NOCIL revenue rises 33% as September profit climbs 38%

NOCIL Limited reported standalone revenue from operations of Rs 426.89 crore for the quarter ended September 30, 2026, up 33% from Rs 320.56 crore a year earlier. Net profit rose faster, by 38% to Rs 23.84 crore, although cost of materials consumed increased 53% to Rs 273.45 crore.

How did NOCIL's September-quarter revenue and profit change?

NOCIL's standalone revenue from operations rose by Rs 106.33 crore year on year to Rs 426.89 crore in the quarter ended September 30, 2026, from Rs 320.56 crore in the corresponding quarter of 2025. Total income, which includes other income, increased to Rs 433.36 crore from Rs 336.58 crore. The reported figures are unaudited and were approved by the board on October 29, 2026.

Standalone profit after tax increased by Rs 6.58 crore to Rs 23.84 crore from Rs 17.26 crore. Profit before tax rose to Rs 28.00 crore from Rs 23.29 crore. The increase in net profit was larger in percentage terms than the increase in operating revenue, while total income growth was affected by other income falling to Rs 6.47 crore from Rs 16.02 crore.

NOCIL also reported sequentially lower profit. Revenue from operations increased from Rs 403.02 crore in the quarter ended June 30, 2026, but profit after tax declined from Rs 27.32 crore and profit before tax declined from Rs 36.48 crore. Thus, the September quarter delivered higher sales than both comparison quarters, but its profit was below the immediately preceding quarter.

What costs changed in NOCIL's September quarter?

NOCIL's cost of materials consumed rose by Rs 94.45 crore to Rs 273.45 crore from Rs 179.00 crore a year earlier. This 53% increase exceeded the 33% increase in revenue from operations. Materials represented the largest reported expense line, followed by other expenses of Rs 105.50 crore, which increased from Rs 88.41 crore in the September 2025 quarter.

The inventory line changed substantially between the two periods. NOCIL recorded a Rs 11.25 crore reduction in expenses from changes in inventories of finished goods, work-in-progress and stock-in-trade in the September 2026 quarter, compared with an Rs 8.22 crore expense a year earlier. Employee benefits expense was almost unchanged at Rs 23.23 crore, against Rs 23.19 crore, while depreciation and amortisation rose to Rs 13.68 crore from Rs 13.30 crore.

Total expenses increased by Rs 92.07 crore to Rs 405.36 crore from Rs 313.29 crore. Finance costs declined to Rs 0.30 crore from Rs 0.35 crore. The differing rates of sales, material-cost and total-expense growth indicate that the increase in profit before tax was partly supported by the inventory movement and expense lines that did not rise as quickly as revenue.

How did NOCIL's first-half standalone results compare?

NOCIL's standalone revenue from operations for the six months ended September 30, 2026 was Rs 829.91 crore, up 26% from Rs 656.78 crore in the corresponding six months of 2025. Total income rose to Rs 842.15 crore from Rs 679.16 crore, while profit before tax increased to Rs 64.48 crore from Rs 45.52 crore.

First-half profit after tax rose by Rs 17.32 crore to Rs 51.16 crore from Rs 33.84 crore, a 51% increase. Cost of materials consumed rose to Rs 546.06 crore from Rs 373.34 crore, while total expenses rose to Rs 777.67 crore from Rs 633.64 crore. The six-month inventory line was a Rs 56.76 crore reduction in expenses, compared with an Rs 6.82 crore expense in the prior-year period.

The first-half comparison differs from the single-quarter picture because the quarter ended June 30, 2026 contributed Rs 27.32 crore of standalone profit after tax, compared with Rs 23.84 crore in the September quarter. Other income for the six months declined to Rs 12.24 crore from Rs 22.38 crore, even as revenue and profit before tax rose.

What do NOCIL's balance sheet and cash flows show?

NOCIL's standalone total assets stood at Rs 2,185.63 crore as at September 30, 2026, compared with Rs 2,106.24 crore at March 31, 2026. Capital work-in-progress increased to Rs 271.75 crore from Rs 220.49 crore. Inventories increased to Rs 247.76 crore from Rs 157.44 crore, and trade receivables rose to Rs 361.56 crore from Rs 289.53 crore.

Standalone cash used in operating activities was Rs 52.38 crore in the six months ended September 30, 2026, compared with cash generated from operating activities of Rs 134.13 crore in the prior-year period. The cash-flow statement records a Rs 90.32 crore increase in inventories and a Rs 71.80 crore increase in trade receivables, partly offset by a Rs 47.49 crore increase in trade payables.

Cash and cash equivalents were Rs 24.17 crore at September 30, 2026, down from Rs 30.65 crore at the start of the financial year. NOCIL generated Rs 73.35 crore from investing activities, compared with Rs 98.95 crore used in the previous year's six-month period, while financing activities used Rs 27.45 crore, including Rs 25.32 crore of dividends paid.

Conclusion

NOCIL's September-quarter standalone result combined a 33% increase in revenue from operations with a 38% increase in profit after tax. Material costs rose faster than sales, but the inventory movement changed from an expense in the prior-year quarter to a reduction in expenses, while employee costs and finance costs remained broadly contained. The first-half figures likewise showed profit after tax growing faster than revenue.

The disclosed working-capital movements are the item to watch in subsequent disclosures. Inventories and receivables had risen by Rs 90.32 crore and Rs 71.80 crore respectively during the first six months, contributing to Rs 52.38 crore of operating cash outflow.