NAPS Global India Limited Reports 135.8% H1 Revenue Growth

NAPS Global India Limited reported 135.8% year-on-year growth in revenue from operations to ₹67.69 crore for the half year ended September 30, 2025. Net profit increased 122.5% to ₹1.27 crore, although operating cash flow was negative at ₹1.49 crore, highlighting the working-capital demands of its trading operations.

What did NAPS Global India report for H1 FY26?

NAPS Global India reported a sharp increase in its standalone revenue and profit for the half year ended September 30, 2025. Revenue from operations rose from ₹28.71 crore in the corresponding previous-year period to ₹67.69 crore. Total revenue increased 132.8% year on year to ₹67.80 crore.

Profit before tax rose to ₹1.70 crore from ₹0.74 crore in H1 FY25. Net profit grew to ₹1.27 crore from ₹0.57 crore. The reported growth in profit was slower than the rise in sales, as reflected in the movement in operating margin.

How did sales and margins move across the reported halves?

NAPS Global India's H1 FY26 sales of ₹67.69 crore were higher than the ₹42.33 crore recorded in H2 FY25 and the ₹28.71 crore reported in H1 FY25. Expenses in H1 FY26 stood at ₹66.00 crore, compared with ₹40.46 crore in H2 FY25 and ₹28.29 crore in H1 FY25.

Operating profit was ₹1.70 crore in H1 FY26, compared with ₹1.87 crore in H2 FY25. As a result, operating profit margin declined from 4.44% in H2 FY25 to 2.51% in H1 FY26, even as it improved from 1.46% in H1 FY25. The available disclosures show that revenue expanded substantially, while profitability per rupee of sales remained modest.

The company reported other income of ₹0.11 crore, interest expense of ₹0.07 crore and depreciation of ₹0.04 crore for H1 FY26. Its tax rate was 25.29%, resulting in net profit of ₹1.27 crore.

What does the negative operating cash flow indicate?

NAPS Global India's negative operating cash flow of ₹1.49 crore in H1 FY26 indicates that the reported profit did not translate into positive cash generation during the period. The disclosure points to the working-capital intensity of the trading business and collection-related pressure.

The company also reported a significant increase in trade receivables, while inventory reduced and the cash position improved. Trading businesses can require substantial funding for purchases and customer credit, making changes in receivables, inventory and payables important alongside revenue and profit figures.

NAPS Global India reported current assets of ₹41.06 crore against current liabilities of ₹22.92 crore in the H1 FY26 balance-sheet information. These figures show a reported current-asset surplus, but the negative operating cash flow remains relevant because it captures cash movement from day-to-day operations rather than the balance-sheet position at a single date.

How were IPO proceeds used and what were FY26 annual figures?

NAPS Global India stated that it had fully utilised ₹10.88 crore of IPO proceeds for the objectives disclosed in its prospectus, including working capital and general corporate purposes. The company also stated that there was no deviation in the use of these funds.

For FY26, standalone revenue was reported at ₹122.50 crore, compared with ₹71.00 crore in FY25. The company's FY26 annual financial information showed revenue of ₹133.80 crore on a consolidated basis, while standalone net profit was reported at about ₹2 crore and earnings per share at ₹3.58.

The reported H2 FY26 standalone sales were ₹54.78 crore, against ₹42.33 crore in H2 FY25. However, H2 FY26 net profit was ₹0.28 crore, compared with ₹1.39 crore in H2 FY25, while operating margin was 0.69% versus 4.44%. This shows the pressure on earnings in the second half despite higher sales.

When will NAPS Global India consider its next half-year results?

NAPS Global India has scheduled a board meeting for November 5, 2026 to consider unaudited standalone and consolidated financial results for the half year ended September 30, 2026. The scheduled meeting follows the company's previous financial-result announcements for the half year ended September 30, 2025 and for the year ended March 31, 2026.

The company held its 12th Annual General Meeting through video conferencing on September 25, 2026. Members adopted the audited financial statements and approved director re-appointments, including the re-appointment of Managing Director Pankaj Sunder Jain as stated in the AGM agenda. The company also reported that the auditor's reports contained no adverse qualifications.

For investors, the forthcoming half-year disclosure will provide updated figures on sales, margins, profit, receivables and operating cash flow. These items are especially relevant because the H1 FY26 result combined strong year-on-year revenue growth with negative cash generation from operations.

Conclusion

NAPS Global India's H1 FY26 results showed a substantial expansion in revenue, with revenue from operations reaching ₹67.69 crore and net profit rising to ₹1.27 crore. The figures also showed that sales growth did not fully translate into stronger cash generation, as operating cash flow was negative at ₹1.49 crore and the business remained dependent on working-capital management.

The next disclosed milestone is the November 5, 2026 board meeting for unaudited results for the half year ended September 30, 2026. Investors will watch the updated consolidated and standalone numbers for changes in revenue growth, operating margin, receivables, cash flow and the effect of working-capital use on profitability.