Nurture Well Q2 revenue drops 42% as overseas sales fall

Nurture Well Industries Limited reported consolidated revenue from operations of Rs 167.73 crore for the quarter ended 30 September 2026, 42% below Rs 287.99 crore a year earlier, as overseas sales fell 67% to Rs 84.18 crore; consolidated profit after tax declined 59% to Rs 12.24 crore.

Why did Nurture Well’s Q2 revenue decline?

Nurture Well’s quarterly revenue declined because the reduction in overseas sales exceeded the increase in India sales. Revenue from operations fell by Rs 120.26 crore from Rs 287.99 crore in the quarter ended 30 September 2025 to Rs 167.73 crore in the quarter ended 30 September 2026.

Sales of goods accounted for Rs 167.64 crore of the latest quarter’s revenue from operations, while other operating income was Rs 8.68 lakh. Other income of Rs 4.12 lakh took total income to Rs 167.77 crore, compared with Rs 287.99 crore in the corresponding quarter of 2025.

The comparison with the preceding quarter was different. Revenue from operations rose from Rs 152.81 crore in the quarter ended 30 June 2026 to Rs 167.73 crore in the September quarter, an increase of Rs 14.92 crore, although it remained below the year-earlier level.

For the six months ended 30 September 2026, revenue from operations was Rs 320.54 crore, against Rs 536.24 crore in the corresponding six months of 2025. The results identify the group’s activity as goods and manufacturing of food products.

How did Nurture Well’s India and overseas sales change?

Nurture Well’s overseas sales fell to Rs 84.18 crore in the September 2026 quarter from Rs 252.05 crore a year earlier, while India sales rose to Rs 83.46 crore from Rs 34.41 crore. The overseas decline of Rs 167.87 crore was substantially larger than the Rs 49.06 crore rise in domestic sales.

India and overseas sales were therefore close in value in the latest quarter, at Rs 83.46 crore and Rs 84.18 crore respectively. In the September 2025 quarter, overseas sales were Rs 252.05 crore, compared with India sales of Rs 34.41 crore, showing a marked change in the reported revenue mix.

The same pattern appeared over six months. India sales rose to Rs 110.72 crore for the six months ended 30 September 2026 from Rs 64.97 crore in the corresponding period of 2025, whereas overseas sales fell to Rs 209.67 crore from Rs 471.26 crore.

What happened to Nurture Well’s profit and expenses?

Nurture Well’s consolidated profit after tax was Rs 12.24 crore for the September 2026 quarter, down from Rs 29.89 crore a year earlier and Rs 13.47 crore in the June 2026 quarter. Profit before tax declined to Rs 13.10 crore from Rs 30.86 crore in the September 2025 quarter.

Total expenses declined to Rs 154.67 crore from Rs 257.13 crore a year earlier. Purchases of stock-in-trade fell to Rs 118.22 crore from Rs 218.79 crore, while cost of material consumed or traded goods increased to Rs 27.10 crore from Rs 26.64 crore.

Some expense lines rose despite the lower year-on-year revenue. Employee-benefit expense increased to Rs 2.96 crore from Rs 2.54 crore, depreciation rose to Rs 90.23 lakh from Rs 75.74 lakh, and finance cost increased to Rs 59.08 lakh from Rs 20.76 lakh.

Segment earnings before interest, tax, depreciation and amortisation, or EBITDA, were Rs 14.60 crore in the latest quarter, down from Rs 33.97 crore a year earlier. India EBITDA increased to Rs 5.00 crore from Rs 4.78 crore, but overseas EBITDA fell to Rs 9.60 crore from Rs 29.19 crore.

What do the half-year results and auditor review show?

Nurture Well reported consolidated profit after tax of Rs 25.71 crore for the six months ended 30 September 2026, compared with Rs 54.65 crore in the corresponding six months of 2025. Profit before tax declined to Rs 28.10 crore from Rs 56.46 crore, while total comprehensive income was Rs 26.65 crore against Rs 57.72 crore.

Segment assets were Rs 755.68 crore at 30 September 2026, compared with Rs 768.60 crore at 31 March 2026. India segment assets were Rs 514.97 crore and overseas segment assets were Rs 240.72 crore, compared with Rs 509.59 crore and Rs 259.01 crore respectively at 31 March 2026.

The consolidated statements include Nurture Well Foods Limited, the group’s disclosed subsidiary. The auditor said the subsidiary had total revenue of Rs 123.29 crore before intragroup eliminations in the September 2026 quarter and Rs 276.10 crore for the period from 1 April 2026 to 30 September 2026.

Prem Gupta & Co. performed a limited review of the consolidated unaudited results under Standard on Review Engagements 2410. The firm said nothing had come to its attention to indicate that the statement lacked required disclosures or contained a material misstatement, while noting that a review provides less assurance than an audit.

Conclusion

Nurture Well’s September-quarter results show that the increase in India sales did not offset the much larger contraction in overseas business. Revenue from operations fell by Rs 120.26 crore year on year to Rs 167.73 crore, while profit after tax declined by Rs 17.65 crore to Rs 12.24 crore and overseas EBITDA fell by Rs 19.59 crore to Rs 9.60 crore.

The next disclosed development is the appointment of Goyal Mittal & Associates LLP as internal auditor with effect from 12 November 2026. Future disclosures will show whether India sales, which reached Rs 83.46 crore in the September quarter, continue to increase and whether overseas sales recover from Rs 84.18 crore.