Jhandewalas Foods posts Rs 4.93 crore half-year loss in September

Jhandewalas Foods Limited posted a Rs 4.93 crore loss for the half year ended 30 September 2026, versus a Rs 3.13 crore profit a year earlier, after revenue from operations fell 33% to Rs 50.54 crore and the statement recorded a Rs 4.99 crore exceptional item.

Why did Jhandewalas Foods report a half-year loss?

Jhandewalas Foods reported a Rs 4.93 crore loss after tax for the half year ended 30 September 2026, compared with a Rs 3.13 crore profit for the half year ended 30 September 2025. Total income declined to Rs 50.55 crore from Rs 76.42 crore, while total expenses declined to Rs 55.54 crore from Rs 73.17 crore, leaving expenses above income.

The statement records a Rs 4.99 crore exceptional item for the September 2026 half year, which coincided with the reported loss before tax of Rs 4.99 crore. Note 27 is headed exceptional items and refers to loss on sale of fixed assets, although the extracted note does not separately display an amount for that line. Tax expense was Rs 6.04 lakh, producing the reported Rs 4.93 crore loss after tax.

How far did Jhandewalas Foods revenue fall?

Jhandewalas Foods’ revenue from operations declined 33% to Rs 50.54 crore in the half year ended 30 September 2026, from Rs 74.94 crore a year earlier. Total income fell by Rs 25.87 crore, a larger reduction than the Rs 17.63 crore fall in total expenses, which contributed to the reversal from profit to loss.

Gross revenue from product sales was Rs 50.49 crore in the September 2026 half year, compared with Rs 75.74 crore in the corresponding 2025 period. The filing also reports Rs 80 lakh of liaisoning commission and Rs 60.07 lakh of export sales in the latest half year, while returns and adjustments were Rs 1.38 crore, against Rs 80.86 lakh a year earlier.

Other income fell to Rs 1.35 lakh in the half year ended 30 September 2026 from Rs 1.49 crore in the prior-year half. The prior-year other-income figure included Rs 89 lakh described as liaisoning commission, including unbilled revenue of Rs 60 lakh from Trumark, whereas the latest period’s reported other income was substantially lower.

Which costs changed in Jhandewalas Foods’ latest half year?

Jhandewalas Foods reduced cost of materials consumed to Rs 46.95 crore for the half year ended 30 September 2026 from Rs 67.66 crore a year earlier. This Rs 20.71 crore decrease was the largest cost movement in the statement, but it did not offset the Rs 24.40 crore decline in revenue from operations.

Finance cost increased to Rs 2.16 crore from Rs 53.40 lakh, while other expenses rose to Rs 2.74 crore from Rs 1.45 crore. Employee-benefit expense increased to Rs 1.60 crore from Rs 1.26 crore, whereas depreciation and amortisation decreased slightly to Rs 31.13 lakh from Rs 32.06 lakh.

The inventory-change expense was Rs 1.78 crore for the September 2026 half year, compared with Rs 1.95 crore in the corresponding prior-year period. Closing raw-material inventory was Rs 11.80 crore at 30 September 2026, compared with Rs 5.46 crore at 30 September 2025, while finished-goods inventory was Rs 2.33 crore against Rs 3.48 crore.

What does Jhandewalas Foods’ balance sheet show?

Jhandewalas Foods reported total assets of Rs 59.48 crore at 30 September 2026, down from Rs 66.26 crore at 31 March 2026 but above Rs 45.14 crore at 30 September 2025. Current assets were Rs 46.64 crore at the latest reporting date, including Rs 26.14 crore of trade receivables and Rs 14.92 crore of inventory.

Trade receivables rose from Rs 16.20 crore at 31 March 2026 to Rs 26.14 crore at 30 September 2026. The receivables note reports Rs 29.88 crore of unsecured receivables considered doubtful, offset by an expected credit-loss allowance of Rs 3.73 crore, alongside Rs 26.04 crore of unsecured receivables considered good.

Total equity was Rs 39.04 crore at 30 September 2026, compared with Rs 43.97 crore at 31 March 2026 and Rs 31.13 crore a year earlier. Current liabilities declined to Rs 18.62 crore from Rs 20.00 crore at 31 March 2026, while trade payables were Rs 9.70 crore and cash and cash equivalents were Rs 1.17 crore at the half-year date.

What review matters did the auditor identify for Jhandewalas Foods?

The limited-review report says Jhandewalas Foods underwent Corporate Insolvency Resolution Process, or CIRP, proceedings during the period under review. Creditors submitted disputed claims of Rs 13.15 crore, and the Interim Resolution Professional, or IRP, admitted Rs 7.47 crore after considering and verifying the claims.

The largest admitted claims listed were Rs 3.08 crore for Param Dairy Limited, Rs 2.61 crore for Amarnath Milk Foods Pvt. Ltd. and Rs 1.76 crore for Shiv Health Foods LLP. The report says a director subsequently furnished an undertaking to repay the respective admitted amounts, while differences between admitted sums and book balances will be adjusted after payments and receipt of no-objection certificates.

The reviewer also said balances of loans, debtors, advances and current liabilities remained subject to confirmation and reconciliation at 30 September 2026. Management said its income-tax portal remained inaccessible because of restrictions arising during IRP proceedings, and tax-audit submission for the relevant financial year was pending, preventing independent verification of tax returns, statutory compliance, demands and tax liabilities.

Conclusion

Jhandewalas Foods’ September 2026 half-year result combined a 33% decline in operating revenue, a sharp fall in other income and a Rs 4.99 crore exceptional item, resulting in a Rs 4.93 crore loss after tax. Although materials consumption fell by Rs 20.71 crore, finance costs and other expenses increased, while total income fell below total expenses.

Next, investors can watch progress on repayment of the Rs 7.47 crore of CIRP creditor claims admitted by the IRP, as well as confirmation and reconciliation of balance-sheet items. The limited-review report also leaves the status of income-tax compliance unresolved because portal access and the tax-audit filing were pending, while the report says evidence of transfer of Rs 5.62 lakh of unspent corporate social responsibility amount had not been provided.