Osel Devices standalone revenue rises 25% in first half

Osel Devices Limited reported standalone revenue from sales and services of Rs 183.23 crore for the half year ended September 30, 2026, up 25% from Rs 146.86 crore a year earlier, while profit after tax rose 18% to Rs 17.93 crore. The board approved the unaudited results on November 12, 2026.

How did Osel Devices perform in the first half?

Osel Devices recorded total income of Rs 183.72 crore in the half year ended September 30, 2026, compared with Rs 146.88 crore in the half year ended September 30, 2025. Revenue from sales and services increased by Rs 36.37 crore year on year, while other income fell to Rs 49.44 lakh from Rs 2.27 crore.

Osel Devices' profit before tax rose to Rs 24.96 crore from Rs 20.45 crore in the corresponding prior-year half. Profit after tax increased by Rs 2.74 crore to Rs 17.93 crore from Rs 15.19 crore. The standalone statement reported no exceptional or extraordinary items for either half-year period.

What costs changed as Osel Devices' revenue increased?

Osel Devices' total expenses rose to Rs 158.76 crore for the half year ended September 30, 2026, from Rs 126.43 crore a year earlier. Cost of material consumed reached Rs 146.89 crore, compared with Rs 129.83 crore, while the reported change in inventories was negative Rs 8.20 crore, against negative Rs 16.89 crore in the prior-year half.

Employee benefit expense increased to Rs 6.67 crore from Rs 2.14 crore, and finance costs rose to Rs 7.57 crore from Rs 3.66 crore. Depreciation and amortisation increased to Rs 85.69 lakh from Rs 56.65 lakh. Other expenses, however, declined to Rs 4.97 crore from Rs 7.12 crore.

The reported cost movements meant total expenses rose 26%, slightly faster than the 25% increase in sales and services revenue. Profit before tax consequently rose 22%, below the revenue growth rate. This is a comparison of reported standalone figures and not a management forecast on future profitability.

What were Osel Devices' earnings per share and tax charges?

Osel Devices reported basic earnings per share of Rs 10.08 for the half year ended September 30, 2026, compared with Rs 9.27 in the corresponding period of 2025. Diluted earnings per share were Rs 9.88, compared with Rs 9.27 a year earlier, on shares with a face value of Rs 10 each.

The standalone tax charge included a Rs 7.27 crore provision for taxes and a deferred-tax profit of Rs 23.62 lakh in the September 2026 half year. In the September 2025 half year, the tax provision was Rs 5.11 crore and the deferred-tax charge was Rs 15.97 lakh. No provision for previous-year tax was reported for the September 2026 half year.

Osel Devices granted 1.60 lakh stock options to eligible employees under the Employee Stock Option Plan, 2026, during the half year ended September 30, 2026. The filing identifies the grant but does not disclose an exercise price, vesting schedule or the number of options exercised in the period.

What do Osel Devices' balance sheet and cash flow show?

Osel Devices reported standalone cash and bank balances of Rs 1.04 crore as at September 30, 2026, compared with Rs 1.41 crore as at March 31, 2026. Share capital was Rs 17.79 crore at September 30, compared with Rs 17.69 crore at March 31, while money received against share warrants declined to Rs 3.25 crore from Rs 4.10 crore.

Osel Devices reported negative net cash flow from operating activities for the half year ended September 30, 2026, despite standalone profit after tax of Rs 17.93 crore. The cash-flow statement records working-capital movements involving trade receivables, other current assets and inventories, as well as changes in trade payables and other current liabilities.

Finance costs of Rs 7.57 crore in the September 2026 half year were more than double the Rs 3.66 crore reported a year earlier. The cash-flow statement also lists changes in short-term borrowings and proceeds from share warrants as financing activities, but the filing provides no management explanation for the working-capital movements or higher finance costs.

What did the auditors and board say about Osel Devices' results?

Osel Devices' audit committee and board approved the standalone unaudited financial results on November 12, 2026. Kumar Samantaray & Associates issued its limited review report on the same date, stating that nothing had come to its attention to indicate that the statement had failed to disclose required information or contained a material misstatement.

The review was conducted under Standard on Review Engagements 2410, covering review of interim financial information by an independent auditor. The auditor said the work was limited mainly to inquiries and analytical procedures, provided less assurance than an audit and did not express an audit opinion on the half-year financial statements.

Osel Devices said segment reporting was not applicable to the company for the September 2026 half year. It also cited the Ministry of Corporate Affairs notification of February 16, 2015 under which companies listed on the SME Exchange covered by the specified regulations are exempt from compulsory adoption of Indian Accounting Standards, or Ind AS.

Conclusion

Osel Devices reported year-on-year growth in standalone sales and profit for the half year ended September 30, 2026, with revenue reaching Rs 183.23 crore and profit after tax reaching Rs 17.93 crore. Expenses increased slightly faster than revenue, finance costs rose to Rs 7.57 crore and operating cash flow remained negative during the period.

The next reported results will show whether changes in receivables, inventories and other current assets convert into operating cash generation. Osel Devices has also disclosed the appointment of Harsh Garg as chief financial officer, effective November 19, 2026, and the grant of 1.60 lakh options under its Employee Stock Option Plan, 2026.