Machino Plastics Q2 profit rises 74% as H1 earnings fall

Machino Plastics Limited reported profit of Rs 94.71 lakh for the quarter ended 30 September 2026, up 74% year on year as revenue from operations rose 34% to Rs 147.20 crore. Machino Plastics nevertheless reported a 36% decline in first-half profit to Rs 1.63 crore despite half-year revenue increasing 26%.

How did Machino Plastics perform in the September 2026 quarter?

Machino Plastics increased profit for the period to Rs 94.71 lakh in the quarter ended 30 September 2026 from Rs 54.53 lakh a year earlier. Revenue from operations rose to Rs 147.20 crore from Rs 109.67 crore, while total income, including Rs 5.56 lakh of other income, reached Rs 147.26 crore against Rs 109.69 crore.

Profit before tax increased to Rs 1.43 crore from Rs 44.81 lakh, while total expenses rose to Rs 145.83 crore from Rs 109.25 crore. The latest quarter also improved sequentially from the quarter ended 30 June 2026, when revenue from operations was Rs 133.32 crore, profit before tax was Rs 1.11 crore and profit for the period was Rs 58.45 lakh.

Tax expense was Rs 47.81 lakh in the September 2026 quarter, compared with a tax credit of Rs 9.82 lakh in the corresponding quarter of 2025. Basic and diluted earnings per share, or EPS, were both Rs 1.54, compared with Rs 0.89 a year earlier, while paid-up equity share capital remained Rs 6.14 crore.

Why did Machino Plastics' first-half profit decline despite higher revenue?

Machino Plastics reported first-half profit of Rs 1.63 crore for the half year ended 30 September 2026, down from Rs 2.55 crore in the prior-year half. Revenue from operations increased to Rs 280.52 crore from Rs 222.94 crore, but profit before tax declined to Rs 2.53 crore from Rs 4.01 crore.

The disclosed cost lines rose across several categories. Material consumed increased to Rs 157.87 crore from Rs 126.03 crore, employee-benefit expense rose to Rs 41.90 crore from Rs 31.52 crore, and other expenses increased to Rs 56.32 crore from Rs 48.92 crore. Total expenses were Rs 278.13 crore, compared with Rs 218.97 crore in the earlier half.

Finance costs more than doubled to Rs 13.27 crore from Rs 6.39 crore, while depreciation and amortisation rose to Rs 10.82 crore from Rs 4.97 crore. Total tax expense declined to Rs 90.12 lakh from Rs 1.46 crore, but the lower tax charge did not offset the reduction in pre-tax profit; first-half basic EPS was Rs 2.66 against Rs 4.15.

Which Machino Plastics segments generated September-quarter revenue?

Machino Plastics' plastic injection moulding parts segment generated Rs 132.02 crore of revenue in the September 2026 quarter, making it the larger of the two reported businesses. Moulds and dies generated Rs 15.18 crore, and the two segments together accounted for total revenue from operations of Rs 147.20 crore.

Plastic injection moulding parts revenue rose from Rs 98.75 crore in the September 2025 quarter, while moulds and dies revenue increased from Rs 10.91 crore. Segment profit before finance costs, exceptional items, unallocable expenditure or income and tax was Rs 11.68 crore for plastic injection moulding parts and Rs 37.23 lakh for moulds and dies, versus Rs 3.52 crore and Rs 18 lakh, respectively.

For the half year ended 30 September 2026, plastic injection moulding parts revenue rose to Rs 258.81 crore from Rs 190.75 crore. Moulds and dies revenue, however, declined to Rs 21.78 crore from Rs 32.18 crore, meaning the increase in half-year revenue came from the plastic injection moulding parts segment.

What changed in Machino Plastics' balance sheet?

Machino Plastics' total assets were Rs 571.15 crore at 30 September 2026, compared with Rs 556.00 crore at 31 March 2026. Property, plant and equipment increased to Rs 372.06 crore from Rs 358.82 crore, while cash and cash equivalents increased to Rs 5.51 crore from Rs 25.40 lakh.

Total equity increased to Rs 138.47 crore from Rs 136.84 crore over the same period. Other equity rose to Rs 132.33 crore from Rs 130.70 crore, while equity share capital was unchanged at Rs 6.14 crore.

Total liabilities increased to Rs 432.68 crore from Rs 419.16 crore. Non-current borrowings rose to Rs 169.08 crore from Rs 149.19 crore and current borrowings increased to Rs 106.39 crore from Rs 94.92 crore, while trade payables fell to Rs 67.30 crore from Rs 79.00 crore.

How did Machino Plastics' half-year cash flow move?

Machino Plastics generated net cash from operating activities of Rs 10.04 crore in the half year ended 30 September 2026, compared with Rs 10.63 crore in the prior-year half. Cash generated from operations was Rs 10.63 crore before income tax paid of Rs 58.45 lakh, versus Rs 11.66 crore before prior-year tax paid of Rs 1.03 crore.

Investing activities used Rs 21.82 crore, compared with Rs 44.84 crore used a year earlier. Additions to property, plant and equipment and intangible assets, including net movement in capital work in progress, were Rs 22.36 crore, lower than Rs 42.99 crore in the comparative half.

Financing activities generated Rs 17.05 crore, compared with Rs 30.09 crore in the previous year, after Rs 13.12 crore of interest and finance charges paid. Long-term borrowing proceeds were Rs 38.23 crore and repayments were Rs 13.19 crore, contributing to a Rs 5.26 crore increase in cash and cash equivalents during the half year.

What corporate actions accompanied Machino Plastics' results?

Machino Plastics' board approved the unaudited financial results on 3 November 2026 and approved the appointment of Sundaram Balasubramanian as an additional non-executive independent director. The proposed five-year term runs from 3 November 2026 to 2 November 2031, subject to shareholder approval.

The board also approved the constitution or reconstitution of the audit, nomination and remuneration, stakeholders relationship, and borrowing committees. It appointed Ask CA & Co., Chartered Accountants, as internal auditor for one year, based on the audit committee's recommendation.

Machino Plastics said it would dispatch a postal-ballot notice to eligible shareholders to seek approval for Sundaram Balasubramanian's appointment. The board meeting began at 10:00 a.m. and concluded at 11:30 a.m. on 3 November 2026.

Conclusion

Machino Plastics delivered a substantially higher September-quarter profit, supported by a Rs 37.53 crore year-on-year increase in revenue and higher segment profit in plastic injection moulding parts. The half-year result was different: revenue increased by Rs 57.59 crore, but profit declined by Rs 91.51 lakh as material, employee, finance and depreciation costs increased.

The next disclosed event is the postal ballot seeking shareholder approval for Sundaram Balasubramanian's five-year independent-director term. The next results will show whether the September-quarter revenue increase, including Rs 132.02 crore from plastic injection moulding parts, continues alongside the higher first-half finance cost of Rs 13.27 crore.