Pace E-Commerce half-year profit rises 24% to Rs 2.67 crore

Pace E-Commerce Ventures Limited reported unaudited net profit of Rs 2.666 crore for the half year ended September 30, 2026, up 24% from Rs 2.1534 crore a year earlier, as revenue from operations rose 25% to Rs 52.8364 crore. Basic and diluted earnings per share increased to Rs 1.18 from Rs 0.96.

How did Pace E-Commerce perform in the September 2026 half year?

Pace E-Commerce reported profit before tax of Rs 3.646 crore for the half year ended September 30, 2026, compared with Rs 2.9499 crore in the half year ended September 30, 2025. Net profit increased by Rs 0.5126 crore after current tax of Rs 0.98 crore, versus profit of Rs 2.1534 crore after Rs 0.7965 crore of current tax in the prior-year period.

Revenue from operations was Rs 52.8364 crore, compared with Rs 42.1176 crore a year earlier. Other income declined to Rs 1.0391 crore from Rs 1.0651 crore, leaving total revenue at Rs 53.8755 crore against Rs 43.1827 crore. Pace E-Commerce reported no profit or loss from discontinuing operations in either half year.

The results were approved by the board on November 6, 2026, after review and recommendation by the audit committee. Bharat Parikh & Associates conducted a limited review of the standalone unaudited results for the September 2026 half year under Standard on Review Engagements 2410, rather than an audit.

What changed in Pace E-Commerce's income and costs?

Pace E-Commerce's total expenses increased to Rs 50.2295 crore in the September 2026 half year from Rs 40.2328 crore a year earlier, while total revenue increased by Rs 10.6928 crore. The resulting increase in profit before tax was Rs 0.6961 crore, from Rs 2.9499 crore to Rs 3.646 crore.

Purchases of stock-in-trade rose to Rs 51.1744 crore from Rs 37.6122 crore in the corresponding 2025 half year. The inventory movement was negative Rs 3.894 crore, compared with negative Rs 0.097 crore a year earlier, while employee benefit expense was Rs 0.7981 crore versus Rs 0.8556 crore and other expenses were Rs 0.6321 crore versus Rs 0.6806 crore.

Pace E-Commerce also reported a different sequential pattern against the half year ended March 31, 2026. Revenue from operations fell from Rs 57.9209 crore in that preceding half to Rs 52.8364 crore, but profit before tax rose from Rs 2.0362 crore to Rs 3.646 crore and net profit rose from Rs 1.5827 crore to Rs 2.666 crore.

The filing identifies Pace E-Commerce as operating in a single primary business segment, so Accounting Standard 17 segment disclosures were not applicable. This means the statement does not provide separate revenue or profit figures for different operating divisions for the September 2026 half year.

How did Pace E-Commerce's earnings per share change?

Pace E-Commerce reported basic and diluted earnings per share, or EPS, of Rs 1.18 for the half year ended September 30, 2026, up from Rs 0.96 in the corresponding half a year earlier. The increase accompanied the rise in profit to Rs 2.666 crore from Rs 2.1534 crore.

EPS also exceeded Rs 0.70 reported for the half year ended March 31, 2026. For the financial year ended March 31, 2026, Pace E-Commerce reported EPS of Rs 1.67 and net profit of Rs 3.7713 crore, compared with EPS of Rs 1.47 and net profit of Rs 3.3082 crore for the year ended March 31, 2025.

Paid-up equity share capital was unchanged at Rs 22.5335 crore at September 30, 2026, with a face value of Rs 10 per equity share. Pace E-Commerce states that half-year EPS uses the weighted average number of shares issued and is not annualised.

Total comprehensive income was Rs 2.666 crore in the latest half year, the same as reported period profit, because the results recorded nil other comprehensive income. The company also disclosed nil EPS from discontinuing operations, consistent with its nil reported profit or loss from that category.

What does Pace E-Commerce's balance sheet show?

Pace E-Commerce reported total assets of Rs 117.9053 crore at September 30, 2026, compared with Rs 102.173 crore at March 31, 2026. Total equity increased to Rs 82.6654 crore from Rs 79.9994 crore over the six months, while non-current liabilities rose to Rs 7.4392 crore from Rs 3.5259 crore.

Trade receivables increased to Rs 28.1552 crore at September 30 from Rs 14.1392 crore at March 31. Inventories rose to Rs 9.8468 crore from Rs 5.9528 crore, while cash and cash equivalents declined to Rs 26.27 lakh from Rs 32.33 lakh.

Current borrowings were Rs 11.3533 crore at September 30, 2026, down from Rs 13.7365 crore at March 31, while non-current borrowings increased to Rs 7.5232 crore from Rs 3.6099 crore. Trade payables due to creditors other than micro and small enterprises rose to Rs 13.286 crore from Rs 2.9185 crore.

Why did Pace E-Commerce report operating cash outflow?

Pace E-Commerce reported net cash outflow from operating activities of Rs 1.5406 crore for the half year ended September 30, 2026, compared with net operating cash inflow of Rs 2.5101 crore in the prior-year half. This occurred even as profit before tax rose to Rs 3.646 crore from Rs 2.9499 crore, reflecting the working-capital movements disclosed in the cash-flow statement.

Trade and other receivables used Rs 14.016 crore of cash, compared with Rs 1.8748 crore in the September 2025 half year. Inventory used Rs 3.894 crore, compared with Rs 0.097 crore, while trade payables provided Rs 10.3675 crore of cash, compared with Rs 2.7395 crore.

Direct tax paid was Rs 0.98 crore, against Rs 0.7965 crore a year earlier. Cash used in investing activities was Rs 2.26 lakh, comprising purchases of fixed assets, compared with Rs 3.40 lakh in the prior-year half.

Financing activities generated Rs 1.5025 crore, compared with Rs 0.4055 crore a year earlier. The statement included Rs 3.9133 crore from increased secured loans, partly offset by Rs 2.3832 crore from reduced unsecured loans and Rs 1.0667 crore of interest paid; net cash and cash equivalents decreased by Rs 6.07 lakh.

Conclusion

Pace E-Commerce combined a 25% year-on-year rise in September-half operating revenue with a 24% increase in net profit and higher EPS. However, the Rs 2.666 crore reported profit did not translate into operating cash generation, as receivables and inventories absorbed cash during the period.

The next disclosed financial results will show whether trade receivables of Rs 28.1552 crore and inventories of Rs 9.8468 crore are converted into cash. They will also indicate whether the Rs 1.5406 crore operating cash outflow reverses after the September 2026 half year.