Marvel Decor half-year profit rises to Rs 3.30 crore on revenue growth

Marvel Decor Limited reported consolidated profit of Rs 3.30 crore for the half year ended 30 September 2026, compared with Rs 2.06 crore a year earlier, as total revenue reached Rs 45.72 crore and net operating cash flow moved to a Rs 21.73 lakh inflow.

How did Marvel Decor perform in the September 2026 half year?

Marvel Decor reported higher consolidated revenue and profit in the half year ended 30 September 2026 than in both the corresponding prior-year period and the preceding half year. Revenue from operations was Rs 44.76 crore, compared with Rs 36.97 crore in the half year ended 30 September 2025 and Rs 31.51 crore in the half year ended 31 March 2026.

Total revenue, including other income, was Rs 45.72 crore for the latest half year, against Rs 38.60 crore a year earlier and Rs 33.61 crore in the preceding half year. Other income was Rs 96.06 lakh, lower than Rs 1.63 crore in the September 2025 half year and Rs 2.11 crore in the March 2026 half year, while revenue from operations increased across both comparisons.

Basic earnings per share, or EPS, was Rs 1.86 for the half year ended 30 September 2026, compared with Rs 1.16 in the year-earlier half year and Rs 1.29 in the half year ended 31 March 2026. Paid-up equity share capital remained Rs 17.74 crore across the three half-year periods.

What drove Marvel Decor’s higher half-year profit?

Marvel Decor’s consolidated profit before tax rose to Rs 3.83 crore in the September 2026 half year from Rs 2.28 crore in the September 2025 half year and Rs 2.67 crore in the March 2026 half year. Exceptional items were Rs 5.05 lakh in the latest period, compared with Rs 4.59 lakh a year earlier and Rs 4.79 lakh in the preceding half year.

Profit for the period was Rs 3.30 crore after total tax expense of Rs 53.01 lakh, compared with profit of Rs 2.06 crore after tax expense of Rs 22.01 lakh in the year-earlier period. In the March 2026 half year, profit for the period was Rs 2.28 crore and total tax expense was Rs 38.50 lakh.

The reported increase in profit exceeded the increase in total revenue in the year-on-year comparison. Total revenue increased by Rs 7.12 crore between the September 2025 and September 2026 half years, while profit for the period increased by Rs 1.24 crore; between the March and September 2026 half years, total revenue increased by Rs 12.11 crore and profit increased by Rs 1.02 crore.

Marvel Decor’s consolidated figures include its financial data and that of Callistus Blinds Middle East FZE in Sharjah, United Arab Emirates; Callistus UK Limited in Harrow, United Kingdom; and Callistus Window Fashion USA Inc in Atlanta, United States. Marvel Decor stated that it has no separate reportable segments under Accounting Standard 17, or AS 17, on segment reporting.

What changed in Marvel Decor’s costs during the half year?

Marvel Decor’s total consolidated expenses were Rs 41.84 crore in the half year ended 30 September 2026, compared with Rs 36.27 crore in the September 2025 half year and Rs 30.90 crore in the preceding half year. The increase in expenses was smaller than the Rs 7.12 crore year-on-year increase in total revenue and the Rs 12.11 crore sequential increase in total revenue.

Cost of materials consumed was Rs 17.18 crore, up from Rs 14.83 crore a year earlier and Rs 13.32 crore in the March 2026 half year. Other expenses were Rs 13.86 crore, compared with Rs 11.65 crore in the September 2025 half year, but below Rs 14.14 crore in the preceding half year.

Employee-benefit expense fell to Rs 5.86 crore from Rs 7.83 crore a year earlier and Rs 6.17 crore in the March 2026 half year. Finance costs were Rs 75.26 lakh, compared with Rs 85.70 lakh in the year-earlier period and Rs 62.78 lakh in the preceding half year, while depreciation and amortisation expense rose to Rs 1.11 crore from Rs 94.67 lakh a year earlier.

Why did Marvel Decor’s operating cash flow turn positive?

Marvel Decor generated Rs 21.73 lakh of net cash from operating activities in the half year ended 30 September 2026, compared with a cash outflow of Rs 88.51 lakh in the September 2025 half year. Cash profit before working-capital adjustments was Rs 5.51 crore, up from Rs 3.15 crore in the prior-year half year.

An increase in receivables absorbed Rs 8.53 crore of cash in the latest half year, compared with Rs 7.19 crore in the September 2025 half year. This movement was partly offset by a Rs 2.98 crore reduction in inventory, whereas inventory absorbed Rs 49.71 lakh of cash in the corresponding prior-year period.

Sundry creditors increased by Rs 1.01 crore and other current liabilities increased by Rs 42.94 lakh in the latest half year. Taxes paid were Rs 53.01 lakh, compared with Rs 22.01 lakh a year earlier, while net cash used in investing activities was Rs 1.20 crore, including Rs 1.19 crore for fixed assets.

Financing activities generated Rs 1.33 crore in the September 2026 half year, compared with Rs 3.97 crore in the year-earlier period. The resulting net cash surplus was Rs 34.57 lakh, and closing cash and cash equivalents were Rs 1.12 crore at 30 September 2026, compared with Rs 76.98 lakh at 31 March 2026.

What does Marvel Decor’s balance sheet show?

Marvel Decor’s consolidated total equity and liabilities stood at Rs 106.81 crore at 30 September 2026, compared with Rs 100.72 crore at 31 March 2026. Shareholders’ funds increased to Rs 71.28 crore from Rs 66.32 crore, with reserves and surplus rising to Rs 51.88 crore from Rs 48.58 crore.

Long-term borrowings declined to Rs 7.10 crore at 30 September 2026 from Rs 7.15 crore at 31 March 2026. Short-term borrowings declined to Rs 13.93 crore from Rs 14.21 crore, while current liabilities rose to Rs 27.78 crore from Rs 26.53 crore and trade payables increased to Rs 12.53 crore from Rs 11.52 crore.

Marvel Decor disclosed that it issued and allotted 12 lakh convertible warrants on a preferential basis at Rs 55.50 per warrant. It said 25% of the issue price had been received upfront from allottees, and the consolidated balance sheet showed Rs 1.67 crore as money received against share warrants at 30 September 2026.

Conclusion

Marvel Decor’s consolidated results for the half year ended 30 September 2026 show increased operating revenue, total revenue, profit before tax and profit for the period versus both comparison half years. Operating cash flow returned to a Rs 21.73 lakh inflow, although the Rs 8.53 crore increase in receivables remained the largest working-capital cash movement.

The next financial update will show whether receivables convert into operating cash as revenue expands. Investors can also monitor the disclosed 12 lakh convertible warrants, issued at Rs 55.50 each with 25% received upfront, and any subsequent information on their conversion.