Indsil posts Q2 loss as first-half profit falls to Rs 96.95 lakh

Indsil Hydro Power and Manganese Limited reported a standalone loss of Rs 4.06 crore for the quarter ended September 30, 2026, while its first-half profit fell to Rs 96.95 lakh from Rs 10.03 crore a year earlier. Revenue from operations was Rs 37.05 crore in the quarter, but total expenses reached Rs 39.69 crore.

What did Indsil report for the September 2026 quarter?

Indsil reported a standalone loss of Rs 4.06 crore for the quarter ended September 30, 2026, compared with a profit of Rs 3.93 crore in the quarter ended September 30, 2025. Total income edged down to Rs 37.65 crore from Rs 37.84 crore, while total expenses rose to Rs 39.69 crore from Rs 34.11 crore.

The September-quarter result also reversed the Rs 5.02 crore profit reported in the quarter ended June 30, 2026. Total income fell from Rs 40.43 crore in June to Rs 37.65 crore in September, while expenses increased from Rs 35.16 crore to Rs 39.69 crore over the same sequential comparison.

Loss per equity share was Rs 1.46 for the September 2026 quarter, against earnings per share of Rs 1.41 in the September 2025 quarter and Rs 1.81 in the June 2026 quarter. Indsil's paid-up equity share capital was unchanged at Rs 27.79 crore, with a face value of Rs 10 per equity share.

How did Indsil's revenue and expenses change in Q2?

Indsil's revenue from operations was Rs 37.05 crore in the September 2026 quarter, down Rs 28.03 lakh from Rs 37.33 crore a year earlier. Other income rose to Rs 60.44 lakh from Rs 51.08 lakh, which limited the year-on-year decline in total income to Rs 18.67 lakh.

Total expenses increased by Rs 5.58 crore year on year, reaching Rs 39.69 crore in September 2026 from Rs 34.11 crore in September 2025. Cost of materials consumed was Rs 21.14 crore, versus Rs 21.45 crore a year earlier, while purchases of stock-in-trade rose to Rs 3.21 crore from Rs 1.60 crore.

Power cost was Rs 4.92 crore in the September 2026 quarter, compared with Rs 4.89 crore a year earlier. Employee-benefit expense was Rs 3.24 crore, other expenses were Rs 2.24 crore, depreciation and amortisation was Rs 82.81 lakh, and finance costs were Rs 27,000.

Compared with the June 2026 quarter, revenue from operations declined by Rs 2.54 crore and total income declined by Rs 2.78 crore. The movement in expenses was the opposite: total expenses rose by Rs 4.53 crore from Rs 35.16 crore in June, resulting in the September-quarter loss.

Why did Indsil's first-half profit fall to Rs 96.95 lakh?

Indsil's standalone profit for the half year ended September 30, 2026 was Rs 96.95 lakh, down Rs 9.06 crore from Rs 10.03 crore in the corresponding half of 2025. The first-half result combined the Rs 5.02 crore profit in the June 2026 quarter with the Rs 4.06 crore loss in the September quarter.

Revenue from operations for the six months was Rs 76.53 crore, down Rs 89.96 lakh from Rs 77.43 crore in the prior-year half. Total income declined to Rs 78.08 crore from Rs 78.62 crore, whereas total expenses increased to Rs 74.85 crore from Rs 68.65 crore.

The filing reported profit before tax of Rs 3.23 crore for the half year ended September 30, 2026, compared with Rs 9.97 crore in the corresponding 2025 period. First-half earnings per share were Rs 0.35, against Rs 3.51 in the year-earlier half, consistent with the lower profit available to equity shareholders.

Which costs changed most in Indsil's first half?

Indsil's power cost rose to Rs 15.14 crore in the half year ended September 30, 2026 from Rs 10.52 crore in the corresponding 2025 half, an increase of Rs 4.62 crore. That increase exceeded the Rs 89.96 lakh reduction in first-half revenue from operations.

Cost of materials consumed was Rs 45.98 crore in the latest half year, compared with Rs 45.41 crore in the prior-year period. Purchases of stock-in-trade were Rs 91.93 lakh, against a negative Rs 16.69 lakh in the corresponding period, while other expenses declined to Rs 4.42 crore from Rs 4.76 crore.

Depreciation and amortisation for the six months was Rs 1.63 crore, down from Rs 1.69 crore a year earlier. Finance costs were Rs 57,000, compared with Rs 1.65 lakh, but these lower items did not offset the increase in aggregate expenses to Rs 74.85 crore.

The two-quarter comparison shows that June generated the entire positive first-half outcome before the September loss reduced it. In June, total income of Rs 40.43 crore exceeded total expenses of Rs 35.16 crore by Rs 5.27 crore, while in September total expenses of Rs 39.69 crore were Rs 2.04 crore above total income of Rs 37.65 crore.

Which business segments does Indsil report?

Indsil reports two business segments, Ferre-Alloys and Power, for the quarter and half year ended September 30, 2026. The filing states that this segment reporting follows Indian Accounting Standards, or Ind AS, reporting principles.

The results were unaudited and were reviewed by the statutory auditors before being recommended by the audit committee and approved by Indsil's board on November 4, 2026. The board meeting began at 3.00 PM and concluded at 5.30 PM on that date.

Indsil said the standalone statement was prepared under the Companies (Indian Accounting Standards) Rules, 2015, prescribed under Section 133 of the Companies Act, 2013. It also said prior-period figures had been regrouped or rearranged where necessary to make them comparable with the September 2026 period.

The announcement does not provide management commentary on Ferre-Alloys or Power volumes, selling prices, production, demand or an earnings target. It therefore identifies the segment structure and the reported financial outcome, but does not disclose management's explanation for the change from a Rs 5.02 crore June-quarter profit to a Rs 4.06 crore September-quarter loss.

Conclusion

Indsil's September-quarter loss represented a change from both the Rs 3.93 crore profit recorded a year earlier and the Rs 5.02 crore profit in the preceding June quarter. Revenue from operations was broadly stable year on year at Rs 37.05 crore, but expenses rose by Rs 5.58 crore, leaving first-half profit at Rs 96.95 lakh versus Rs 10.03 crore a year earlier.

The unresolved issue in the filing is whether costs, particularly the Rs 15.14 crore first-half power cost, will remain elevated relative to revenue in subsequent results. Indsil disclosed no target, operating outlook, production plan or scheduled corporate event beyond the board's November 4, 2026 approval of the September-quarter and first-half results.