HOAC Foods India Limited first-half revenue nearly doubles

HOAC Foods reported consolidated revenue from operations of Rs 43.19 crore for the half year ended September 30, 2026, nearly double Rs 21.73 crore a year earlier, while profit attributable to equity shareholders rose to Rs 4.32 crore from Rs 1.95 crore. The board approved the unaudited consolidated results on November 2, 2026.

How much did HOAC Foods’ first-half revenue grow?

HOAC Foods’ revenue from operations rose by Rs 21.46 crore, or about 99%, to Rs 43.19 crore in the half year ended September 30, 2026, from Rs 21.73 crore in the corresponding period of 2025. The latest six-month revenue was also equivalent to about 86% of the Rs 50.11 crore reported for the full year ended March 31, 2026.

Total income, including other income, reached Rs 43.37 crore from Rs 21.84 crore a year earlier. Other income increased to Rs 18.39 lakh from Rs 11.46 lakh, meaning revenue from operations accounted for nearly all of the Rs 21.53 crore increase in total income.

The September 2026 quarter supplied Rs 23.14 crore of the half-year revenue, compared with Rs 20.05 crore in the June 2026 quarter. It was also above the Rs 13.31 crore recorded in the quarter ended September 30, 2025, showing that both the sequential and year-on-year quarterly comparisons increased.

How did HOAC Foods’ first-half profit change?

HOAC Foods’ profit attributable to equity shareholders increased to Rs 4.32 crore for the six months ended September 30, 2026, from Rs 1.95 crore a year earlier. Consolidated profit after tax was Rs 4.38 crore, before a Rs 6.22 lakh minority interest allocation in the latest half year; the comparable minority-interest figure was negative Rs 38,000.

Profit before tax rose to Rs 6.00 crore from Rs 2.65 crore, an increase of Rs 3.35 crore. Current tax expense was Rs 1.51 crore against Rs 69.51 lakh in the prior-year half, while deferred tax was Rs 10.89 lakh versus nil; the results table reports no exceptional or extraordinary items in either period.

The September-quarter profit attributable to equity shareholders was Rs 2.27 crore, compared with Rs 2.04 crore in the June 2026 quarter and Rs 1.38 crore in the September 2025 quarter. Basic and diluted earnings per share, or EPS, were Rs 9.95 for the latest half year, versus Rs 4.80 a year earlier, and the filing says those EPS figures were not annualised.

Which costs moved with HOAC Foods’ revenue growth?

HOAC Foods’ total expenses rose to Rs 37.37 crore in the half year ended September 2026 from Rs 19.19 crore in the prior-year period. Cost of materials consumed increased to Rs 38.10 crore from Rs 21.00 crore, while the change in inventories was negative Rs 8.93 crore compared with negative Rs 6.49 crore a year earlier.

Employee benefits expense increased to Rs 1.64 crore from Rs 1.22 crore, and other expenses rose to Rs 4.36 crore from Rs 2.79 crore. Finance costs moved lower to Rs 37.39 lakh from Rs 45.15 lakh, while depreciation and amortisation increased to Rs 24.24 lakh from Rs 21.54 lakh.

Purchases of stock in trade were Rs 1.59 crore in the latest half year, whereas the comparable September 2025 half-year column showed no amount. The reported comparison is that total income increased by Rs 21.53 crore while total expenses increased by Rs 18.18 crore, resulting in the Rs 3.35 crore rise in profit before tax.

What did HOAC Foods’ subsidiaries contribute?

HOAC Foods’ consolidated results include HOAC Exports Pvt. Ltd., in which it holds 75%, and Rajdhara Foods Pvt Ltd, in which it holds 51%. The independent auditor stated that HOAC Exports generated Rs 2.18 crore of total revenue and Rs 17.74 lakh of net profit in the half year ended September 30, 2026.

Rajdhara Foods recorded nil total revenue and nil total net profit for the same six-month period, according to the auditor’s report. The company said it incorporated Rajdhara Foods on February 25, 2026, with a 51% holding, so the disclosed subsidiary revenue and profit contribution in the period came from HOAC Exports.

The auditor performed a limited review under Standard on Review Engagements 2410, rather than a full audit, and said nothing had come to its attention indicating a material misstatement in the consolidated statement. It examined HOAC Exports’ financial data but did not examine Rajdhara Foods’ nil-revenue and nil-profit financial data.

How did HOAC Foods’ balance sheet and cash position move?

HOAC Foods’ total consolidated assets increased to Rs 53.21 crore at September 30, 2026, from Rs 35.57 crore at March 31, 2026. Inventories rose to Rs 20.63 crore from Rs 13.60 crore, trade receivables increased to Rs 13.70 crore from Rs 8.01 crore, and capital work in progress rose to Rs 4.61 crore from Rs 1.67 crore.

Cash and cash equivalents declined to Rs 2.91 crore at September 30 from Rs 6.53 crore at March 31. The accompanying cash-flow statement reported Rs 8.22 crore used in operating activities and Rs 3.68 crore used in investing activities, partly offset by Rs 8.29 crore generated from financing activities.

Current liabilities increased to Rs 19.84 crore from Rs 8.60 crore over the same period. Short-term borrowings rose to Rs 11.09 crore from Rs 4.37 crore, trade payables reached Rs 4.34 crore from Rs 1.89 crore, and shareholders’ funds increased to Rs 29.43 crore from Rs 25.12 crore as reserves and surplus rose to Rs 25.09 crore.

Conclusion

HOAC Foods’ first-half results show a reported increase in both scale and profit for the six months ended September 30, 2026. Revenue from operations increased by Rs 21.46 crore to Rs 43.19 crore, while profit attributable to equity shareholders rose by Rs 2.37 crore to Rs 4.32 crore, with the September quarter exceeding the June quarter on revenue and attributable profit.

The next disclosed matters to watch are the Rs 4.61 crore of capital work in progress at September 30, 2026, the movements in inventories and receivables that accompanied negative operating cash flow of Rs 8.22 crore, and whether Rajdhara Foods begins reporting revenue after its February 25, 2026 incorporation.