goldkart Jewels said the current-period Rs 3 crore fair-value change was recognised under Indian Accounting Standard 109, Financial Instruments, rather than in profit or loss.

Goldkart Jewels’ board approved the unaudited results on 5 November 2026 after review by the audit committee. The statutory auditor issued an unmodified limited-review conclusion, stating that nothing had come to its attention suggesting that the results lacked required disclosures or contained a material misstatement.

Conclusion

Goldkart Jewels delivered 43% year-on-year first-half revenue growth to Rs 66.34 crore and an 18% increase in profit to Rs 3.40 crore. However, total expenses grew 44%, compared with 43% for revenue, as finance costs rose by Rs 95.27 lakh and inventory changes shifted from a Rs 6.59 crore credit to a Rs 4.05 crore expense.

The next results will show whether trade receivables of Rs 32.57 crore, current borrowings of Rs 41.02 crore and the Rs 6.01 crore related-party loan change further. The filing disclosed no operating target or expansion plan, while the loan to Laxmi Goldorna House Limited remained outstanding at 30 September 2026.