Keto Motors reports Rs 59.14 lakh first-half profit in 2026

Keto Motors Limited reported net profit of Rs 59.14 lakh for the six months ended September 30, 2026, on revenue from operations of Rs 13.0082 crore, compared with a reported Rs 13.67 lakh loss a year earlier. Keto Motors said the earlier period covers the pre-restructuring, pre-merger entity and is not comparable.

What did Keto Motors report for the first half?

Keto Motors reported total income of Rs 13.0286 crore and profit before tax of Rs 59.86 lakh for the six months ended September 30, 2026. Revenue from operations contributed Rs 13.0082 crore, while other income was Rs 2 lakh. A deferred-tax charge of Rs 72,000 left net profit and total comprehensive income at Rs 59.14 lakh.

The corresponding six months ended September 30, 2025 recorded a Rs 13.67 lakh net loss, against the Rs 59.14 lakh profit in the current half-year. Keto Motors expressly said this is not a like-for-like comparison because the earlier financial information represents the entity before the merger and restructuring. The filing therefore supports reporting the change in outcome, but not calculating an underlying growth rate from it.

Total expenses in the six months were Rs 12.43 crore, compared with total income of Rs 13.0286 crore. Materials consumed were the largest identified expense at Rs 8.4508 crore, followed by other expenses of Rs 1.2357 crore and employee-benefit expense of Rs 1.0521 crore. Depreciation and amortisation were Rs 37.61 lakh, while finance cost was Rs 89,000.

How did Keto Motors perform in the September quarter?

Keto Motors reported revenue from operations of Rs 6.6667 crore and net profit of Rs 15.60 lakh for the quarter ended September 30, 2026. In the preceding quarter ended June 30, 2026, revenue was Rs 6.3414 crore and net profit was Rs 43.53 lakh. Revenue therefore increased by Rs 32.53 lakh quarter on quarter, while reported net profit decreased by Rs 27.93 lakh.

Total income rose to Rs 6.6871 crore in the September quarter from Rs 6.3414 crore in the June quarter. The September figure included Rs 2.04 lakh of other income, whereas the June-quarter statement showed no other income. Total expenses rose faster, to Rs 6.5239 crore from Rs 5.9061 crore, reducing profit before tax to Rs 16.32 lakh from Rs 43.53 lakh.

Materials consumed rose to Rs 4.482 crore in the September quarter from Rs 3.9688 crore in the June quarter. Employee-benefit expense increased to Rs 61.46 lakh from Rs 43.75 lakh, and other expenses rose to Rs 1.1982 crore from Rs 37 lakh. Depreciation and amortisation declined to Rs 12.81 lakh from Rs 24.80 lakh, but that decrease did not offset the broader increase in costs.

Why does Keto Motors say the previous period is not comparable?

Keto Motors said the National Company Law Tribunal, or NCLT, approved its resolution plan on June 12, 2025. The company gave effect to the approved merger in the financial results for the quarter and year ended March 31, 2026, preparing the full-year results on a consolidated basis. It said the reporting entity changed through that implementation.

During the quarter ended March 31, 2026, Keto Motors completed procedural actions including the transfer or allotment of shares, recording ownership changes and other statutory compliances. The company stated that its financial statements for that quarter and year reflected the post-implementation restructured entity. This is the basis for its warning that the current September 2026 results cannot be compared directly with the September 2025 period.

Keto Motors also said it regrouped or reclassified prior-period figures where necessary to match the current presentation. The reported Rs 13.67 lakh loss in the September 2025 half-year therefore remains a disclosed comparator, but it relates to the pre-restructuring entity. The same caveat applies to interpreting the shift from the Rs 17.69 lakh loss reported for the year ended March 31, 2026 to the current half-year profit.

What do Keto Motors’ balance sheet and cash flows show?

Keto Motors reported total assets of Rs 110.8411 crore at September 30, 2026, compared with Rs 107.2373 crore at March 31, 2026. Total equity increased to Rs 59.4045 crore from Rs 58.8131 crore, while total liabilities rose to Rs 51.4367 crore from Rs 48.4242 crore. Equity share capital was unchanged at Rs 70.4345 crore on both dates.

Working-capital balances changed materially over the six months. Trade receivables increased to Rs 21.947 crore at September 30 from Rs 5.1402 crore at March 31, while inventories declined to Rs 1.035 crore from Rs 10.742 crore. Other current assets fell to Rs 32.7588 crore from Rs 38.1472 crore, and current liabilities increased to Rs 29.5628 crore from Rs 10.3025 crore.

Net cash from operating activities was Rs 18.9785 crore for the six months ended September 30, 2026. The cash-flow statement recorded a Rs 16.8068 crore increase in trade receivables, a Rs 9.7071 crore reduction in inventories and a Rs 26.0628 crore increase in other current liabilities and other financial liabilities. Net repayment of borrowings was Rs 16.2027 crore, while cash and cash equivalents ended the period at Rs 56.63 lakh, up from Rs 43.26 lakh at March 31.

How were Keto Motors’ results reviewed and segmented?

Keto Motors prepared its September 2026 results under Indian Accounting Standard 34, or Ind AS 34, Interim Financial Reporting, and Regulation 33 of the Securities and Exchange Board of India listing regulations. Its audit committee reviewed the results and the board approved them on November 13, 2026. The filing describes the results for the six months ended September 30, 2026 as unaudited.

Boppudi & Associates conducted a limited review of the quarter ended September 30, 2026, with its report dated November 13, 2026. The reviewer said nothing had come to its attention to indicate that the statement had not made the required disclosures or contained a material misstatement. The report states that a limited review provides moderate assurance and is not an audit.

Keto Motors identified its managing director and chief executive officer as the chief operating decision maker for segment reporting. Although performance and resource allocation are assessed by vehicle category, the company concluded for the September 2026 period that there were no reportable revenue, geographic or profit-wise segments. The filing consequently provides no vehicle-category revenue or profit breakdown for the Rs 13.0082 crore first-half revenue.

Conclusion

Keto Motors reported a Rs 59.14 lakh first-half profit on Rs 13.0082 crore of revenue, while the September-quarter profit of Rs 15.60 lakh was lower than the June-quarter Rs 43.53 lakh result as expenses rose faster than income. Its balance sheet also showed a large movement from inventories into receivables, with receivables reaching Rs 21.947 crore at September 30, 2026.

The next results will be relevant for the unresolved comparability issue created by the merger and for changes in receivables, inventory and current liabilities after September 30, 2026. Keto Motors disclosed no revenue target or profit forecast in this filing, and its warning that earlier pre-merger figures may not be comparable remains central to assessing future period-on-period changes.