Neetu Yoshi H1 revenue rises 34%, PAT increases 4%

Neetu Yoshi Limited reported revenue from operations of Rs 59.1516 crore for the half year ended September 30, 2026, 34% above Rs 44.0506 crore a year earlier, while profit after tax increased 4% to Rs 12.0197 crore as materials, employee benefits and depreciation expenses rose.

How did Neetu Yoshi perform in the half year ended September 2026?

Neetu Yoshi increased revenue and profit in the half year ended September 30, 2026, although profit growth was below sales growth. Revenue from operations reached Rs 59.1516 crore, compared with Rs 44.0506 crore in the half year ended September 30, 2025. Total income rose to Rs 59.3935 crore from Rs 45.857 crore, while other income declined to Rs 24.19 lakh from Rs 1.8064 crore.

Profit before tax was Rs 15.4116 crore, compared with Rs 14.1631 crore a year earlier. Profit after tax, or PAT, rose to Rs 12.0197 crore from Rs 11.5348 crore, and total comprehensive income was Rs 12.0046 crore versus Rs 11.5375 crore. The latest period included an other comprehensive loss, net of tax, of Rs 1.51 lakh.

Neetu Yoshi’s revenue also exceeded the Rs 53.9438 crore reported in the half year ended March 31, 2026, but PAT was lower than Rs 13.4882 crore in that preceding half year. Profit before tax similarly fell from Rs 16.012 crore. Basic earnings per share, not annualised, were Rs 3.09 in the latest half year, against Rs 3.49 a year earlier and Rs 3.48 in the half year ended March 31, 2026.

Which costs rose faster than Neetu Yoshi’s profit?

Neetu Yoshi’s total expenses increased to Rs 43.9819 crore from Rs 31.6939 crore, an increase of Rs 12.288 crore that absorbed most of the Rs 13.5365 crore rise in total income. Cost of materials consumed was the largest component of that increase, rising to Rs 31.3226 crore from Rs 19.5166 crore.

Employee benefits expense increased to Rs 3.7103 crore from Rs 2.6432 crore, while depreciation and amortisation rose to Rs 1.4562 crore from Rs 97.82 lakh. Other expenses increased to Rs 6.0052 crore from Rs 5.64 crore. Changes in inventories of finished goods and work in progress were Rs 1.3789 crore, compared with Rs 2.1372 crore in the prior-year half.

Finance cost fell to Rs 10.87 lakh from Rs 77.87 lakh, partly offsetting the increases in operating costs. Total tax expense rose to Rs 3.3919 crore from Rs 2.6282 crore, comprising current tax of Rs 2.54 crore, deferred tax of Rs 95.68 lakh and an Rs 10.5 lakh excess provision reversal relating to an earlier year. These cost and tax movements coincided with PAT increasing by Rs 48.49 lakh year on year.

What business does Neetu Yoshi report in these results?

Neetu Yoshi reports one operating segment: manufacturing customised ferrous metallurgical products, principally metal fabrication and casting of bogie components, locomotive components and railway track components. The company says this constitutes a single operating segment under Indian Accounting Standard 108, or Ind AS 108, which covers operating-segment reporting.

Neetu Yoshi reported no operations outside India, so geographical segment information was not applicable in the filing. As a result, the standalone statement does not split revenue, costs or profit among bogie, locomotive and railway-track components. The results were prepared under Indian Accounting Standard 34, or Ind AS 34, for interim financial reporting.

Neetu Yoshi’s audit committee reviewed the standalone results and its board approved them on November 14, 2026. Bagaria & Co. LLP issued an unmodified limited-review conclusion on the half-year standalone results. The auditor stated that a review is narrower in scope than an audit and provides moderate assurance rather than an audit opinion.

How did Neetu Yoshi’s cash flow and asset base change?

Neetu Yoshi generated net cash from operating activities of Rs 20.088 crore in the half year ended September 30, 2026, compared with net cash used in operating activities of Rs 48.2065 crore in the prior-year half. The latest period included a Rs 6.7469 crore decrease in trade receivables, while inventories increased by Rs 7.8634 crore.

Investing activities used Rs 9.2435 crore, compared with Rs 17.8058 crore a year earlier. Purchases of property, plant and equipment were Rs 19.4521 crore, while the net decrease in term deposits was Rs 9.9994 crore. Financing activities generated Rs 3.0134 crore, including Rs 6.8702 crore received against share warrants, while borrowings decreased by Rs 3.862 crore.

Cash and cash equivalents were Rs 15.4632 crore at September 30, 2026, up from Rs 1.6055 crore at March 31, 2026 and Rs 1.2316 crore at September 30, 2025. Total assets stood at Rs 168.389 crore, compared with Rs 147.504 crore at March 31. Property, plant and equipment rose to Rs 100.4743 crore from Rs 43.0403 crore, while capital work-in-progress of Rs 38.1621 crore reported at March 31 was not shown at September 30.

How did Neetu Yoshi’s balance sheet and IPO utilisation move?

Neetu Yoshi’s inventories increased to Rs 13.4118 crore at September 30, 2026 from Rs 5.5484 crore at March 31, while trade receivables decreased to Rs 25.1613 crore from Rs 31.8407 crore. Total equity rose to Rs 156.0551 crore from Rs 137.1803 crore, including Rs 6.8702 crore classified as money received against share warrants.

Total liabilities were Rs 12.3338 crore at September 30, compared with Rs 10.3237 crore at March 31. Current tax liabilities increased to Rs 5.8525 crore from Rs 3.1581 crore. Trade payables due to creditors other than micro and small enterprises rose to Rs 3.036 crore from Rs 98.88 lakh, while current borrowings of Rs 3.862 crore reported at March 31 were not reported at September 30.

Neetu Yoshi had utilised Rs 77.0153 crore of Rs 77.04 crore in net initial public offering, or IPO, proceeds by September 30, 2026. The full Rs 50.7837 crore allocated for a new manufacturing facility had been utilised, including Rs 11.3172 crore during the latest half year. Unutilised proceeds were Rs 2.47 lakh, held as Rs 1.11 lakh in a Central Bank of India current account and Rs 1.36 lakh in a Kotak Bank escrow account.

Conclusion

Neetu Yoshi’s September 2026 half-year results show revenue rising by Rs 15.101 crore year on year, while PAT increased by Rs 48.49 lakh. The difference reflected higher materials consumption, employee benefits and depreciation, even as finance cost declined and operating cash flow changed from an outflow of Rs 48.2065 crore to an inflow of Rs 20.088 crore.

The disclosed item to watch next is the remaining Rs 2.47 lakh of IPO proceeds, after Rs 77.0153 crore had been utilised by September 30, 2026. Later financial disclosures will also show how the fully utilised Rs 50.7837 crore manufacturing-facility allocation is reflected in property, plant and equipment, inventory and revenue.