Integrated Capital Services H1 revenue halves, posts comprehensive loss

Integrated Capital Services Limited posted a Rs 1.58 lakh consolidated comprehensive loss for the half year ended September 30, 2026, after revenue from operations fell to Rs 29.64 lakh from Rs 59.00 lakh a year earlier and its associate contribution changed to a Rs 3.22 lakh loss.

What did Integrated Capital Services report for H1?

Integrated Capital Services reported total consolidated income of Rs 37.59 lakh for the half year ended September 30, 2026, compared with Rs 62.42 lakh in the corresponding period ended September 30, 2025. Revenue from operations declined by Rs 29.36 lakh to Rs 29.64 lakh, while other income increased to Rs 7.95 lakh from Rs 3.42 lakh.

The fall in operating revenue was larger than the rise in other income. Consequently, total income decreased by Rs 24.83 lakh year on year, even though other income more than doubled. The company identifies consultancy and advisory services as its sole reportable segment under Indian Accounting Standard 108, or Ind AS 108, so the filing does not separate the revenue movement by service line.

Integrated Capital Services recorded Rs 20.14 lakh of revenue from operations in the quarter ended September 30, 2026, against Rs 22.00 lakh in the corresponding quarter a year earlier. Total quarterly income nevertheless rose to Rs 24.80 lakh from Rs 23.68 lakh because other income increased to Rs 4.66 lakh from Rs 1.68 lakh.

Why did Integrated Capital Services report a comprehensive loss?

Integrated Capital Services reported a comprehensive loss because a Rs 3.22 lakh share of loss from associates outweighed its Rs 1.64 lakh profit after tax and there was no other comprehensive income in the latest half year. In the corresponding 2025 half year, associates had contributed a Rs 2.51 lakh profit and other comprehensive income was Rs 69.65 lakh.

The consolidated statement shows profit before tax and the associate share at Rs 4.01 lakh for the latest half, down from Rs 24.19 lakh a year earlier. After the Rs 3.22 lakh associate loss, profit before tax was Rs 0.79 lakh, compared with Rs 26.70 lakh in the prior-year period.

Current tax expense was Rs 0.76 lakh in the half year ended September 30, 2026, versus Rs 3.59 lakh a year earlier. Deferred tax was a credit of Rs 1.61 lakh, compared with deferred tax expense of Rs 13.44 lakh in the earlier period, resulting in a reported Rs 1.64 lakh profit after tax before the associate loss was reflected in total comprehensive income.

The year-on-year movement in total comprehensive income was Rs 80.90 lakh, from income of Rs 79.32 lakh to a loss of Rs 1.58 lakh. That change reflected both the Rs 5.73 lakh reversal in the associate contribution and the absence of the Rs 69.65 lakh other comprehensive income reported in the earlier half.

How did Integrated Capital Services control costs and perform in the quarter?

Integrated Capital Services reduced total expenses to Rs 33.58 lakh in the half year ended September 30, 2026, from Rs 38.23 lakh in the comparable period, but the Rs 4.65 lakh reduction was smaller than the Rs 24.83 lakh decline in total income. Employee benefit expense fell to Rs 7.79 lakh from Rs 10.56 lakh and other expenses declined to Rs 19.43 lakh from Rs 21.07 lakh.

Depreciation was Rs 6.36 lakh in the latest half year, compared with Rs 6.60 lakh in the prior-year half. The filing reported no finance costs in either period, leaving the reduction in employee and other expenses as the main disclosed cost changes within total expenditure.

The quarter ended September 30, 2026 produced Rs 6.89 lakh profit before tax, following a Rs 6.10 lakh loss before tax in the preceding quarter ended June 30, 2026. The September quarter also reported Rs 3.64 lakh profit attributable to owners, despite a Rs 2.27 lakh share of loss from associates.

Standalone figures were lower than consolidated figures for the half year ended September 30, 2026. Integrated Capital Services reported standalone income from operations of Rs 9.60 lakh and a Rs 5.65 lakh standalone loss after tax, whereas the group reported Rs 29.64 lakh of consolidated operating revenue and a Rs 1.58 lakh comprehensive loss.

What do Integrated Capital Services’ balance sheet and cash flows show?

Integrated Capital Services had total consolidated assets of Rs 10.52 crore at September 30, 2026, compared with Rs 10.66 crore at March 31, 2026. Non-current assets declined to Rs 8.09 crore from Rs 8.21 crore, while current assets were Rs 2.43 crore at both reporting dates.

Cash and cash equivalents were Rs 9.14 lakh at September 30, 2026, down from Rs 1.90 crore at March 31, 2026. Other bank balances rose to Rs 1.99 crore from Rs 17.89 lakh, while the cash-flow statement recorded a Rs 1.81 crore net decrease in cash and cash equivalents during the half year.

Net cash used in operating activities was Rs 1.87 crore for the period ended September 30, 2026, compared with Rs 45.25 lakh generated from operations in the corresponding 2025 period. The latest-period cash flow included a Rs 1.81 crore increase in other bank balances, a Rs 10.18 lakh reduction in advances received for reimbursement and Rs 4.61 lakh of taxes paid.

Total equity was Rs 8.30 crore at September 30, 2026, compared with Rs 8.32 crore at March 31, 2026. Non-current borrowings remained Rs 2.05 crore at both dates, while current liabilities decreased to Rs 15.25 lakh from Rs 26.66 lakh and total liabilities declined to Rs 2.22 crore from Rs 2.33 crore.

What did the review process and disclosures establish?

Integrated Capital Services’ audit committee reviewed, and its board approved, the unaudited consolidated results on November 13, 2026. The board meeting began at 4.30 p.m. and concluded at 4.50 p.m., according to the company’s filing with BSE Limited.

The statutory auditors conducted a limited review under Regulation 33 of the Securities and Exchange Board of India listing regulations. Their report stated that nothing had come to their attention to indicate that the consolidated statement did not disclose the required information or contained a material misstatement.

The consolidated statements include RAAS Consulting Private Limited, Green Infra Profiles Private Limited, ICSL Consulting Private Limited, Borrelli Walsh India Private Limited and KW Publishers Private Limited. The auditor described the wholly owned subsidiaries as reviewed by independent auditors and the associates as reviewed by management.

Integrated Capital Services said it will assess the fair value of property, plant and equipment and investments at the earlier of a significant change in business circumstances or June 30, 2027. The company also said non-current liabilities are valued at fair value at each reporting date.

Conclusion

Integrated Capital Services’ H1 result combined a Rs 29.64 lakh operating-revenue outcome, down from Rs 59.00 lakh, with lower expenses of Rs 33.58 lakh and a Rs 3.22 lakh associate loss. Those factors led to a Rs 1.58 lakh consolidated comprehensive loss, despite Rs 7.95 lakh of other income and a Rs 1.64 lakh profit after tax before the associate effect.

The next disclosed matter to watch is the company’s fair-value assessment timetable, which falls due by June 30, 2027 unless a significant change in business circumstances occurs earlier. Readers can also track whether operating revenue, associate performance and operating cash flow change in the company’s subsequent unaudited financial results.