Mipco Seamless Rings returns to Rs 14.78 lakh profit

MIPCO SEAMLESS RINGS (GUJARAT) LIMITED reported a Rs 14.78 lakh profit for the half year ended 30 September 2026, reversing a Rs 4.10 lakh loss in the corresponding 2025 period. Mipco Seamless Rings’ total revenue reached Rs 2.29 crore, while cash and cash equivalents rose to Rs 41.79 lakh at the September reporting date.

How did Mipco Seamless Rings return to profit?

Mipco Seamless Rings returned to profit with profit before tax of Rs 20.55 lakh in the half year ended 30 September 2026, compared with a pre-tax loss of Rs 4.10 lakh in the corresponding period a year earlier. Current tax of Rs 5.72 lakh and deferred tax of Rs 0.05 lakh reduced the latest half-year profit to Rs 14.78 lakh.

The reported earnings movement was a shift from a Rs 4.10 lakh loss for the half year ended 30 September 2025 to a Rs 14.78 lakh profit in the latest six-month period. Earnings per equity share were Rs 0.41 for the half year ended 30 September 2026, compared with a loss per share of Rs 0.11 in the previous corresponding period.

The quarter ended 30 September 2026 contributed Rs 8.42 lakh of profit, after profit of Rs 6.36 lakh in the quarter ended 30 June 2026. Profit before tax was Rs 14.19 lakh in the September quarter, and the quarterly statement recorded depreciation and amortisation expense of Rs 0.22 lakh.

Mipco Seamless Rings did not report any exceptional item for the half year ended 30 September 2026. The company operates in a single segment, meaning the filing does not provide revenue, cost or profit figures by product, customer group or operating division.

How did Mipco Seamless Rings’ revenue and costs change?

Mipco Seamless Rings reported total revenue of Rs 2.29 crore for the half year ended 30 September 2026, compared with Rs 54.58 lakh in the corresponding period of 2025. The increase in reported revenue coincided with the move from a Rs 4.10 lakh loss to Rs 14.78 lakh profit across the two half-year periods.

Revenue from operations was Rs 98.03 lakh in the quarter ended 30 September 2026, lower than Rs 1.31 crore in the quarter ended 30 June 2026. Together, the two quarters accounted for the Rs 2.29 crore total revenue reported for the six months ended 30 September 2026.

Cost of materials consumed was Rs 1.98 crore in the latest half year, against Rs 49.98 lakh in the corresponding prior-year period. The statement also recorded a Rs 5.62 lakh change in inventory for the six months ended 30 September 2026, compared with a Rs 6.02 lakh change in the 2025 period.

Mipco Seamless Rings prepared the unaudited results in accordance with applicable Indian Accounting Standards, including Indian Accounting Standard 34, or Ind AS 34, for interim financial reporting. The board approved the quarter and half-year results on 13 November 2026.

What changed in Mipco Seamless Rings’ cash position?

Mipco Seamless Rings ended 30 September 2026 with cash and cash equivalents of Rs 41.79 lakh, compared with Rs 19.38 lakh at the beginning of the six-month period. The company reported a net increase in cash and cash equivalents of Rs 22.41 lakh, against a Rs 16.68 lakh increase in the half year ended 30 September 2025.

Net cash from operating activities was Rs 23.37 lakh in the half year ended 30 September 2026, compared with Rs 16.38 lakh in the corresponding 2025 period. The latest cash-flow statement included a Rs 5.62 lakh movement in trade and other receivables, a Rs 35.73 lakh movement in inventories and a Rs 30 lakh movement in other current assets.

Mipco Seamless Rings used Rs 0.96 lakh for purchases of fixed assets during the latest half year. The filing showed no financing cash flow for the period ended 30 September 2026, whereas financing activities provided Rs 0.30 lakh in the corresponding prior-year period.

The cash balance of Rs 41.79 lakh at 30 September 2026 also appeared in Mipco Seamless Rings’ statement of assets and liabilities. The cash-flow statement showed closing cash and cash equivalents of Rs 17.47 lakh at 30 September 2025, following a Rs 16.68 lakh increase in that earlier half year.

Did Mipco Seamless Rings’ balance sheet improve?

Mipco Seamless Rings’ reserves and surplus improved to negative Rs 6.63 crore at 30 September 2026 from negative Rs 6.78 crore at 31 March 2026. The Rs 14.78 lakh change corresponds with the profit reported for the six months ended 30 September 2026.

Total equity remained negative but improved to negative Rs 1.05 crore at 30 September 2026 from negative Rs 1.20 crore at 31 March 2026. Equity share capital was unchanged at Rs 3.58 crore, while other equity was Rs 2 crore at both reporting dates.

Total assets increased to Rs 1.12 crore at 30 September 2026 from Rs 88.60 lakh at 31 March 2026. Non-current assets rose to Rs 52.98 lakh from Rs 22.24 lakh, while current assets declined to Rs 58.66 lakh from Rs 66.36 lakh over the same period.

Long-term borrowings were Rs 1.60 crore at both 30 September 2026 and 31 March 2026. Total current liabilities were Rs 56.04 lakh at 30 September 2026, compared with Rs 47.83 lakh at the March 2026 year-end.

What did the limited-review report say?

Mipco Seamless Rings received a limited-review conclusion from Bijan Ghosh & Associates dated 13 November 2026. The firm stated that nothing had come to its attention to suggest that the unaudited results failed to disclose information required under Regulation 33 of the Securities and Exchange Board of India Listing Regulations, or contained a material misstatement.

The auditor conducted the review under Standard on Review Engagements 2410, which covers a review of interim financial information performed by the independent auditor of the entity. The report said a review is substantially narrower in scope than an audit and that the firm therefore did not express an audit opinion.

Mipco Seamless Rings’ board considered and approved the unaudited financial results, statement of assets and liabilities and cash-flow statement on 13 November 2026. The company said the board meeting began at 5:30 p.m. and concluded at 8 p.m. on that date.

Conclusion

Mipco Seamless Rings’ half-year filing shows a reported turnaround in earnings, with Rs 14.78 lakh profit after a Rs 4.10 lakh loss a year earlier. Revenue increased to Rs 2.29 crore, cash rose by Rs 22.41 lakh during the period and reserves and surplus improved by Rs 14.78 lakh, although total equity remained negative at Rs 1.05 crore.

The filing does not disclose a revenue target, profitability forecast or operating plan for the next reporting period. The next results will show whether the company sustains the September-quarter profit of Rs 8.42 lakh after operating revenue declined from Rs 1.31 crore in the June 2026 quarter to Rs 98.03 lakh in the September 2026 quarter.