Oswal Greentech profit rises as expenses decline in H1

Oswal Greentech Limited reported standalone profit after tax of Rs 16.98 crore for the half year ended September 30, 2026, compared with Rs 12.16 crore a year earlier, as total expenses fell Rs 10.87 crore while total income declined Rs 5.07 crore. Investment-activities segment revenue rose to Rs 27.74 crore.

Why did Oswal Greentech’s first-half profit increase?

Oswal Greentech’s first-half profit increased because the reduction in expenses exceeded the decline in income. Profit before tax reached Rs 20.79 crore in the half year ended September 30, 2026, against Rs 15.03 crore in the corresponding half year ended September 30, 2025. Profit after tax rose Rs 4.82 crore to Rs 16.98 crore over the same comparison.

Total income fell to Rs 46.33 crore from Rs 51.40 crore, while total expenses declined to Rs 25.50 crore from Rs 36.37 crore. The Rs 10.87 crore fall in expenses was larger than the Rs 5.07 crore reduction in income, resulting in a Rs 5.76 crore increase in profit before tax.

The unaudited standalone results were reviewed by the audit committee and approved by Oswal Greentech’s board on November 4, 2026. The independent reviewer reported that nothing had come to its attention to indicate that the results did not meet the applicable disclosure requirements, while separately drawing attention to the inter-corporate deposit dispute.

How did investment activities affect Oswal Greentech’s half-year income?

Investment activities generated segment revenue of Rs 27.74 crore in the September 2026 half year, up from Rs 13.06 crore a year earlier. This Rs 14.68 crore increase occurred while the company’s total income fell Rs 5.07 crore, reflecting materially different movements across its reported revenue classifications and business segments.

Other income was Rs 37.75 crore for the half year ended September 30, 2026, compared with Rs 13.97 crore in the prior-year period. Revenue from operations was Rs 8.58 crore, down from Rs 37.43 crore. Oswal Greentech separately identifies real estate and investment activities as business segments, so segment revenue is not directly equivalent to the income-statement categories of revenue from operations and other income.

The cash-flow statement recorded Rs 5.63 crore of repayments of inter-corporate deposits during the 2026 half year and Rs 4.35 crore of interest received. In reconciling profit before tax to operating cash flow, the statement also included Rs 5.62 crore of interest income on financial assets measured at amortised cost and a Rs 6.20 crore net gain on financial assets carried at fair value through profit or loss.

What changed in Oswal Greentech’s balance sheet and cash flow?

Oswal Greentech’s total assets were Rs 2,440.80 crore at September 30, 2026, compared with Rs 2,422.18 crore at March 31, 2026. Total equity increased to Rs 2,401.74 crore from Rs 2,384.61 crore over the six months, while total current liabilities rose to Rs 34.96 crore from Rs 33.06 crore.

Current assets increased to Rs 1,425.44 crore at September 30 from Rs 972.50 crore at March 31. Bank balances other than cash equivalents rose to Rs 470.70 crore from Rs 393.59 crore, while loans declined to Rs 576.30 crore from Rs 581.92 crore and inventories reduced to Rs 169.87 crore from Rs 183.41 crore.

Net cash from operating activities was Rs 28.58 crore in the half year ended September 30, 2026, compared with Rs 37.51 crore in the corresponding 2025 period. Cash and cash equivalents increased Rs 2.08 crore during the 2026 half year to Rs 7.69 crore, from Rs 5.61 crore at the beginning of the financial year; financing activities used Rs 94.36 lakh, including Rs 95.37 lakh of lease-liability payments.

What is the status of Oswal Greentech’s inter-corporate deposit dispute?

Oswal Greentech has not recognised further interest on an inter-corporate deposit while its challenge is pending before the High Court of New Delhi. The company said this meant interest income and current assets were understated by Rs 10.71 crore for the quarter under review, because it did not charge additional interest pending the court’s judgment.

An arbitration award of Rs 97.17 crore was made in Oswal Greentech’s favour against a total claim of Rs 472.12 crore, leaving a Rs 374.95 crore shortfall against the claim. The company has challenged that award before the High Court of New Delhi. The reviewer included this matter in an emphasis-of-matter section but did not modify its review conclusion.

The announcement does not provide a hearing date or resolution timetable for the court case. The stated Rs 10.71 crore relates to the quarter under review rather than a separately stated half-year adjustment, and the filing says any recognition of the disputed interest remains pending the court’s judgment.

What is Oswal Greentech planning in Dubai?

Oswal Greentech plans to establish a wholly owned limited liability company in Dubai, United Arab Emirates, with an intended AED 40 million capital contribution. Its board approved the proposal on June 17, 2026, and the company said incorporation formalities remained under process as of the November 4, 2026 results announcement.

The company said any effect of the proposed subsidiary on financial results would be recorded after incorporation is completed and operations begin. The filing does not specify the proposed entity’s operating activity, its commencement date, expected income or the timing of the AED 40 million capital contribution.

The Dubai proposal therefore made no disclosed contribution to the half year ended September 30, 2026. Its eventual financial effect depends on incorporation and commencement of operations, two events that had not occurred by the date of the results announcement.

Conclusion

Oswal Greentech’s September 2026 half-year result combined a Rs 4.82 crore increase in profit after tax with a Rs 5.07 crore decline in total income. Lower expenses, higher investment-activities segment revenue and shifts between revenue from operations and other income were central features of the reported standalone numbers, while operating cash flow was lower than the prior-year period.

The next disclosed developments to watch are completion and commencement of the AED 40 million Dubai subsidiary, and the High Court of New Delhi proceedings over the inter-corporate deposit award. The court outcome may determine whether the Rs 10.71 crore of quarterly interest and related current assets that remain unrecognised are subsequently accounted for.