Photoquip reports Rs 1.11 crore first-half net profit

PHOTOQUIP INDIA LIMITED reported net profit of Rs 1.11 crore for the half year ended September 30, 2026, against Rs 7.40 lakh in the corresponding 2025 period, while income from operations declined to Rs 5.58 crore from Rs 6.08 crore. The reported basic and diluted earnings per share rose to Rs 1.86 from Rs 0.12.

What did Photoquip report for the half year?

Photoquip reported net profit after tax of Rs 1.11 crore for the half year ended September 30, 2026, compared with Rs 7.40 lakh for the half year ended September 30, 2025. The company reported basic and diluted earnings per share, or EPS, of Rs 1.86, up from Rs 0.12 in the prior-year half. Paid-up equity share capital was unchanged at Rs 6.00 crore, based on a face value of Rs 10 per share.

The results statement listed profit from ordinary activities before tax at Rs 1.21 crore for the September 2026 half year, against Rs 33,000 a year earlier. It recorded no exceptional items in either half-year period. Current tax was nil, while deferred tax was Rs 9.72 lakh for the September 2026 half year, compared with Rs 7.07 lakh in the prior-year period.

Total comprehensive income was reported at Rs 1.11 crore for the September 2026 half year, the same as the net-profit figure. The statement showed no material half-year other comprehensive income, although it listed a Rs 10 change in the net fair value of equity investments through other comprehensive income. The board approved the unaudited results on November 14, 2026.

How did Photoquip's income and expenses change?

Photoquip's income from operations fell to Rs 5.58 crore in the half year ended September 2026 from Rs 6.08 crore in the corresponding period of 2025. Other income declined to Rs 60.80 lakh from Rs 67.67 lakh, bringing total income to Rs 6.19 crore from Rs 6.76 crore. The filing therefore reported higher net profit despite a Rs 56.58 lakh decline in total income.

Purchase of stock-in-trade increased to Rs 5.39 crore from Rs 3.98 crore, while the inventory movement line rose to Rs 85.45 lakh from Rs 21.35 lakh. Employee benefit expense increased to Rs 67.65 lakh from Rs 56.83 lakh. Finance cost declined marginally to Rs 68.34 lakh from Rs 68.95 lakh, and depreciation and amortisation fell to Rs 40.79 lakh from Rs 42.63 lakh.

Other expenditure decreased to Rs 1.10 crore in the September 2026 half year from Rs 1.30 crore a year earlier. The statement displayed total expenses of Rs 7.40 crore, compared with Rs 6.75 crore in the corresponding half year. Those displayed income and expense totals do not reconcile arithmetically with the reported Rs 1.21 crore pre-tax profit, and the November 14 announcement included no note explaining the apparent sign or presentation inconsistency.

For the September 2026 quarter alone, Photoquip reported income from operations of Rs 3.60 crore, compared with Rs 3.41 crore in the September 2025 quarter and Rs 1.99 crore in the June 2026 quarter. Net profit for the September 2026 quarter was Rs 34.23 lakh, versus Rs 1.41 lakh a year earlier. The June 2026 column reported net profit of Rs 77.25 lakh and EPS of Rs 1.29, compared with September-quarter EPS of Rs 0.57.

What changed in Photoquip's balance sheet?

Photoquip reported total assets of Rs 22.81 crore at September 30, 2026, compared with Rs 22.63 crore at March 31, 2026. Inventories increased to Rs 2.80 crore from Rs 1.94 crore, while trade receivables decreased to Rs 3.81 crore from Rs 4.41 crore. Cash and cash equivalents declined to Rs 6.23 lakh from Rs 19.68 lakh during the six-month period.

Property, plant and equipment decreased to Rs 6.52 crore at September 30 from Rs 6.79 crore at March 31. Deferred tax assets rose to Rs 1.57 crore from Rs 1.48 crore, while other non-current assets increased to Rs 5.59 crore from Rs 5.42 crore. Investment property was unchanged at Rs 1.00 crore on both balance-sheet dates.

Non-current borrowings rose to Rs 13.04 crore at September 30, 2026, from Rs 10.98 crore at March 31, 2026. Current borrowings fell to Rs 2.00 crore from Rs 2.36 crore. Trade payables due to parties other than micro and small enterprises decreased to Rs 1.44 crore from Rs 1.52 crore, while dues to micro and small enterprises increased to Rs 4.51 lakh from Rs 2.85 lakh.

Equity share capital remained Rs 6.00 crore at both reporting dates, but other equity was reported at Rs 6.83 lakh at September 30, down from Rs 1.18 crore at March 31. The cash-flow statement listed closing cash and cash equivalents of Rs 6.23 lakh, comprising Rs 2.49 lakh in current accounts and Rs 3.74 lakh of cash on hand. It also showed a Rs 13.46 lakh decrease from the opening cash balance of Rs 19.68 lakh.

How were Photoquip's September 2026 results reviewed?

Photoquip's board approved the unaudited quarterly and half-year financial results for the period ended September 30, 2026, at its November 14, 2026 meeting. The meeting started at 12:30 p.m. Indian Standard Time and concluded at 1:30 p.m. The board also approved the limited review report under Regulation 33 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015.

The company said its Audit Committee reviewed the results before the board approved them. It also stated that prior-period figures were regrouped or rearranged where necessary. The half-year filing did not disclose a dividend proposal, sales target, capital-expenditure programme, or management forecast as of November 14, 2026.

F P & Associates issued its independent limited review report dated November 14, 2026. The reviewer said nothing had come to its attention that caused it to believe the unaudited standalone results failed to make the disclosures required by the listing regulations or contained a material misstatement. The report also stated that a limited review is substantially narrower than an audit and does not provide an audit opinion.

The results were prepared as unaudited standalone financial results for the quarter ended September 30, 2026 and the year-to-date period from April 1, 2026 to September 30, 2026. The limited review referred to Indian Accounting Standards, or Ind AS, prescribed under Section 133 of the Companies Act, 2013. The auditor's report carried the same November 14, 2026 date as the board announcement.

Conclusion

Photoquip reported a substantial increase in half-year net profit to Rs 1.11 crore from Rs 7.40 lakh, alongside EPS of Rs 1.86 versus Rs 0.12. The reported improvement came even as income from operations fell to Rs 5.58 crore from Rs 6.08 crore and the displayed total-expense figure rose to Rs 7.40 crore from Rs 6.75 crore.

The next reported results should be assessed for any clarification of the apparent mismatch between the September 2026 half-year income, expenses and pre-tax-profit lines. The balance sheet also provides measurable points for comparison, including non-current borrowings of Rs 13.04 crore, inventories of Rs 2.80 crore and cash and cash equivalents of Rs 6.23 lakh at September 30, 2026.