MRC Agrotech half-year revenue rises to Rs 45.67 crore

MRC AGROTECH LIMITED reported consolidated revenue from operations of Rs 45.67 crore for the six months ended 30 September 2026, up from Rs 9.93 crore a year earlier, while profit for the period increased to Rs 56.93 lakh from Rs 15.07 lakh. The September 2026 quarter was lower than the preceding June quarter on both revenue and profit.

How much did MRC Agrotech grow in the first half?

MRC Agrotech increased revenue from operations to Rs 45.67 crore in the half year ended 30 September 2026 from Rs 9.93 crore in the corresponding 2025 period. Total revenue, including other income, reached Rs 46.06 crore, compared with Rs 10.25 crore a year earlier.

The increase in turnover came with higher trading costs. Purchase of stock in trade was Rs 42.41 crore in the 2026 half year, versus Rs 9.11 crore in the previous-year period, while inventory changes were Rs 1.39 crore against Rs 2.05 lakh. MRC Agrotech identifies its single primary business segment as trading in agriculture.

Total expenses increased to Rs 45.27 crore from Rs 10 crore, leaving profit before tax of Rs 79.55 lakh, compared with Rs 24.66 lakh. The difference between total revenue and expenses narrowed in relation to the much larger revenue base, although the filing does not provide a separate explanation for the change.

Did MRC Agrotech's profit keep pace with revenue?

MRC Agrotech reported profit for the period of Rs 56.93 lakh for the six months ended 30 September 2026, up from Rs 15.07 lakh a year earlier. The profit increase was smaller than the rise in revenue from operations, while profit before tax rose to Rs 79.55 lakh from Rs 24.66 lakh.

Tax expense was Rs 20.27 lakh in the 2026 half year, compared with Rs 5.36 lakh in the corresponding 2025 period. Profit from continuing operations before non-controlling interest was Rs 59.28 lakh, up from Rs 19.29 lakh, and non-controlling interest was Rs 2.35 lakh, compared with Rs 4.23 lakh.

Finance cost rose to Rs 15.33 lakh from Rs 1.13 lakh, while other expenses increased to Rs 1.06 crore from Rs 67.81 lakh. Employee-benefit expense was Rs 17.30 lakh versus Rs 10.55 lakh and depreciation and amortisation was Rs 7.56 lakh against Rs 7.09 lakh. The statement records no exceptional or extraordinary items for either half-year period.

Why did MRC Agrotech's September-quarter result decline sequentially?

MRC Agrotech's revenue from operations declined to Rs 19.01 crore in the three months ended 30 September 2026 from Rs 26.67 crore in the June 2026 quarter. Profit for the period fell to Rs 17.97 lakh from Rs 39.25 lakh sequentially, though both measures exceeded the September 2025 quarter's Rs 5.15 crore revenue and Rs 3.44 lakh profit.

Total revenue was Rs 19.08 crore in the September quarter, down from Rs 26.98 crore in the June quarter. Other income declined to Rs 7.67 lakh from Rs 31.12 lakh, while purchase of stock in trade reduced to Rs 16.76 crore from Rs 25.65 crore.

The change in inventories was Rs 1.36 crore in the September quarter, compared with Rs 3.75 lakh in the June quarter. Profit before tax was Rs 23.91 lakh, below Rs 55.64 lakh in June but above Rs 6.54 lakh in September 2025; the filing does not disclose management commentary on the sequential movement.

What changed in MRC Agrotech's balance sheet and cash flow?

MRC Agrotech reported total assets of Rs 83.38 crore at 30 September 2026, down from Rs 114.68 crore at 31 March 2026. Trade receivables decreased to Rs 19.54 crore from Rs 49.76 crore, while trade payables fell to Rs 13.62 crore from Rs 48.65 crore across the two balance-sheet dates.

Cash and bank balances rose to Rs 67.37 lakh from Rs 44.81 lakh, while inventories declined to Rs 35.58 lakh from Rs 1.75 crore. Long-term borrowings increased to Rs 7.29 crore from Rs 6.80 crore, whereas short-term borrowings decreased to Rs 13.24 lakh from Rs 3.13 crore.

Shareholders' funds increased to Rs 57.91 crore at 30 September 2026 from Rs 53.34 crore at 31 March 2026. Reserves and surplus rose to Rs 26.57 crore from Rs 22.01 crore, while minority interest increased to Rs 3 crore from Rs 1.19 crore.

MRC Agrotech recorded net cash outflow from operating activities of Rs 12.76 crore for the six months ended 30 September 2026. The cash-flow statement shows a Rs 35.20 crore movement in trade payables and a Rs 30.40 crore movement in trade receivables, following operating profit before working-capital changes of Rs 49.13 lakh.

Investing activities generated Rs 9.15 crore, including Rs 13.68 crore under long-term loans given, while financing activities generated Rs 3.84 crore. Financing flows included Rs 6.63 crore of proceeds from share capital, a Rs 2.91 crore outflow described as loan from other, and Rs 11.80 lakh from a director loan, resulting in a Rs 22.56 lakh net increase in cash and cash equivalents.

How was MRC Agrotech's half-year result reviewed?

MRC Agrotech's unaudited consolidated results were reviewed by its audit committee and taken on record by its board on 14 November 2026. The independent auditor stated that nothing had come to its attention to indicate that the statement omitted required disclosures or contained a material misstatement.

The consolidated accounts include Marsapi Lifesciences Private Limited, a wholly owned subsidiary, and Agronica Seeds Spark Private Limited, a 51% subsidiary. The auditor said the two subsidiaries had total assets of Rs 40.76 crore at 30 September 2026 and consolidated half-year revenue of Rs 2.28 crore.

The auditor did not itself review the subsidiaries' interim financial results and based its conclusion for those entities on other auditors' reports furnished by management. MRC Agrotech also stated that no investor complaint was pending as at 30 September 2026 and that Ind AS 108 operating-segment product disclosures were not applicable.

Conclusion

MRC Agrotech's half-year results show consolidated revenue from operations rising by Rs 35.74 crore year on year and period profit increasing by Rs 41.86 lakh. The higher trading volume was accompanied by materially higher stock purchases and expenses, while the September quarter generated less revenue and profit than the June quarter.

The filing does not disclose a revenue target, expansion plan or date for the next results announcement. The next result will show whether revenue recovers from the September-quarter level of Rs 19.01 crore and whether the operating cash outflow of Rs 12.76 crore changes alongside receivables of Rs 19.54 crore and payables of Rs 13.62 crore.