Nahar Poly Films Limited adds Rs 10.48 crore associate profit

Nahar Poly Films Limited reported Rs 44.56 crore consolidated profit for the half year ended September 30, 2026, after adding Rs 10.48 crore as its share of associate profit. The associate contribution increased from Rs 7.85 crore a year earlier and lifted reported profit from Rs 34.08 crore before the associate share.

How much did Nahar Poly Films receive from its associate?

Nahar Poly Films recorded Rs 10.48 crore as its share of net profit from Nahar Capital and Financial Services Limited, its one associate company, for the half year ended September 30, 2026. This was Rs 2.63 crore higher than the Rs 7.85 crore recognised in the half year ended September 30, 2025. The associate’s contribution was included after Nahar Poly Films reported Rs 34.08 crore profit for the period before the associate share.

The contribution represented about 24% of the Rs 44.56 crore consolidated profit after the associate share for the latest half year, based on the reported amounts. In the September quarter, Nahar Poly Films booked Rs 5.03 crore from the associate, compared with Rs 4.51 crore in the September 2025 quarter and Rs 5.46 crore in the June 2026 quarter.

The consolidated accounts identify Nahar Capital and Financial Services Limited as the only associate, while stating that Nahar Poly Films had no subsidiary or joint venture as of September 30, 2026. The associate was consolidated under Indian Accounting Standards covering consolidated financial statements, joint arrangements, and investments in associates and joint ventures.

How did consolidated earnings change in the first half?

Nahar Poly Films’ consolidated profit after its associate share rose to Rs 44.56 crore in the half year ended September 30, 2026 from Rs 39.01 crore a year earlier. Profit before tax, before the associate share, was Rs 43.90 crore, compared with Rs 43.53 crore in the previous corresponding half year, while tax expense declined to Rs 9.82 crore from Rs 12.37 crore.

Revenue from operations increased to Rs 418.85 crore from Rs 369.05 crore, and total revenue rose to Rs 427.55 crore from Rs 377.59 crore. Total expenses also increased, reaching Rs 383.65 crore from Rs 334.06 crore. Cost of materials consumed climbed to Rs 304.40 crore from Rs 247.21 crore, while employee benefit expense rose to Rs 17.03 crore from Rs 15.93 crore.

The result includes a Rs 9.12 crore inventory-related credit for the latest half year, against a Rs 1.00 crore expense in the previous corresponding period. Finance costs fell to Rs 3.27 crore from Rs 4.25 crore, while depreciation and amortisation were broadly unchanged at Rs 16.40 crore versus Rs 16.31 crore. These reported movements accompanied the Rs 2.63 crore year-on-year increase in associate profit share.

What did the core BOPP Films business report?

Nahar Poly Films reported Rs 35.07 crore standalone profit for the half year ended September 30, 2026, compared with Rs 32.16 crore in the prior-year half year. The company states that it operates in a single segment, BOPP Films, or biaxially oriented polypropylene films, and therefore does not present segment reporting under Indian Accounting Standard 108.

Standalone revenue from operations was Rs 418.85 crore, the same as the consolidated operating-revenue figure, compared with Rs 369.05 crore in the prior-year period. Standalone profit before tax was Rs 44.89 crore, up marginally from Rs 44.52 crore. Other income was Rs 9.69 crore in the latest half year, compared with Rs 9.53 crore a year earlier.

Nahar Poly Films’ standalone total comprehensive income reached Rs 71.64 crore for the half year, versus Rs 31.62 crore in the prior period. The consolidated total comprehensive income was higher at Rs 94.02 crore, compared with Rs 53.45 crore, reflecting Rs 12.89 crore of share of other comprehensive income from associates alongside the Rs 10.48 crore share of associate profit.

What do the balance sheet and cash flow show?

Nahar Poly Films’ consolidated total assets rose to Rs 1,137.60 crore at September 30, 2026 from Rs 999.93 crore at March 31, 2026. Non-current investments increased to Rs 661.32 crore from Rs 607.45 crore, and other equity rose to Rs 944.53 crore from Rs 854.20 crore over the same six-month period.

Total consolidated equity was Rs 957.11 crore at September 30, compared with Rs 866.77 crore at March 31. Current borrowings increased to Rs 46.74 crore from Rs 34.25 crore, while non-current borrowings decreased to Rs 39.67 crore from Rs 44.70 crore. Trade receivables rose to Rs 34.95 crore from Rs 24.05 crore and inventories rose to Rs 83.55 crore from Rs 70.12 crore.

Nahar Poly Films reported net cash used in operating activities of Rs 28.13 crore for the half year, compared with net cash generated of Rs 3.94 crore a year earlier. Its cash flow statement showed Rs 13.42 crore used by inventory changes and Rs 25.05 crore used by changes in other current assets, while changes in other current liabilities provided Rs 21.18 crore.

What did the reviewer say about the associate results?

YAPL & Co., the statutory reviewer of Nahar Poly Films’ consolidated results, said its conclusion was not modified in relation to the associate matter. The firm reviewed the consolidated unaudited results under Standard on Review Engagements 2410 and said nothing had come to its attention indicating a material misstatement in the statement required under the listing regulations.

YAPL & Co. did not itself review the interim results of Nahar Capital and Financial Services Limited. It said the associate’s results had been reviewed by other auditors, whose reports were furnished by management, and that its conclusion on the associate-related amounts and disclosures was based solely on those reports and its stated procedures.

For the September 2026 quarter, the associate’s interim results reflected Rs 5.03 crore net profit after tax and Rs 48.74 lakh total comprehensive loss, according to the review report. For the half year, those results reflected Rs 10.48 crore net profit after tax and Rs 23.38 crore total comprehensive income. The reviewer also noted that a review provides moderate assurance and does not express an audit opinion.

Conclusion

Nahar Poly Films’ first-half consolidated profit reached Rs 44.56 crore after the Rs 10.48 crore associate contribution, compared with Rs 39.01 crore after a Rs 7.85 crore contribution a year earlier. Operating revenue rose by Rs 49.80 crore to Rs 418.85 crore, while profit before the associate share was Rs 34.08 crore.

The disclosed point to watch is the associate-related reporting process, because Nahar Capital and Financial Services Limited was the only associate at September 30, 2026 and its interim results were reviewed by other auditors. Nahar Poly Films also reported a Rs 28.13 crore operating cash outflow for the half year, compared with a Rs 3.94 crore inflow in the corresponding prior-year period.