MRP Agro September profit falls 39% as revenue rises 58%

MRP Agro Limited reported a 39% year-on-year fall in September-quarter profit attributable to owners to Rs 23.08 lakh, although revenue from operations rose 58% to Rs 16.01 crore for the quarter ended September 30, 2026. Total expenses increased 66% to Rs 15.89 crore, exceeding revenue growth.

Why did MRP Agro’s September-quarter profit decline?

MRP Agro’s profit attributable to owners fell from Rs 37.85 lakh in the quarter ended September 30, 2025 to Rs 23.08 lakh in the latest quarter. Consolidated profit for the period was Rs 23.51 lakh, including Rs 0.43 lakh allocated to minority interest, compared with total profit of Rs 37.99 lakh a year earlier.

The immediate comparison also shows a substantial sequential reduction. Profit attributable to owners was Rs 1.67 crore in the quarter ended June 30, 2026, versus Rs 23.08 lakh in the September quarter, while profit before tax decreased from Rs 1.96 crore to Rs 32.31 lakh. Basic and diluted earnings per share were Rs 0.20, down from Rs 1.45 in the preceding quarter and Rs 0.34 a year earlier.

How much did MRP Agro’s revenue grow in the September quarter?

MRP Agro’s revenue from operations increased to Rs 16.01 crore in the September 2026 quarter from Rs 10.11 crore in the September 2025 quarter, a rise of about 58%. Total revenue, including other income, increased to Rs 16.21 crore from Rs 10.18 crore over the same comparison.

The quarter-on-quarter picture was different: revenue from operations declined from Rs 21.93 crore in the June 2026 quarter, and total revenue fell from Rs 22.98 crore. Other income was Rs 20.62 lakh in September, compared with Rs 1.05 crore in June and Rs 7.11 lakh a year earlier, so the sequential decline in total revenue was larger than the fall in operating revenue alone.

Which costs rose faster than MRP Agro’s revenue?

MRP Agro’s total expenses rose to Rs 15.89 crore in the September quarter from Rs 9.55 crore a year earlier, an increase of about 66%, exceeding the rise in total revenue. As a result, profit before tax declined to Rs 32.31 lakh from Rs 63.21 lakh, even though revenue from operations increased by Rs 5.90 crore.

The largest change was in finished goods, work-in-progress and stock in trade, which was an expense of Rs 4.59 crore in the latest quarter against a negative Rs 42.07 lakh in September 2025. Cost of materials consumed rose to Rs 9.88 crore from Rs 7.69 crore, while other expenses increased to Rs 84.77 lakh from Rs 26.94 lakh.

Finance cost also rose to Rs 14.03 lakh in the September 2026 quarter from Rs 4,000 a year earlier. Depreciation and amortisation declined to Rs 32.04 lakh from Rs 38.71 lakh, and employee benefit expense fell to Rs 11.12 lakh from Rs 16.98 lakh, but those reductions did not offset the higher inventory-related charge, materials cost and other expenses.

What do MRP Agro’s half-year results show?

MRP Agro’s revenue from operations rose to Rs 37.94 crore for the half year ended September 30, 2026 from Rs 31.21 crore in the corresponding prior-year half. Total revenue increased to Rs 39.19 crore from Rs 32.28 crore, aided by other income of Rs 1.26 crore compared with Rs 1.07 crore in the earlier period.

Despite the higher half-year revenue, profit before tax declined to Rs 2.28 crore from Rs 2.58 crore because total expenses rose to Rs 36.91 crore from Rs 29.70 crore. Profit attributable to owners was Rs 1.90 crore, marginally above Rs 1.89 crore a year earlier, while basic earnings per share eased to Rs 1.66 from Rs 1.70.

The difference between the half-year and quarterly outcomes indicates that the June quarter accounted for most of the first-half profit. MRP Agro recorded Rs 1.67 crore in profit attributable to owners in June, compared with Rs 23.08 lakh in September, while revenue from operations fell by Rs 5.93 crore between those two quarters.

What changed in MRP Agro’s financial position and cash flows?

MRP Agro’s consolidated total assets were Rs 49.52 crore as of September 30, 2026, compared with Rs 46.28 crore at March 31, 2026. Current assets increased to Rs 35.52 crore from Rs 33.10 crore, including trade receivables of Rs 7.82 crore versus Rs 6.50 crore and current investments of Rs 13.38 crore versus Rs 12.85 crore.

Capital work in progress increased to Rs 5.79 crore at September 30 from Rs 4.35 crore at March 31, while tangible assets declined to Rs 8.02 crore from Rs 8.65 crore. On the liabilities side, trade payables increased to Rs 1.18 crore from Rs 5.23 lakh, and other current liabilities rose to Rs 1.33 crore from Rs 11.88 lakh.

The consolidated cash-flow statement recorded net cash from operating activities of Rs 1.32 crore for the half year, compared with net cash used in operations of Rs 3.99 crore in the prior-year half. MRP Agro spent Rs 1.45 crore on property, plant and equipment, compared with Rs 1.43 lakh a year earlier, and ended September with cash and cash equivalents of Rs 3.07 crore, up from Rs 2.73 crore at the beginning of the period.

What does MRP Agro disclose about its business and review?

MRP Agro reports one business segment, trading and manufacturing of agro commodities, so the filing does not provide revenue or profitability by product category. MRP Agro voluntarily adopted quarterly consolidated unaudited results for the quarter ended September 30, 2026, and stated that no investor complaints were received or pending as of that date.

The board approved the unaudited consolidated results on November 14, 2026 after review by its audit committee. A Y & Company issued an unmodified limited-review conclusion, while the filing states that subsidiary PRM Tradelink Private Limited contributed revenue of Rs 4.96 lakh and net profit of Rs 2.25 lakh for the September quarter.

Conclusion

MRP Agro’s September-quarter filing shows that higher revenue did not translate into higher earnings: revenue from operations rose to Rs 16.01 crore, but total expenses increased faster and profit attributable to owners fell to Rs 23.08 lakh. The key cost movements were the Rs 4.59 crore inventory change, higher materials consumption and higher other expenses.

The next results will show whether the September-quarter inventory movement and expense increase recur. Readers can also track the Rs 5.79 crore capital work in progress and the Rs 7.82 crore trade receivables, both of which were higher than at March 31, 2026.