Lord's Mark reports Rs 683.41 crore H1 revenue and profit

Lord's Mark Industries Limited (Lord's Mark) reported consolidated revenue from operations of Rs 683.41 crore and net profit of Rs 50.44 crore for the six months ended September 30, 2026, compared with Rs 12.64 crore of revenue and a Rs 2.14 crore loss a year earlier. The unaudited results were approved by the board on November 14, 2026.

How did Lord's Mark perform in the six months ended September 2026?

Lord's Mark reported a Rs 50.44 crore consolidated net profit for the six months ended September 30, 2026, against a consolidated loss of Rs 2.14 crore in the corresponding six months ended September 30, 2025. Profit before tax was Rs 69.43 crore, compared with a Rs 2.14 crore pre-tax loss, while current tax expense was Rs 18.99 crore.

Revenue from operations rose to Rs 683.41 crore from Rs 12.64 crore, and other income increased to Rs 8.66 crore from Rs 0.73 crore. Total income consequently reached Rs 692.07 crore, compared with Rs 13.37 crore in the corresponding half year. Lord's Mark disclosed that it was amalgamated with Kratos Energy & Infrastructure Limited under an order of the National Company Law Tribunal, Mumbai, and that its financial statements were prepared accordingly.

Lord's Mark reported basic and diluted earnings per share of Rs 1.18 for the six-month period, with the filing stating that the measures were not annualised. Total comprehensive income was also Rs 50.44 crore because the results reported no other comprehensive income for the period.

What drove Lord's Mark's reported profit in the September quarter?

Lord's Mark reported Rs 17.26 crore of net profit in the quarter ended September 30, 2026, compared with a Rs 2.11 crore loss in the quarter ended September 30, 2025. Quarterly revenue from operations was Rs 375.73 crore, versus Rs 12.64 crore in the corresponding quarter, while total income was Rs 379.40 crore against Rs 13.37 crore.

The September 2026 quarter accounted for Rs 375.73 crore of the Rs 683.41 crore revenue reported for the full six-month period. Quarterly profit before tax was Rs 23.96 crore, compared with a Rs 2.11 crore loss, and quarterly tax expense was Rs 6.70 crore. Basic and diluted quarterly earnings per share were Rs 0.40, compared with no corresponding figure reported for the September 2025 quarter.

For the six months, purchase of stock-in-trade was Rs 552.09 crore, compared with Rs 9.95 crore a year earlier. Employee benefits expense increased to Rs 24.69 crore from Rs 0.40 crore, finance cost rose to Rs 13.97 crore from Rs 0.25 crore, and other expenses increased to Rs 26.89 crore from Rs 4.75 crore. Total expenses of Rs 622.63 crore remained below total income of Rs 692.07 crore, resulting in the reported Rs 69.43 crore pre-tax profit.

Why did Lord's Mark report negative operating cash flow?

Lord's Mark recorded net cash outflow from operating activities of Rs 68.29 crore for the six months ended September 30, 2026, despite reporting Rs 69.43 crore of profit before tax. Cash flow before working-capital changes was Rs 91.55 crore, including Rs 4.99 crore of depreciation and Rs 13.97 crore of interest paid on borrowings.

The largest disclosed working-capital movement was a Rs 294.61 crore increase in short-term loans and advances or other current assets. That movement outweighed a Rs 183.92 crore reduction in trade receivables, a Rs 20.99 crore increase in short-term provisions and a Rs 3.39 crore increase in trade payables. Income tax paid or provided was Rs 18.99 crore.

Inventory generated Rs 0.19 crore of cash in the cash-flow statement, consistent with the balance-sheet inventory balance falling to Rs 149.54 crore at September 30, 2026 from Rs 149.74 crore at March 31, 2026. The filing therefore shows that the operating cash outflow arose alongside lower receivables and a substantially higher balance of short-term loans and advances, rather than from an inventory increase.

How did Lord's Mark's balance sheet and borrowing mix change?

Lord's Mark's total assets increased to Rs 1,564.70 crore at September 30, 2026 from Rs 1,443.02 crore at March 31, 2026. Current assets increased to Rs 1,116.37 crore from Rs 1,014.68 crore, while non-current assets rose to Rs 448.33 crore from Rs 428.34 crore.

Trade receivables fell to Rs 429.44 crore at September 30 from Rs 613.35 crore at March 31. Over the same period, short-term loans and advances increased to Rs 402.63 crore from Rs 108.02 crore, while cash and cash equivalents declined to Rs 134.75 crore from Rs 143.57 crore. These movements explain why current assets rose even as receivables and cash declined.

Long-term borrowings increased to Rs 224.24 crore from Rs 145.84 crore, while short-term borrowings declined to Rs 183.62 crore from Rs 238.34 crore. The consolidated cash-flow statement reported Rs 84.46 crore of net cash inflow from financing activities, including Rs 78.40 crore from long-term loans and Rs 16.54 crore from share premium, offset in part by Rs 13.97 crore of interest paid.

Which businesses are included in Lord's Mark's consolidated results?

Lord's Mark stated that four private limited companies were included to consolidate its accounts for the half year ended September 30, 2026. The entities are Lords Mark Tech Next Private Limited, Lords Mark Micro Biotech Private Limited, Lords Green Energy Private Limited and Renalyx Health Systems Private Limited.

The disclosed holdings were 87.89% in Lords Mark Tech Next Private Limited, 98.20% in Lords Mark Micro Biotech Private Limited, 49% in Lords Green Energy Private Limited and 85% in Renalyx Health Systems Private Limited. The balance sheet included non-controlling interest of Rs 2.74 crore at September 30, down from Rs 3.99 crore at March 31.

The independent auditor reviewed the unaudited consolidated results under the Standard on Review Engagements 2410, which provides less assurance than an audit. The auditor stated that subsidiary interim financial information had been reviewed by other auditors and that its conclusion was not modified in respect of that matter.

Conclusion

Lord's Mark's reported six-month results show a move from a Rs 2.14 crore consolidated loss to Rs 50.44 crore profit as revenue from operations increased from Rs 12.64 crore to Rs 683.41 crore. The filing also records lower trade receivables and short-term borrowings, but a Rs 294.61 crore increase in short-term loans and advances or other current assets, which contributed to the Rs 68.29 crore operating cash outflow.

The next disclosure can clarify the movement in short-term loans and advances, which stood at Rs 402.63 crore at September 30, 2026, and the contribution of the four consolidated private-company subsidiaries. Lord's Mark also reported long-term borrowings of Rs 224.24 crore at September 30, up from Rs 145.84 crore at March 31, making the subsequent borrowing and financing movements relevant to watch.