Indogulf September-quarter profit rises 24% as revenue gains 3%

Indogulf Cropsciences Limited reported consolidated profit of Rs 25.68 crore for the quarter ended September 30, 2026, a 24% increase from Rs 20.69 crore a year earlier. Revenue from operations rose 3% to Rs 255.78 crore, while total expenses declined 1%, led by lower raw-material and other expenses.

How much did Indogulf earn in the September quarter?

Indogulf earned consolidated profit after tax of Rs 25.68 crore in the quarter ended September 30, 2026, compared with Rs 20.69 crore in the quarter ended September 30, 2025. The increase was Rs 4.99 crore, while basic and diluted earnings per share, or EPS, rose to Rs 4.26 from Rs 1.73. The filing says quarterly EPS is not annualised.

Profit before tax increased 30% to Rs 35.19 crore from Rs 27.12 crore. Profit before exceptional items and tax rose to Rs 35.15 crore from Rs 26.76 crore. Exceptional items, defined in the filing as gains or losses from disposal of fixed assets, were Rs 3.2 lakh in the latest quarter, compared with Rs 35.8 lakh a year earlier. This means the improvement in pre-tax profit was primarily reflected before exceptional items.

Tax expense rose to Rs 9.50 crore from Rs 6.43 crore, following the higher pre-tax result. Current tax was Rs 9.81 crore, compared with Rs 7.84 crore, while deferred tax was a credit of Rs 0.31 crore against a credit of Rs 1.40 crore in the prior-year quarter. Total comprehensive income was Rs 25.77 crore, up from Rs 20.72 crore.

What drove Indogulf's profit increase despite limited sales growth?

Indogulf's profit increase coincided with a Rs 1.41 crore reduction in total expenses, even as revenue from operations increased by Rs 7.44 crore year on year. The largest cost movement was raw materials and components consumed, which fell 6% to Rs 148.45 crore from Rs 157.86 crore. Other expenses declined 14% to Rs 22.88 crore from Rs 26.57 crore.

Those reductions exceeded increases in some other lines. Changes in inventories of finished goods, work-in-progress and traded goods represented an expense of Rs 22.84 crore, against Rs 9.82 crore a year earlier. Purchases of traded goods rose to Rs 7.72 crore from Rs 7.55 crore, while depreciation and amortisation increased to Rs 2.82 crore from Rs 2.62 crore.

Employee-benefit expense also decreased to Rs 13.34 crore from Rs 14.54 crore, and finance costs declined to Rs 4.10 crore from Rs 4.59 crore. The combination of lower raw-material, employee, finance and other costs offset the higher inventory-related expense. Total income, including other income, rose 3% to Rs 257.29 crore from Rs 250.30 crore, while total expenses were lower than the prior-year quarter.

How did Indogulf perform against the preceding quarter?

Indogulf's September-quarter profit was higher than its June-quarter profit of Rs 2.41 crore, as revenue from operations increased to Rs 255.78 crore from Rs 168.55 crore. Profit before tax rose from Rs 3.12 crore in the preceding quarter to Rs 35.19 crore in the September quarter, and EPS increased from Rs 0.38 to Rs 4.26.

The quarterly comparison also shows the effect of inventory accounting within the expense base. Changes in inventories were an expense of Rs 22.84 crore in the September quarter, compared with a credit of Rs 33.61 crore in the June quarter. However, raw-material consumption was broadly stable at Rs 148.45 crore, compared with Rs 146.58 crore, while purchases of traded goods declined to Rs 7.72 crore from Rs 9.00 crore.

Other income rose to Rs 1.51 crore from Rs 0.89 crore between the two quarters. Employee-benefit expense declined to Rs 13.34 crore from Rs 13.71 crore, finance costs fell to Rs 4.10 crore from Rs 4.51 crore, and other expenses decreased to Rs 22.88 crore from Rs 23.31 crore. The filing does not provide a management narrative assigning causes to the sequential revenue or profit movements.

What do Indogulf's half-year figures show?

Indogulf reported consolidated profit of Rs 28.10 crore for the half year ended September 30, 2026, up from Rs 24.55 crore in the half year ended September 30, 2025. The half-year profit increase was therefore 14%, below the 24% year-on-year increase recorded in the September quarter alone, because the June-quarter profit was Rs 2.41 crore.

Revenue from operations for the half year was Rs 424.32 crore, compared with Rs 437.72 crore a year earlier. Total income fell to Rs 426.72 crore from Rs 440.60 crore, while total expenses declined to Rs 388.41 crore from Rs 409.21 crore. The lower expense base allowed profit before tax to rise to Rs 38.31 crore from Rs 31.77 crore despite the reduction in half-year revenue.

Raw-material and component costs for the half year fell to Rs 295.03 crore from Rs 325.94 crore. Purchases of traded goods decreased to Rs 16.72 crore from Rs 23.76 crore, while employee-benefit expense was broadly unchanged at Rs 27.05 crore versus Rs 27.21 crore. Finance costs increased to Rs 8.61 crore from Rs 8.37 crore, and other expenses rose to Rs 46.19 crore from Rs 45.65 crore.

What business and reporting scope do Indogulf's results cover?

Indogulf operates one reportable business segment, agro-chemicals, comprising technical and formulation activities. The September-quarter numbers are consolidated results and include Indogulf and its subsidiaries, Abhiprakash Globus Private Limited and Indogulf Cropsciences Australia Pty Ltd., according to the auditor's report.

The board approved the unaudited standalone and consolidated results on November 2, 2026. The statutory auditor completed a limited review and said nothing had come to its attention that caused it to believe the consolidated statement did not disclose the required information or contained a material misstatement. The auditor noted that financial information for the foreign subsidiary was unaudited, furnished by management and not material to the group.

The results were prepared under Indian Accounting Standard 34, Interim Financial Reporting. They are unaudited rather than annual audited accounts, and the filing separately identifies the year ended March 31, 2026 as audited. This distinction matters because the September figures represent interim results for the quarter and half year ended September 30, 2026.

Conclusion

Indogulf converted 3% year-on-year revenue growth in the September quarter into a 24% increase in consolidated profit, with profit reaching Rs 25.68 crore. Lower raw-material costs of Rs 148.45 crore and lower other expenses of Rs 22.88 crore contributed to total expenses falling to Rs 222.13 crore, even as inventory-related expense increased.

The filing gives no outlook, target or planned event beyond the reported period. It therefore leaves unresolved whether lower raw-material and other costs can continue to offset the 3% decline in half-year revenue from operations to Rs 424.32 crore.