Indus Fila reports Rs 16.94 lakh Q2 revenue, loss narrows

Indus Fila Limited reported Rs 16.94 lakh of revenue from operations for the quarter ended September 30, 2026, versus no operating revenue a year earlier, while its net loss narrowed to Rs 44.57 lakh from Rs 64.60 lakh. The company nevertheless reported total equity of negative Rs 18.38 crore at September 30.

How did Indus Fila perform in the September 2026 quarter?

Indus Fila reported Rs 16.94 lakh of revenue from operations in the quarter ended September 30, 2026, compared with no revenue in the September 2025 quarter and Rs 2.01 lakh in the June 2026 quarter. Total income was also Rs 16.94 lakh because the company reported no other income, against Rs 0.03 lakh in the year-earlier quarter.

The net loss narrowed to Rs 44.57 lakh from Rs 66.42 lakh in the preceding quarter and Rs 64.60 lakh a year earlier. Basic and diluted loss per equity share was Rs 0.87, compared with Rs 1.30 in June 2026 and Rs 1.26 in September 2025. The filing reports no exceptional items for any of those three quarters.

For the six months ended September 30, 2026, Indus Fila recorded Rs 18.95 lakh of operating revenue, against no revenue in the corresponding 2025 period. The first-half loss after tax was Rs 1.11 crore, compared with Rs 1.47 crore a year earlier. The company identifies its main business as finishing of textiles excluding khadi and handloom and reports no separate operating segment under Indian Accounting Standard 108.

Why did Indus Fila remain loss-making despite revenue?

Indus Fila remained loss-making because total expenses of Rs 61.06 lakh exceeded total income of Rs 16.94 lakh by Rs 44.12 lakh before tax in the September 2026 quarter. A deferred-tax charge of Rs 0.45 lakh took the loss after tax to Rs 44.57 lakh; the company reported no current-tax expense.

Finance costs were Rs 44.11 lakh, exceeding the quarter's revenue of Rs 16.94 lakh. The finance-cost figure was marginally below Rs 44.74 lakh in June 2026 and Rs 46.37 lakh in September 2025, but remained the largest reported expense after the offsetting stock-purchase and inventory-change entries.

Indus Fila recorded Rs 1.19 crore of purchases of stock-in-trade and an equal negative Rs 1.19 crore change in inventories during the quarter, which offset in total expenses. Employee-benefit expense rose to Rs 7.83 lakh from Rs 3.87 lakh in June 2026, while other expenses fell to Rs 8.95 lakh from Rs 19.19 lakh.

For the six-month period, finance costs declined to Rs 88.85 lakh from Rs 93.25 lakh in the prior-year period, while total expenses fell to Rs 1.29 crore from Rs 1.46 crore. The filing does not provide management commentary assigning reasons for the narrower first-half loss.

What does Indus Fila's September balance sheet show?

Indus Fila reported total assets of Rs 14.62 crore at September 30, 2026, up from Rs 12.79 crore at March 31, 2026. Current assets were Rs 14.26 crore, including Rs 12.96 crore of stock in trade, Rs 1.21 crore of other current assets and Rs 9.36 lakh of cash and cash equivalents.

Total equity was negative Rs 18.38 crore at September 30, compared with negative Rs 13.28 crore at March 31. Equity share capital was unchanged at Rs 5.11 crore, while other equity was negative Rs 19.49 crore, compared with negative Rs 18.38 crore at the March year-end.

Non-current liabilities rose to Rs 21.76 crore from Rs 21.10 crore over the six months. They included Rs 20.26 crore of non-current borrowings and Rs 1.50 crore of other non-current liabilities, whereas the latter line was nil at March 31, 2026.

Current liabilities increased to Rs 7.25 crore from Rs 4.97 crore. Current borrowings rose to Rs 1.12 crore from Rs 1.01 crore, while trade payables due to creditors other than micro and small enterprises increased to Rs 5.85 crore from Rs 2.94 crore. Other current liabilities decreased to Rs 27.76 lakh from Rs 1.02 crore.

Did Indus Fila generate operating cash in the first half?

Indus Fila reported net cash generated from operating activities of Rs 1.42 crore for the six months ended September 30, 2026, despite a pre-tax loss of Rs 1.10 crore. The cash-flow statement records a Rs 2.91 crore increase in trade payables and a Rs 1.25 crore increase in other financial and other liabilities.

The reported cash generation also included a Rs 1.53 crore increase in stock in trade, a Rs 25.01 lakh increase in other financial assets and other assets, and a Rs 73.85 lakh decrease in other current liabilities. These working-capital movements followed an operating loss before working-capital changes of Rs 21.80 lakh.

Financing activities used Rs 1.37 crore during the first half, including Rs 88.85 lakh of interest paid or other finance charges and Rs 47.87 lakh recorded under increase or repayment of borrowings. Investing activities used Rs 1.23 lakh for purchases of property, plant and equipment.

Cash and cash equivalents rose by Rs 3.92 lakh to Rs 9.36 lakh at September 30 from Rs 5.44 lakh at March 31. Indus Fila says the balance comprises cash and bank balances, with no working-capital loans repayable on demand or credit balances in bank accounts at either date.

What did the auditor say about Indus Fila's results?

The auditor's limited-review report, dated November 12, 2026, said nothing had come to its attention that caused it to believe the standalone financial statement failed to make required disclosures or contained a material misstatement. The review covered the quarter ended September 30, 2026 and the six months from April 1 to September 30, 2026.

The auditor stated that the engagement was conducted under Standard on Review Engagements 2410 and was not an audit. It said a review relies principally on inquiries and analytical procedures and provides less assurance than an audit, so it did not express an audit opinion.

Indus Fila's board approved the unaudited standalone results at its November 12, 2026 meeting, which began at 4:00 p.m. and concluded at 4:30 p.m. The company states that the results were prepared under Indian Accounting Standard 34, Interim Financial Reporting.

Conclusion

Indus Fila returned to reported operating revenue in the September 2026 quarter and reduced its loss against both the preceding and year-earlier quarters. However, Rs 44.11 lakh of finance costs exceeded Rs 16.94 lakh of quarterly revenue, while the balance sheet showed negative equity of Rs 18.38 crore and total liabilities of Rs 29.01 crore at September 30, 2026.

The next result will show whether the Rs 18.95 lakh of first-half operating revenue continues in the textile-finishing business and whether finance costs change from the Rs 88.85 lakh recorded in the first half. The filing does not disclose a revenue target, funding plan or scheduled operational initiative, leaving the negative-equity position and liability movements unresolved.