Laxmi Goldorna posts Q2 loss as revenue more than doubles

Laxmi Goldorna House Limited reported a Rs 1.07 crore net loss for the quarter ended 30 September 2026, against a Rs 3.76 crore profit a year earlier, although revenue from operations rose 102% year-on-year to Rs 50.29 crore. Purchase and project costs exceeded the revenue increase, while finance costs and a Rs 10.05 lakh exceptional loss also affected the result.

Why did Laxmi Goldorna report a Q2 loss?

Laxmi Goldorna reported a Q2 loss because total expenses of Rs 51.11 crore exceeded total income of Rs 50.30 crore before exceptional items and tax. Loss before exceptional items and tax was Rs 80.77 lakh, compared with a profit of Rs 1.53 crore in the quarter ended 30 September 2025.

Cost of materials consumed, purchases and project costs rose to Rs 50.63 crore from Rs 17.63 crore a year earlier, an increase of Rs 33 crore. That exceeded the Rs 25.44 crore increase in revenue from operations. The inventory movement provided an offset of Rs 3.41 crore, compared with Rs 1.46 crore in the previous-year quarter, but total expenses still increased to Rs 51.11 crore from Rs 20.35 crore.

Finance costs were Rs 2.54 crore in the September 2026 quarter, compared with Rs 2.95 crore a year earlier and Rs 2.82 crore in the June 2026 quarter. Laxmi Goldorna also recorded a Rs 10.05 lakh exceptional loss on sale of shares, compared with an Rs 8.48 lakh exceptional gain in the September 2025 quarter. Basic and diluted loss per share were Rs 0.21, against earnings per share of Rs 0.75 a year earlier.

How did Laxmi Goldorna's Q2 revenue change across segments?

Laxmi Goldorna's Gold & Jewellery segment drove the revenue increase, while Real Estate revenue declined from the previous-year quarter. Gold & Jewellery revenue rose to Rs 46.38 crore from Rs 19.16 crore, while Real Estate revenue fell to Rs 3.91 crore from Rs 5.70 crore.

Gold & Jewellery recorded a segment loss of Rs 90.66 lakh before interest, exceptional items and tax, compared with a Rs 1.40 crore segment profit a year earlier. Real Estate remained profitable at Rs 2.64 crore, but this was below Rs 6.08 crore in the September 2025 quarter. The filing therefore shows revenue growth concentrated in Gold & Jewellery while both reported segment-result comparisons declined.

On a sequential basis, Gold & Jewellery revenue increased from Rs 33.73 crore in the June 2026 quarter to Rs 46.38 crore in the September quarter. Real Estate revenue increased from Rs 3.71 crore to Rs 3.91 crore over the same period. Yet Gold & Jewellery's segment result changed from a Rs 2.20 crore profit in June to a Rs 90.66 lakh loss, while Real Estate segment profit rose from Rs 2.28 crore to Rs 2.64 crore.

What changed in Laxmi Goldorna's first-half results?

Laxmi Goldorna remained marginally profitable for the half year ended 30 September 2026, reporting profit of Rs 10.02 lakh, down from Rs 5.97 crore in the corresponding prior-year half. Revenue from operations increased to Rs 87.73 crore from Rs 53.50 crore, while total expenses rose to Rs 86.90 crore from Rs 46.09 crore.

Purchase and project costs for the six months were Rs 86.28 crore, compared with Rs 40.37 crore in the prior-year half. The first-half inventory movement was an offset of Rs 8.04 crore, versus Rs 1.51 crore a year earlier. Finance costs increased to Rs 5.36 crore from Rs 5.18 crore, while Laxmi Goldorna reported a Rs 26.16 lakh exceptional loss on sale of shares against an Rs 6.27 lakh exceptional gain in the previous corresponding half.

The Rs 1.07 crore loss in the September quarter followed a Rs 1.17 crore profit in the June 2026 quarter. This produced first-half profit before tax of Rs 58.75 lakh, down from Rs 7.52 crore in the prior-year half. Total comprehensive income for the six months was a Rs 10.71 crore loss after a Rs 10.81 crore other comprehensive loss from remeasurement gains or losses on quoted investments.

How did Laxmi Goldorna's balance sheet and cash flow move?

Laxmi Goldorna's total assets were Rs 186.35 crore at 30 September 2026, down from Rs 196.97 crore at 31 March 2026, while total equity declined to Rs 59.95 crore from Rs 70.66 crore. The Rs 10.71 crore reduction in equity matched the first-half total comprehensive loss reported for the period.

Inventories increased by Rs 8.01 crore from 31 March, while trade receivables declined to Rs 17.94 crore from Rs 20 crore. Non-current borrowings decreased by Rs 10.86 crore, but current borrowings increased by Rs 21.43 crore. Total liabilities were Rs 126.40 crore at 30 September 2026, compared with Rs 126.31 crore at the financial year-end.

Laxmi Goldorna used Rs 4 crore in operating activities during the six months, compared with Rs 5.99 crore used in the year-earlier period. Financing activities generated Rs 5.21 crore, versus Rs 10.55 crore a year earlier, as Rs 21.43 crore of net current borrowing proceeds partly offset Rs 10.86 crore of non-current borrowing repayment and Rs 5.36 crore of finance costs paid. Closing cash and cash equivalents were Rs 1.30 crore, compared with Rs 19.86 lakh at the start of the half year.

Conclusion

Laxmi Goldorna's September-quarter revenue growth did not translate into profit because purchase and project costs reached Rs 50.63 crore, total expenses rose to Rs 51.11 crore and the company recorded a Rs 10.05 lakh exceptional loss. Gold & Jewellery supplied Rs 46.38 crore of quarterly revenue but posted a Rs 90.66 lakh segment loss, while Real Estate delivered Rs 2.64 crore of segment profit on Rs 3.91 crore of revenue.

What to watch next is whether Gold & Jewellery can restore a positive segment result after its shift from a Rs 2.20 crore June-quarter profit to a Rs 90.66 lakh September-quarter loss, and how Laxmi Goldorna funds working capital. At 30 September 2026, inventories stood at Rs 145.25 crore and current borrowings had increased to Rs 40.47 crore from Rs 19.04 crore at 31 March 2026.