Harshdeep Hortico first-half profit rises 28% to Rs 7.2983 crore

Harshdeep Hortico Limited reported profit after tax of Rs 7.2983 crore for the half year ended September 30, 2026, up 28% from Rs 5.7018 crore a year earlier, as revenue from operations increased 26% to Rs 41.214 crore. The board approved the unaudited standalone results on November 12, 2026.

How much profit did Harshdeep Hortico report in the first half?

Harshdeep Hortico reported profit after tax of Rs 7.2983 crore for the half year ended September 30, 2026, compared with Rs 5.7018 crore in the half year ended September 30, 2025. The Rs 1.5965 crore increase followed a rise in profit before tax to Rs 8.7507 crore from Rs 6.8813 crore.

The September 2026 profit was higher than the comparable prior-year half but lower than Rs 6.8198 crore in the half year ended March 31, 2026. Profit before tax also declined sequentially from Rs 9.1622 crore in the March 2026 half, while basic and diluted earnings per share increased year-on-year to Rs 4.53 from Rs 3.54.

Tax expense for the September 2026 half was Rs 1.4524 crore, compared with Rs 1.1795 crore a year earlier. Current tax was Rs 1.4936 crore and deferred tax was a credit of Rs 4.12 lakh; the statement reported no exceptional or extraordinary items.

What drove Harshdeep Hortico’s revenue growth?

Harshdeep Hortico’s revenue from operations increased to Rs 41.214 crore in the half year ended September 30, 2026 from Rs 32.6419 crore a year earlier. The Rs 8.5721 crore increase represents 26% year-on-year growth and also exceeded Rs 36.0671 crore reported in the half year ended March 31, 2026.

Total income was Rs 41.2158 crore in the September 2026 half, against Rs 32.6419 crore a year earlier and Rs 36.1027 crore in the preceding half. Other income was Rs 18,000 in the latest half, compared with Rs 3.56 lakh in the March 2026 half; no other income was separately reported for September 2025.

Harshdeep Hortico identifies its single business segment as manufacturing of flower pots. The filing does not provide a product, customer or geographic split of the Rs 41.214 crore revenue, so the disclosed growth is for the business as a whole.

How did Harshdeep Hortico’s costs and profitability change?

Harshdeep Hortico’s total expenses rose to Rs 32.4651 crore in the September 2026 half from Rs 25.7606 crore a year earlier. The Rs 6.7045 crore increase was smaller than the Rs 8.5739 crore rise in total income, resulting in a Rs 1.8694 crore increase in profit before tax.

Material consumed rose to Rs 29.0331 crore from Rs 25.1634 crore, while employee benefits expense increased to Rs 2.942 crore from Rs 2.7283 crore. Other expenses were broadly unchanged at Rs 3.4311 crore, compared with Rs 3.4308 crore, and finance cost rose to Rs 12.41 lakh from Rs 10.57 lakh.

Changes in inventories of finished goods, work-in-progress and stock-in-trade were a negative expense of Rs 4.9538 crore, compared with a negative expense of Rs 7.1314 crore in September 2025. Based on reported total income and profit before tax, Harshdeep Hortico’s calculated pre-tax margin was about 21.2% in September 2026, compared with about 21.1% a year earlier; this is an analytical calculation rather than a management-reported margin.

What changed in Harshdeep Hortico’s balance sheet and cash flow?

Harshdeep Hortico reported inventories of Rs 42.4707 crore at September 30, 2026, up from Rs 38.2112 crore at March 31, 2026. Trade receivables increased to Rs 20.7652 crore from Rs 19.9432 crore, while property, plant and equipment rose to Rs 17.8554 crore from Rs 17.3802 crore.

Cash and cash equivalents fell to Rs 54.69 lakh at September 30, 2026 from Rs 96.66 lakh at March 31, 2026. Net cash flow from operating activities was Rs 2.3381 crore for the half year, while investing activities used Rs 2.5071 crore, including Rs 2.429 crore spent on property, plant and equipment and capital work in progress.

Short-term borrowings declined to Rs 1.1595 crore from Rs 1.9248 crore over the six months, whereas long-term borrowings increased to Rs 2.1032 crore from Rs 1.9301 crore. Reserves and surplus increased to Rs 50.7431 crore from Rs 43.8472 crore, while paid-up equity share capital remained Rs 16.0941 crore.

Did the auditor identify a problem with Harshdeep Hortico’s results?

Harshdeep Hortico’s statutory auditor, Kailash Chand Jain & Co., said on November 12, 2026 that nothing had come to its attention suggesting the September 2026 standalone financial statement was materially misstated. The limited review covered the half-year results, the assets-and-liabilities statement at September 30, 2026, and the cash-flow statement for that half year.

The auditor said its review provides moderate assurance and is substantially less extensive than an audit under Standards on Auditing. The results were prepared under Accounting Standard 25, Interim Financial Reporting, and the cash-flow statement used the indirect method under Accounting Standard 3.

The November 12, 2026 disclosure also recorded the resignation of secretarial auditor Dilip Swarnkar & Associates, Practicing Company Secretaries, effective that date. Harshdeep Hortico said the firm cited other professional commitments, engagements and internal resource allocation as the reason.

Conclusion

Harshdeep Hortico’s September 2026 half-year results show higher year-on-year revenue and profit in its flower-pot manufacturing business. Revenue from operations increased by Rs 8.5721 crore to Rs 41.214 crore, while profit after tax rose by Rs 1.5965 crore to Rs 7.2983 crore despite higher material consumption and employee costs.

The next disclosed matter to watch is the secretarial auditor position following the November 12, 2026 resignation of Dilip Swarnkar & Associates. Working-capital movements also remain relevant because inventories increased by Rs 4.2595 crore over March 31, 2026 while cash and cash equivalents declined by Rs 41.97 lakh.