Mauria Udyog profit drops 66% as manufacturing earnings fall

Mauria Udyog Limited reported a 66% year-on-year fall in profit to Rs 3.64 crore for the quarter ended 30 September 2026, as manufacturing segment earnings dropped to Rs 4.85 crore from Rs 14.55 crore and revenue from operations declined to Rs 126.68 crore.

Why did Mauria Udyog's September-quarter profit fall?

Mauria Udyog's September-quarter profit fell because lower operating revenue coincided with a much lower manufacturing segment result. Profit after tax was Rs 3.64 crore for the quarter ended 30 September 2026, compared with Rs 10.60 crore in the quarter ended 30 September 2025 and Rs 4.87 crore in the June 2026 quarter.

Profit before tax declined to Rs 5.44 crore from Rs 14.62 crore a year earlier, while total income decreased to Rs 128.51 crore from Rs 139.85 crore. There were no exceptional items in either September quarter, meaning the reported movement in profit before tax was not affected by a separately disclosed exceptional gain or charge.

The expense mix changed during the year. Cost of materials consumed rose to Rs 72.73 crore from Rs 56.40 crore, while other expenses increased to Rs 55.95 crore from Rs 46.41 crore. The change in inventories was a reduction of Rs 15.74 crore in the latest quarter, against an expense of Rs 9.77 crore a year earlier, and total expenses decreased to Rs 123.08 crore from Rs 125.23 crore.

Tax expense was Rs 1.79 crore in the September 2026 quarter, down from Rs 4.02 crore in the prior-year period. Basic and diluted earnings per share were Rs 0.27, compared with Rs 0.80 a year earlier and Rs 0.37 in the June 2026 quarter; Mauria Udyog said quarterly earnings per share have not been annualised.

How did Mauria Udyog's revenue change by segment?

Mauria Udyog's revenue from operations fell 8% year on year to Rs 126.68 crore, although it rose from Rs 109.37 crore in the June 2026 quarter. The sequential increase was Rs 17.31 crore, but revenue remained below the Rs 137.91 crore reported in the quarter ended 30 September 2025.

Manufacturing generated all operating revenue in the September 2026 quarter, contributing Rs 126.68 crore. Manufacturing revenue was Rs 132.03 crore in the prior-year quarter, while trading revenue was nil in the latest quarter compared with Rs 5.88 crore a year earlier.

For the half year ended 30 September 2026, revenue from operations was Rs 236.05 crore, compared with Rs 271.70 crore in the corresponding 2025 half year. Manufacturing accounted for the full Rs 236.05 crore in the latest half year, whereas trading had contributed Rs 5.88 crore in the year-earlier period.

What happened to Mauria Udyog's manufacturing earnings?

Mauria Udyog's manufacturing segment result fell to Rs 4.85 crore in the September 2026 quarter from Rs 14.55 crore a year earlier and Rs 7.42 crore in the June 2026 quarter. The segment result represented about 4% of manufacturing revenue in the latest quarter, compared with about 11% in the September 2025 quarter, based on the reported segment figures.

Trading reported neither revenue nor a segment result in the September 2026 and June 2026 quarters. In the September 2025 quarter, trading had revenue of Rs 5.88 crore and a segment result of Rs 0.14 crore, so the year-on-year comparison includes the absence of that contribution as well as the reduction in manufacturing earnings.

Other income was Rs 1.83 crore in the latest quarter, compared with Rs 1.95 crore a year earlier and Rs 0.89 crore in the preceding quarter. Finance costs declined to Rs 1.24 crore from Rs 2.01 crore in the prior-year quarter, but this reduction did not offset the Rs 9.70 crore decline in manufacturing segment result.

For the half year ended 30 September 2026, manufacturing segment result was Rs 12.27 crore, down from Rs 25.25 crore in the corresponding 2025 half year. Total profit before tax for the latest half year was Rs 12.30 crore, compared with Rs 23.42 crore a year earlier, while half-year profit after tax fell to Rs 8.51 crore from Rs 17.25 crore.

What do Mauria Udyog's cash flow and balance sheet show?

Mauria Udyog generated net operating cash flow of Rs 4.53 crore in the half year ended 30 September 2026, down from Rs 19.96 crore in the corresponding prior-year half. The latest period included a Rs 23.44 crore increase in inventories and a Rs 14.86 crore increase in other current and non-current assets, partly offset by a Rs 6.39 crore reduction in trade receivables.

Cash and cash equivalents stood at Rs 6.09 crore at 30 September 2026, compared with Rs 2.56 crore at 31 March 2026 and Rs 3.20 crore at 30 September 2025. The half-year cash movement included Rs 2.18 crore used in investing activities and Rs 1.18 crore generated from financing activities, including Rs 4.81 crore of net proceeds from borrowings.

Total assets were Rs 466.61 crore at 30 September 2026, compared with Rs 431.00 crore at 31 March 2026. Inventories increased to Rs 120.16 crore from Rs 96.72 crore, current borrowings rose to Rs 129.30 crore from Rs 118.53 crore, and non-current borrowings declined to Rs 1.67 crore from Rs 7.63 crore.

Mauria Udyog disclosed Rs 102.36 crore of trade receivables outstanding at 30 September 2026, with provisions of Rs 39.24 crore and a net balance of Rs 63.12 crore. The company said certain receivables are not expected to be recovered within the next 12 months and have been classified as non-current, while its insolvency petition against Nexus Commosales Private Limited remains pending before the National Company Law Tribunal, Kolkata Bench.

Conclusion

Mauria Udyog's September 2026 results show that a sequential recovery in operating revenue did not prevent a steep year-on-year decline in profit. Revenue rose by Rs 17.31 crore from the June 2026 quarter, but manufacturing segment result fell to Rs 4.85 crore, trading produced no revenue, and quarterly profit after tax was Rs 3.64 crore.

The next disclosed milestone is a Rs 18.46 crore One Time Settlement amount payable to Prudent ARC Limited by December 2026. Mauria Udyog also disclosed pending receivables-recovery proceedings, an appeal before the Securities Appellate Tribunal against the Securities and Exchange Board of India order, and management's plan to consider restructured employee compensation during the current financial year following the labour-code notification.