MITCON H1 revenue nearly triples as Project Service surges

MITCON Consultancy and Engineering Services Limited reported consolidated revenue from operations of Rs 154.3688 crore for the half year ended September 30, 2026, against Rs 53.8896 crore a year earlier, while profit after tax rose to Rs 8.9352 crore from Rs 2.1739 crore, led by Rs 108.9889 crore of Project Service revenue.

How much did MITCON’s H1 revenue and profit increase?

MITCON’s revenue from operations increased by Rs 100.4792 crore year on year to Rs 154.3688 crore in the half year ended September 30, 2026. Total income, including other income, rose to Rs 156.0842 crore from Rs 54.6798 crore. Consolidated profit before tax, exceptional items and share of associates increased to Rs 12.2098 crore from Rs 2.7523 crore, while profit after tax reached Rs 8.9352 crore, compared with Rs 2.1739 crore.

The September quarter also exceeded both the comparable and preceding quarters. Revenue from operations was Rs 86.7845 crore in the quarter ended September 30, 2026, versus Rs 29.4561 crore a year earlier and Rs 67.5843 crore in the quarter ended June 30, 2026. Quarterly profit after tax was Rs 6.1862 crore, against Rs 97.79 lakh in the September 2025 quarter and Rs 2.749 crore in the June 2026 quarter. Basic earnings per share were Rs 5.13 for H1, compared with Rs 1.25 a year earlier.

Which business drove MITCON’s revenue growth?

Project Service drove MITCON’s revenue expansion, with H1 segment revenue rising to Rs 108.9889 crore from Rs 12.0496 crore a year earlier. The Rs 96.9393 crore increase represented most of the Rs 100.4792 crore rise in consolidated revenue from operations. Project Service segment profit before tax and interest rose to Rs 8.8415 crore from Rs 93.34 lakh in the previous H1.

Consultancy and Training revenue increased to Rs 37.21 crore from Rs 34.3625 crore, although its segment profit before tax and interest declined to Rs 3.038 crore from Rs 3.1079 crore. Wind and Solar Power Generation revenue rose to Rs 8.1699 crore from Rs 7.4775 crore, while segment profit before tax and interest fell to Rs 3.2679 crore from Rs 3.3608 crore. MITCON said solar and wind generation is subject to seasonal variation, meaning results for a period are not necessarily comparable with previous periods.

What happened to MITCON’s costs and profitability?

MITCON’s total expenses rose to Rs 143.8744 crore in H1 from Rs 51.9275 crore, alongside the increase in revenue from operations. Operating cost was Rs 111.0802 crore, compared with Rs 15.5937 crore a year earlier, an increase of Rs 95.4865 crore. Employee-benefit expense increased to Rs 21.8157 crore from Rs 19.8027 crore, while other expenses rose to Rs 9.5707 crore from Rs 8.3171 crore.

Finance cost decreased to Rs 4.653 crore in H1 from Rs 5.44 crore, while depreciation and amortisation increased to Rs 5.2512 crore from Rs 4.7861 crore. Exceptional items were a net charge of Rs 5.04 lakh for H1 2026, compared with a net gain of Rs 13.37 lakh a year earlier. Total tax expense rose to Rs 3.2242 crore from Rs 71.21 lakh, including a deferred-tax charge of Rs 2.1151 crore against a deferred-tax credit of Rs 66.37 lakh in the prior-year period.

What does MITCON’s balance sheet show after H1?

MITCON’s consolidated total assets stood at Rs 325.3303 crore on September 30, 2026, compared with Rs 321.5315 crore on March 31, 2026. Non-current assets increased to Rs 231.8595 crore from Rs 207.0329 crore, with loans rising to Rs 26.183 crore from Rs 3.476 crore. Current assets declined to Rs 93.4708 crore from Rs 114.4986 crore, as trade receivables fell to Rs 49.2977 crore from Rs 60.1872 crore.

Total equity increased to Rs 182.7903 crore at September 30 from Rs 172.9177 crore at the March year-end. Non-current borrowings declined to Rs 55.803 crore from Rs 60.4427 crore, while current borrowings increased to Rs 21.2186 crore from Rs 16.8792 crore. Cash and cash equivalents were Rs 4.3744 crore, lower than Rs 10.5637 crore at March 31; cash and other bank balances together were Rs 10.9748 crore, against Rs 16.1176 crore.

What did MITCON report on cash flow and review status?

MITCON reported net cash from operating activities of Rs 25.7054 crore for H1 2026 in its consolidated cash-flow statement. This followed profit before tax of Rs 12.2098 crore and working-capital movements including a Rs 10.8724 crore reduction in trade receivables. Inventories increased by Rs 8.4964 crore, while other financial assets decreased by Rs 15.8753 crore during the half year.

Investing activities used Rs 6.8054 crore and financing activities used Rs 24.0428 crore, producing a net decrease of Rs 5.1428 crore in cash and cash equivalents in H1. The September 2026 consolidated results were unaudited and subject to limited review. The auditor did not itself review one subsidiary, Shrikhande Consultants Limited, whose H1 revenue before consolidation adjustments was Rs 17.3334 crore and profit after tax was Rs 30.81 lakh; the auditor’s conclusion was not modified.

Conclusion

MITCON’s H1 results show that Project Service was the main source of the increase in group activity, adding Rs 96.9393 crore of revenue year on year and reporting Rs 8.8415 crore of segment profit before tax and interest. Consultancy and Training added Rs 2.8475 crore of revenue but reported lower segment profit, while Wind and Solar Power Generation added Rs 69.24 lakh of revenue and also recorded lower segment profit.

The next disclosures can be assessed against two matters identified in the filing: the seasonal nature of the Wind and Solar Power Generation business, which recorded H1 revenue of Rs 8.1699 crore, and the limited-review reliance on other auditors for Shrikhande Consultants Limited and associates. MITCON also reported current borrowings of Rs 21.2186 crore and cash and cash equivalents of Rs 4.3744 crore at September 30, 2026.