Manas Properties Limited half-year profit falls to Rs 13.89 crore

Manas Properties reported profit of Rs 13.89 crore for the half year ended 30 September 2026, down 27.5% from Rs 19.14 crore a year earlier, despite total expenses falling to Rs 1.95 crore from Rs 2.44 crore. The standalone filing also shows lower profit before tax and lower earnings per share.

Why did Manas Properties' half-year profit decline?

Manas Properties' profit for the period fell by Rs 5.26 crore year on year, from Rs 19.14 crore in the half year ended 30 September 2025 to Rs 13.89 crore in the half year ended 30 September 2026. The company remained profitable in both half-year periods, but the September 2026 result was lower than the corresponding prior-year figure.

The decline occurred alongside a lower profit-before-tax result in the September 2026 half year than in the corresponding September 2025 period. This means the movement in reported profit was present before tax was applied, although the filing does not provide a management explanation for the lower pre-tax result or link it to a particular property project.

Total expenses fell by Rs 49.25 lakh to Rs 1.95 crore for the six months ended 30 September 2026, from Rs 2.44 crore a year earlier. The lower cost total did not offset the decrease in profit before tax, and the filing presents the company as a single segment rather than separating construction, redevelopment and leasing results.

Which expenses changed in the September 2026 half year?

Manas Properties reduced employee-benefit expense and depreciation and amortisation expense in the half year ended 30 September 2026. Employee-benefit expense was Rs 11.58 lakh, compared with Rs 41.16 lakh in the corresponding half year ended 30 September 2025, a decrease of Rs 29.58 lakh.

Depreciation and amortisation expense decreased by Rs 10.56 lakh to Rs 23.45 lakh in the September 2026 half year from Rs 34.01 lakh a year earlier. Other expenses were largely unchanged, at Rs 1.80 crore in both periods, with the underlying disclosed figures moving from Rs 1.80 crore to Rs 1.80 crore.

The statement includes finance cost among its expense headings, but the supplied filing text does not show a legible amount for that item for the half year ended 30 September 2026. The disclosed total-expense figures of Rs 1.95 crore and Rs 2.44 crore are therefore the available basis for comparing Manas Properties' aggregate cost base across the two half years.

What do Manas Properties' tax and earnings-per-share figures show?

Manas Properties' current-tax expense fell to Rs 3.13 crore for the half year ended 30 September 2026 from Rs 4.12 crore in the corresponding 2025 half year. The Rs 98.12 lakh reduction accompanied the lower profit-before-tax result, but did not prevent profit for the period from declining by Rs 5.26 crore.

The company recorded a deferred-tax credit of Rs 11.15 lakh in the September 2026 half year, compared with a deferred-tax charge of Rs 2.13 lakh in the September 2025 half year. The comparative period also included a Minimum Alternate Tax, or MAT, credit of Rs 7.98 lakh, which was separately disclosed from current tax and deferred tax.

Basic earnings per equity share were Rs 33.38 for the half year ended 30 September 2026, down from Rs 46.01 a year earlier. Diluted earnings per share were also Rs 33.38, compared with Rs 46.01 in the corresponding period, so the statement shows no difference between basic and diluted earnings per share in either half year.

What business segments does Manas Properties report?

Manas Properties identifies construction, redevelopment and leasing of properties as one primary business segment. The 30 September 2026 filing consequently does not provide separate revenue, expense or profit figures for construction, redevelopment and leasing activities.

That single-segment disclosure limits what can be inferred from the change in half-year profit from Rs 19.14 crore to Rs 13.89 crore. The filing does not show whether the year-on-year movement arose from a construction project, a redevelopment activity or leasing of properties.

The results are described as unaudited standalone financial results for the half year ended 30 September 2026. The limited-review report refers to Accounting Standard 25, Interim Financial Reporting, while the notes state that the results were prepared under the Companies (Indian Accounting Standard) Rules, 2015 prescribed under Section 133 of the Companies Act, 2013.

How were Manas Properties' September 2026 results reviewed and approved?

Manas Properties' unaudited standalone results for the half year ended 30 September 2026 were reviewed and recommended by its Audit Committee and approved by the board on 13 November 2026. The filing cites Regulation 33 of the Securities and Exchange Board of India, or SEBI, Listing Obligations and Disclosure Requirements Regulations, 2015.

Ashok Shyam & Associates conducted a limited review of the September 2026 results and dated its report 13 November 2026. The auditor said a review consists primarily of inquiries of company personnel and analytical procedures, provides less assurance than an audit, and did not result in an audit opinion.

Based on that limited review, the auditor said nothing had come to its attention to suggest that the statement failed to disclose required information or contained a material misstatement. This conclusion relates to the unaudited standalone financial results for the half year ended 30 September 2026, rather than an audit of annual financial statements.

Conclusion

The September 2026 filing shows that Manas Properties remained profitable, but half-year profit declined 27.5% to Rs 13.89 crore from Rs 19.14 crore. Total expenses fell by Rs 49.25 lakh, led by lower employee-benefit and depreciation costs, while current tax declined by Rs 98.12 lakh; however, profit before tax was also lower.

The next financial-results disclosure will show whether the lower September 2026 profit persists. The filing provides no profit target, project timetable or management outlook, and its single-segment presentation leaves unresolved whether construction, redevelopment or leasing drove the year-on-year movement.