Mahendra Realtors H1 profit rises 18% as revenue grows 19%

Mahendra Realtors & Infrastructure Limited reported profit of Rs 2.9822 crore for the half year ended September 30, 2026, up 18.19% from Rs 2.5232 crore a year earlier, as revenue from operations rose 18.71% to Rs 47.7385 crore. Contracting and material expenses increased 32.78%, faster than operating revenue.

How did Mahendra Realtors perform in the half year ended September 2026?

Mahendra Realtors reported higher revenue, total income and profit for the half year ended September 30, 2026. Revenue from operations reached Rs 47.7385 crore, compared with Rs 40.2166 crore in the half year ended September 30, 2025. Total income, including other income, rose to Rs 51.9487 crore from Rs 42.7779 crore.

Profit before tax increased to Rs 4.0641 crore from Rs 3.3954 crore, a rise of 19.70%, while profit for the period increased by Rs 45.90 lakh to Rs 2.9822 crore. Basic and diluted earnings per equity share were Rs 1.35, compared with Rs 1.14 in the corresponding prior-year period. The board approved the unaudited standalone results on November 5, 2026.

What drove Mahendra Realtors’ increase in total income?

Mahendra Realtors’ higher operating revenue and other income drove the increase in total income during the September 2026 half year. Revenue from operations added Rs 7.5219 crore year on year, while other income rose to Rs 4.2102 crore from Rs 2.5613 crore, an increase of Rs 1.6489 crore. Together, those changes lifted total income by Rs 9.1708 crore.

Mahendra Realtors operates in one reportable segment, Civil Engineering and Construction Services, so the filing does not separate the Rs 47.7385 crore of operating revenue by business line. For the year ended March 31, 2026, it reported revenue from operations of Rs 135.8631 crore and profit for the year of Rs 17.7461 crore. Those annual results are not directly comparable with the six-month periods.

Profit before tax as a share of total income, calculated from the reported figures, was about 7.82% for the half year ended September 30, 2026, compared with about 7.94% a year earlier. Total expenses rose 21.59%, marginally faster than the 21.44% increase in total income, which explains the movement in this calculated measure.

Which Mahendra Realtors costs rose faster than revenue?

Contracting and material expenses rose faster than Mahendra Realtors’ operating revenue in the half year ended September 30, 2026. The cost line increased 32.78% to Rs 35.7944 crore from Rs 26.9577 crore, compared with 18.71% growth in revenue from operations. It was the company’s largest expense in both half-year periods.

Employee benefits expense moved in the opposite direction, declining 5.45% to Rs 8.6587 crore from Rs 9.1576 crore. Other expenses fell to Rs 2.4586 crore from Rs 2.6462 crore. Finance cost increased 41.20% to Rs 72.52 lakh from Rs 51.36 lakh, while depreciation and amortisation expense rose to Rs 24.77 lakh from Rs 10.74 lakh.

What changed in Mahendra Realtors’ cash flow and working capital?

Mahendra Realtors used Rs 7.3588 crore in operating activities during the half year ended September 30, 2026. This compares with net cash generated from operating activities of Rs 9.3596 crore in the year ended March 31, 2026, although the two reporting periods are of different lengths. The half-year cash-flow statement showed cash generated from operations of negative Rs 6.1139 crore before income-tax payments of Rs 1.2449 crore.

The filing records a Rs 13.4726 crore increase in current assets and a Rs 22.2080 crore reduction from current liabilities in the working-capital changes presented in the cash-flow statement. Operating profit before working-capital changes was Rs 2.6215 crore, after the statement deducted Rs 3.3945 crore of interest income as non-operating income.

Cash and cash equivalents declined to Rs 45.28 lakh at September 30, 2026, from Rs 11.7167 crore at the beginning of the period. Investing activities used Rs 7.9855 crore, including Rs 10.6862 crore invested in fixed deposits, while financing activities generated Rs 4.0804 crore. Financing cash flow included a Rs 2.9171 crore increase in short-term borrowings.

What does Mahendra Realtors’ September 2026 balance sheet show?

Mahendra Realtors’ total assets were Rs 168.2698 crore at September 30, 2026, down from Rs 182.6556 crore at March 31, 2026. Other non-current assets increased to Rs 88.6074 crore from Rs 51.8041 crore, while trade receivables declined to Rs 25.0005 crore from Rs 42.0990 crore during the six-month interval.

Inventories rose to Rs 18.2280 crore from Rs 12.9551 crore, while bank balances other than cash and cash equivalents fell to Rs 15.9592 crore from Rs 42.0763 crore. Short-term borrowings increased to Rs 16.6283 crore from Rs 13.7111 crore, and total current liabilities decreased to Rs 30.0602 crore from Rs 49.3168 crore.

Shareholders’ funds increased to Rs 127.0205 crore at September 30, 2026, from Rs 124.0382 crore at March 31, 2026. Share capital remained Rs 22.1039 crore, while reserves and surplus increased by Rs 2.9823 crore to Rs 104.9166 crore. The increase in reserves was close to the Rs 2.9822 crore profit reported for the half year.

Conclusion

Mahendra Realtors increased profit for the half year ended September 30, 2026 by 18.19% as operating revenue rose 18.71% and other income increased by Rs 1.6489 crore. Contracting and material expenses grew 32.78%, however, while the company used Rs 7.3588 crore in operating activities during the period.

The next disclosed scheduled event is February 16, 2028, when 112,800 employee stock options granted on August 18, 2026 are due to vest. Mahendra Realtors recognised Rs 4.38043 lakh of employee compensation expense for these options in the half year ended September 30, 2026, with the options carrying a stated fair value of Rs 52 each.