Manas Polymers revenue more than doubles to Rs 43.38 crore

Manas Polymers and Energies Limited reported revenue from operations of Rs 43.38 crore for the half year ended September 30, 2026, compared with Rs 21.50 crore a year earlier, while net profit rose to Rs 6.02 crore from Rs 4.44 crore. Manas Polymers’ board approved the unaudited standalone results on November 12, 2026.

How did Manas Polymers perform in the first half of FY2027?

Manas Polymers more than doubled revenue from operations to Rs 43.38 crore in the half year ended September 30, 2026, from Rs 21.50 crore in the corresponding half year ended September 30, 2025. The increase was Rs 21.88 crore, and the latest revenue was also above Rs 30.50 crore reported for the half year ended March 31, 2026.

Total income was Rs 43.93 crore in the September 2026 half, against Rs 22.01 crore a year earlier and Rs 32.87 crore in the March 2026 half. Other income contributed Rs 55.84 lakh in the latest period, compared with Rs 51.31 lakh in the September 2025 half and Rs 1.57 crore in the immediately preceding half.

Total expenses rose to Rs 34.96 crore from Rs 16.20 crore in the September 2025 half and Rs 27.72 crore in the March 2026 half. The cash-flow statement records profit before tax of Rs 8.98 crore for the period ended September 30, 2026, while the income statement reports net profit of Rs 6.02 crore after a tax expense of Rs 2.96 crore.

How did Manas Polymers’ profit and costs change from the previous half-year?

Manas Polymers’ net profit increased to Rs 6.02 crore in the September 2026 half from Rs 4.08 crore in the March 2026 half and Rs 4.44 crore a year earlier. The Rs 1.94 crore increase from the March 2026 half followed a Rs 11.06 crore increase in total income over the same comparison.

The latest half also carried higher finance costs and depreciation. Finance costs were Rs 1.16 crore for the half year ended September 30, 2026, compared with Rs 53.54 lakh for the half year ended March 31, 2026, while depreciation and amortisation expense increased to Rs 2.00 crore from Rs 1.65 crore.

Tax expense was Rs 2.96 crore in the September 2026 half, compared with Rs 1.07 crore in the March 2026 half and Rs 1.37 crore in the September 2025 half. The financial-results statement lists current tax of Rs 1.25 crore for the latest half, alongside a deferred-tax component within the reported tax expense.

What businesses does Manas Polymers operate?

Manas Polymers states that it operates in two segments, polymer and power. The September 2026 half-year filing does not provide separate revenue, profit, asset or expense figures for either segment, so its Rs 43.38 crore of operating revenue cannot be apportioned between polymer and power using this disclosure.

The company’s statement on the utilisation of Initial Public Offer, or IPO, proceeds identifies solar capital expenditure and polymer capital expenditure as funding objects. It lists an original allocation of Rs 13.50 crore for solar capital expenditure and Rs 3.51 crore for polymer capital expenditure.

The IPO proceeds statement reports Rs 23.52 crore raised between September 26, 2025 and September 30, 2025. It also lists Rs 2.99 crore for issue expenses and Rs 3.52 crore for general corporate purposes, taking the disclosed allocations to the amount raised.

How were Manas Polymers’ IPO proceeds used?

Manas Polymers reported no deviation or variation in the use of IPO proceeds for the half year ended September 30, 2026. The filing says Rs 2.99 crore of issue-expense allocation, Rs 3.51 crore of polymer-capital-expenditure allocation and Rs 3.52 crore of general-corporate-purpose allocation had been utilised.

For solar capital expenditure, the utilisation table records Rs 50 lakh used against the original allocation of Rs 13.50 crore. That row displays a dash in the unutilised-fund column, and the filing does not explain this presentation or provide a project completion date.

The source does not name a monitoring agency, listing it as not applicable. It also provides no management forecast for solar or polymer project output, revenue, commissioning or returns, limiting the filing’s disclosure to allocations and the stated absence of deviation.

What do Manas Polymers’ balance sheet and cash flows show?

Manas Polymers reported total assets of Rs 104.19 crore as of September 30, 2026, compared with Rs 65.62 crore as of March 31, 2026. Non-current assets rose to Rs 48.09 crore from Rs 31.36 crore, while current assets increased to Rs 56.10 crore from Rs 34.26 crore.

Capital work in progress increased to Rs 30.91 crore at September 30, 2026 from Rs 13.05 crore at March 31, 2026. Inventories rose to Rs 20.48 crore from Rs 10.38 crore, and short-term loans and advances increased to Rs 24.96 crore from Rs 10.73 crore; trade receivables moved in the other direction, declining to Rs 6.09 crore from Rs 8.59 crore.

Long-term borrowings were Rs 13.45 crore at September 30, 2026, compared with Rs 5.61 crore at March 31, 2026, while short-term borrowings declined to Rs 8.89 crore from Rs 14.62 crore. Cash and cash equivalents rose to Rs 30.50 lakh from Rs 17.76 lakh over the same period.

The cash-flow statement, labelled for the year ended September 30, 2026, reports an operating cash outflow of Rs 6.98 crore and investing cash outflow of Rs 18.59 crore. It reports Rs 18.74 crore spent on property, plant and equipment and financing cash inflow of Rs 25.70 crore, including Rs 24.88 crore of proceeds from equity shares including securities premium.

Conclusion

Manas Polymers’ half-year filing shows that operating revenue increased by Rs 21.88 crore year on year to Rs 43.38 crore and net profit increased by Rs 1.58 crore to Rs 6.02 crore. The period also brought higher expenses, finance costs, capital work in progress, inventories and short-term loans and advances, while trade receivables and short-term borrowings declined.

The next disclosure to watch is further reporting on the IPO-funded solar capital expenditure plan, for which Rs 13.50 crore was originally allocated. The company reported Rs 50 lakh of solar-capital-expenditure utilisation and no deviation in fund use as of September 30, 2026, but did not disclose a completion schedule or explain the dash shown for unutilised funds in that row.