Laxmi Goldorna House jewellery unit posts Rs 90.66 lakh loss

Laxmi Goldorna House Limited’s Gold & Jewellery segment recorded a Rs 90.66 lakh loss before interest, exceptional items and tax in the quarter ended September 30, 2026, despite revenue of Rs 46.3809 crore, while Real Estate reported a Rs 2.643 crore segment profit on the same basis.

Why did Laxmi Goldorna House’s Gold & Jewellery unit report a loss?

Laxmi Goldorna House’s Gold & Jewellery segment reported a Rs 90.66 lakh loss before interest, exceptional items and tax for the September 2026 quarter. This compares with a Rs 2.1978 crore profit in the quarter ended June 30, 2026 and a Rs 1.4029 crore profit in the quarter ended September 30, 2025. The filing does not provide a separate expense bridge or management explanation for the quarterly reversal.

The loss came as Gold & Jewellery revenue rose to Rs 46.3809 crore, from Rs 33.7266 crore in the preceding quarter and Rs 19.1591 crore a year earlier. For the half year ended September 30, 2026, segment revenue increased to Rs 80.1075 crore from Rs 46.4248 crore in the corresponding prior-year period, but segment profit fell to Rs 1.2911 crore from Rs 5.2494 crore.

Gold & Jewellery recognises revenue when ownership transfers to customers, which coincides with delivery of goods. The reported September-quarter outcome therefore shows that higher delivery-linked revenue did not translate into a positive segment result under the company’s disclosed measure before interest, exceptional items and tax.

How did Real Estate support Laxmi Goldorna House’s result?

Laxmi Goldorna House’s Real Estate segment generated Rs 2.643 crore of profit before interest, exceptional items and tax in the September 2026 quarter. That result offset the Rs 90.66 lakh Gold & Jewellery loss, although Real Estate profit was below Rs 6.0783 crore in the September 2025 quarter and above Rs 2.2784 crore in the June 2026 quarter.

Real Estate revenue was Rs 3.9107 crore in the latest quarter, compared with Rs 3.7137 crore in June 2026 and Rs 5.695 crore a year earlier. In the half year ended September 30, 2026, revenue increased to Rs 7.6243 crore from Rs 7.0736 crore, while the segment result declined to Rs 4.9217 crore from Rs 7.3838 crore in the corresponding 2025 period.

The Real Estate segment comprises Laxmi Etemia, Laxmi Courtyard, Laxmi Aashiyana, The Universe and Laxmi 101. Laxmi Goldorna House uses the completion method in this business, recognising revenue on execution of a sale deed when ownership, title, risk and possession transfer to the buyer. This differs from the delivery-based recognition mechanism used for Gold & Jewellery.

Why was Gold & Jewellery capital employed negative?

Laxmi Goldorna House’s Gold & Jewellery capital employed was negative Rs 20.6774 crore at September 30, 2026 because segment liabilities of Rs 51.6951 crore exceeded segment assets of Rs 31.0177 crore. The company defines capital employed in its segment statement as segment assets less segment liabilities, making the negative figure an arithmetic result of the disclosed asset and liability balances.

The segment’s capital employed was negative Rs 11.36 crore at June 30, 2026, compared with positive Rs 44.8296 crore at September 30, 2025 and Rs 26.4843 crore at March 31, 2026. Over the year, Gold & Jewellery assets declined from Rs 66.5331 crore to Rs 31.0177 crore, while liabilities increased from Rs 21.7035 crore to Rs 51.6951 crore.

Real Estate capital employed remained positive at Rs 80.6282 crore at September 30, 2026, based on assets of Rs 155.3309 crore and liabilities of Rs 74.7026 crore. It was Rs 80.97 crore at June 30, 2026, compared with Rs 30.1182 crore a year earlier. Total capital employed was Rs 59.9508 crore at September 30, 2026, against Rs 69.61 crore at June 30, 2026.

What do Laxmi Goldorna House’s half-year statements show?

Laxmi Goldorna House reported profit before tax of Rs 58.75 lakh for the half year ended September 30, 2026, down from Rs 7.5176 crore in the corresponding 2025 period. Profit after tax was Rs 10.02 lakh, compared with Rs 5.9676 crore a year earlier, while finance costs increased to Rs 5.3638 crore from Rs 5.1782 crore.

Cash used in operating activities was Rs 4.0037 crore in the 2026 half year, compared with Rs 5.9917 crore used a year earlier. The cash-flow statement recorded an Rs 8.0413 crore increase in inventories, an Rs 8.7203 crore decrease in trade receivables and an Rs 8.9045 crore decrease in trade payables.

Net cash from financing activities was Rs 5.2088 crore, including Rs 21.4296 crore of net proceeds from current borrowings and Rs 10.857 crore of net repayment of non-current borrowings. At September 30, 2026, total assets were Rs 186.3486 crore, total liabilities were Rs 126.3977 crore and total equity was Rs 59.9508 crore, versus equity of Rs 70.6645 crore at March 31, 2026.

The board approved the unaudited standalone results on November 6, 2026. The statutory auditor, J. S. Shah & Co., issued an unmodified limited-review report on the results for the quarter and half year ended September 30, 2026.

Conclusion

Laxmi Goldorna House’s segment data show a divergence in the September 2026 quarter: Gold & Jewellery revenue increased to Rs 46.3809 crore but the unit recorded a Rs 90.66 lakh segment loss, while Real Estate generated Rs 2.643 crore of segment profit. The contrast also extends to capital employed, with Gold & Jewellery at negative Rs 20.6774 crore and Real Estate at positive Rs 80.6282 crore.

The filing leaves the Gold & Jewellery loss without a separate cost explanation, making subsequent disclosure on the segment’s expenses, assets and liabilities the key unresolved matter to watch. Real Estate revenue recognition will also remain linked to sale deeds across Laxmi Etemia, Laxmi Courtyard, Laxmi Aashiyana, The Universe and Laxmi 101, under the completion method disclosed for the business.