Manoj Ceramic profit rises 80% as first-half revenue doubles

Manoj Ceramic Limited reported standalone profit after tax of Rs 9.9447 crore for the half year ended September 30, 2026, up about 80% from Rs 5.5324 crore a year earlier, as revenue from operations more than doubled to Rs 163.2754 crore. Purchase of stock-in-trade remained the largest expense at Rs 151.4483 crore.

What were Manoj Ceramic’s first-half revenue and profit figures?

Manoj Ceramic reported revenue from operations of Rs 163.2754 crore for the half year ended September 30, 2026, compared with Rs 81.4904 crore in the half year ended September 30, 2025. Revenue increased by Rs 81.7850 crore, or about 100%, while total income rose to Rs 163.5782 crore from Rs 81.6239 crore as other income increased to Rs 30.28 lakh from Rs 13.35 lakh.

Manoj Ceramic’s profit before tax rose to Rs 12.9623 crore from Rs 7.3898 crore, an increase of Rs 5.5725 crore. After total tax expense of Rs 3.0175 crore, comprising current tax of Rs 3.3058 crore and a deferred-tax credit of Rs 28.83 lakh, profit from continuing operations reached Rs 9.9447 crore.

Manoj Ceramic reported basic and diluted earnings per equity share of Rs 7.23 for the September 2026 half year, based on a face value of Rs 10 per share. Basic earnings per share were Rs 4.67 in the September 2025 half year and diluted earnings per share were Rs 4.39.

Which costs changed most for Manoj Ceramic?

Manoj Ceramic’s purchase of stock-in-trade rose to Rs 151.4483 crore from Rs 74.2718 crore a year earlier. The Rs 77.1765 crore increase broadly tracked the Rs 81.7850 crore rise in operating revenue, leaving purchases as the dominant expense in its trading business for ceramic products and sanitary ware.

Changes in inventories of finished goods reduced expenses by Rs 11.9117 crore, compared with a reduction of Rs 9.4535 crore in the prior-year half. Employee benefit expense rose to Rs 2.2536 crore from Rs 2.1956 crore, while other expenses increased to Rs 4.3173 crore from Rs 3.5226 crore, taking total expenses to Rs 150.6160 crore from Rs 74.2340 crore.

Finance costs increased to Rs 4.1370 crore from Rs 3.4692 crore, and depreciation and amortisation rose to Rs 37.15 lakh from Rs 22.83 lakh. No exceptional item is shown in either half-year column of the standalone profit-and-loss statement.

How did Manoj Ceramic’s margins change in the half year?

Manoj Ceramic’s profit before tax was about 7.9% of total income of Rs 163.5782 crore in the September 2026 half year, compared with about 9.1% of Rs 81.6239 crore a year earlier. This calculation indicates that profit before tax grew by about 75%, slower than the roughly 100% increase in total income, as expenses increased by about 103%.

Profit after tax was about 6.1% of total income in the latest half year, compared with about 6.8% in the September 2025 period. Tax expense increased to Rs 3.0175 crore from Rs 1.8574 crore, although the current-year current-tax charge was partly offset by the Rs 28.83 lakh deferred-tax credit.

Manoj Ceramic identifies one reportable segment, trading of ceramic products and sanitary ware. The filing does not provide separate product, geography or customer-level revenue figures, so the reported income and margin movements apply to the full standalone segment.

What does Manoj Ceramic’s cash flow show?

Manoj Ceramic used Rs 4.0237 crore in operating activities during the half year ended September 30, 2026, compared with cash used of Rs 18.8616 crore in the corresponding 2025 period. Profit before tax was Rs 12.9623 crore, while operating profit before working-capital changes was Rs 17.3483 crore.

The main working-capital outflow was a Rs 70.3558 crore increase in trade receivables, compared with a Rs 26.2575 crore increase in the prior-year half. Inventories increased by Rs 11.9118 crore, while other current assets declined by Rs 61.9595 crore, partly offsetting the receivables and inventory movements.

Investing activities used Rs 11.6363 crore, compared with an inflow of Rs 88.04 lakh a year earlier, including Rs 10.6645 crore related to security deposits. Financing activities generated Rs 15.3040 crore, including Rs 13.3418 crore of net proceeds from current borrowings and Rs 5.6162 crore from non-current borrowings.

How did Manoj Ceramic’s balance sheet and borrowings move?

Manoj Ceramic’s total assets stood at Rs 277.5015 crore at September 30, 2026, up from Rs 245.8688 crore at March 31, 2026. Trade receivables rose to Rs 133.2536 crore from Rs 62.9097 crore, while inventories increased to Rs 73.1722 crore from Rs 61.2604 crore over the six-month period.

Short-term borrowings increased to Rs 70.3401 crore at September 30 from Rs 56.9983 crore at March 31, and long-term borrowings rose to Rs 19.5052 crore from Rs 13.8889 crore. Shareholders’ funds were Rs 149.1110 crore, compared with Rs 138.6882 crore, as reserves and surplus increased to Rs 132.8040 crore from Rs 121.3492 crore.

The statutory auditor conducted a limited review, rather than an audit, of the standalone half-year results and stated that nothing had come to its attention to indicate a material misstatement. The auditor also noted management’s policy that provision for gratuity liability will be made at year-end, without modifying its review conclusion.

Conclusion

Manoj Ceramic’s September 2026 standalone half-year results show operating revenue rising about 100% and profit after tax increasing about 80%, while stock purchases of Rs 151.4483 crore accounted for most of the Rs 150.6160 crore expense base. Expenses rose faster than income, and higher receivables and inventory contributed to operating cash use of Rs 4.0237 crore.

The next reported period will show whether trade receivables of Rs 133.2536 crore and inventories of Rs 73.1722 crore convert into operating cash, and how short-term borrowings of Rs 70.3401 crore develop. The year-end accounts should also reflect the gratuity provision that management said it plans to recognise under its policy.