HMA Agro revenue rises 29%, net profit grows 16% in Q2

HMA Agro Industries Limited reported consolidated revenue from operations of Rs 2,779.481 crore for the quarter ended September 30, 2026, up 29% year on year, while net profit increased 16% to Rs 104.567 crore. Revenue growth exceeded profit growth as profit before tax rose 13% to Rs 132.481 crore.

What were HMA Agro’s September-quarter results?

HMA Agro’s revenue from operations was Rs 2,779.481 crore in the quarter ended September 30, 2026, compared with Rs 2,155.339 crore in the quarter ended September 30, 2025. Other income declined to Rs 34.547 crore from Rs 36.106 crore, but total income still rose 28% to Rs 2,814.028 crore from Rs 2,191.445 crore.

Net profit was Rs 104.567 crore, against Rs 89.789 crore a year earlier. Profit before tax rose to Rs 132.481 crore from Rs 117.016 crore, while total tax expense increased to Rs 27.914 crore from Rs 27.227 crore. Basic and diluted earnings per share, not annualised, were Rs 2.08 each, compared with Rs 1.79 each in the September 2025 quarter.

How did HMA Agro compare with the preceding quarter?

HMA Agro’s September-quarter revenue rose 32% from Rs 2,110.319 crore in the quarter ended June 30, 2026. Total income increased from Rs 2,182.084 crore to Rs 2,814.028 crore, even though other income fell from Rs 71.765 crore in June to Rs 34.547 crore in September.

Net profit more than doubled from Rs 50.514 crore in the June 2026 quarter to Rs 104.567 crore in the September 2026 quarter. Profit before tax increased from Rs 62.510 crore to Rs 132.481 crore, and basic and diluted earnings per share rose from Rs 1.01 to Rs 2.08. Tax expense was Rs 27.914 crore in the September quarter, compared with Rs 11.996 crore in the preceding quarter.

Why did HMA Agro’s profit increase more slowly than revenue?

HMA Agro’s profit increased more slowly than revenue because total expenses rose 29% to Rs 2,681.547 crore in the September 2026 quarter, from Rs 2,074.429 crore a year earlier. That increase was slightly faster than the 28% rise in total income, which left profit before tax 13% higher year on year.

The results do not provide a management explanation of individual quarterly cost movements, but the reported figures show a change in margins. Profit before tax was 4.77% of revenue from operations in the September 2026 quarter, versus 5.43% in September 2025. Net profit was 3.76% of revenue, compared with 4.17% a year earlier, based on the reported revenue and profit figures.

What do HMA Agro’s half-year results show?

HMA Agro reported revenue from operations of Rs 4,889.799 crore for the half year ended September 30, 2026, up 49% from Rs 3,277.949 crore in the corresponding 2025 period. Total income increased 50% to Rs 4,996.111 crore from Rs 3,325.376 crore, including Rs 106.312 crore of other income.

Half-year net profit rose 72% to Rs 155.081 crore from Rs 90.386 crore, while profit before tax rose 65% to Rs 194.991 crore from Rs 118.439 crore. The September-quarter profit of Rs 104.567 crore accounted for about two-thirds of the Rs 155.081 crore reported for the six months, compared with Rs 50.514 crore in the June quarter.

What changed in HMA Agro’s financial position and cash flow?

HMA Agro’s total assets stood at Rs 2,866.459 crore at September 30, 2026, compared with Rs 2,412.868 crore at March 31, 2026. Inventories increased to Rs 1,678.528 crore from Rs 1,330.603 crore, while cash and cash equivalents rose to Rs 303.438 crore from Rs 135.793 crore. Total equity increased to Rs 1,118.588 crore from Rs 962.463 crore.

Current borrowings rose to Rs 1,083.116 crore at September 30 from Rs 846.760 crore at March 31. For the half year, operating activities used Rs 69.020 crore of cash after a Rs 347.925 crore increase in inventories and a Rs 6.294 crore increase in trade receivables. Financing activities generated Rs 207.606 crore, including Rs 170.689 crore of net working-capital demand-facility borrowings.

What business and reporting developments did HMA Agro disclose?

HMA Agro reported one business segment, the manufacture and export of buffalo frozen meat and meat products. The group said it has manufacturing operations in India and sells across geographical markets worldwide, so no separate segment disclosure was required for the period ended September 30, 2026.

During the period, HMA Agro sold its entire equity interest in FNS Agro Foods Limited for Rs 5.008 crore and recorded a Rs 5.5 lakh gain on disposal. FNS Agro Foods Limited ceased to be a subsidiary from the disposal date. The board approved the unaudited consolidated results on November 3, 2026, while the reviewer’s November 3 report stated that nothing had come to its attention indicating a material misstatement.

Conclusion

HMA Agro’s September-quarter results show operating revenue growing faster than profit, with revenue increasing 29% to Rs 2,779.481 crore and net profit rising 16% to Rs 104.567 crore. Expenses increased 29% to Rs 2,681.547 crore, and the reported arithmetic shows lower profit-before-tax and net-profit margins than in the September 2025 quarter.

The next reported results will indicate whether the September-quarter profit level is sustained alongside revenue growth. Items to watch from the September 30, 2026 disclosures include inventories of Rs 1,678.528 crore, current borrowings of Rs 1,083.116 crore and the Rs 69.020 crore operating cash outflow for the half year, as well as the effect of the FNS Agro Foods Limited disposal on future consolidation.