Pilani Investment’s profit reaches Rs 394 crore on associate

Pilani Investment and Industries Corporation Limited reported consolidated profit of Rs 394.16 crore for the quarter ended 30 September 2026, after recognising Rs 285.77 crore as its share of profit in an associate company. The associate contribution accounted for more than the Rs 108.39 crore profit recorded before the associate share.

What drove Pilani Investment’s September-quarter profit?

Pilani Investment’s September-quarter consolidated profit was chiefly lifted by its Rs 285.77 crore share of profit in an associate. Profit for the period before the associate share was Rs 108.39 crore, and adding the associate contribution resulted in consolidated profit of Rs 394.16 crore for the quarter ended 30 September 2026.

The composition changed sharply from the quarter ended 30 September 2025. Profit before the associate share rose to Rs 108.39 crore from Rs 49.95 crore, while the associate result moved to a Rs 285.77 crore profit from a Rs 5.24 crore loss. Consolidated profit consequently increased from Rs 44.71 crore to Rs 394.16 crore.

The preceding quarter shows the scale of the turnaround in the associate result. Pilani Investment reported a consolidated loss of Rs 47.25 crore for the quarter ended 30 June 2026, comprising a Rs 34.42 crore loss before the associate share and a Rs 12.83 crore associate loss. The September-quarter associate profit reversed that June-quarter outcome.

How did Pilani Investment’s income change in the September quarter?

Pilani Investment’s total income increased to Rs 186.99 crore in the quarter ended 30 September 2026 from Rs 129.47 crore a year earlier. Dividend income was Rs 166.07 crore, compared with Rs 76.04 crore in the prior-year quarter, and was the largest disclosed component of revenue from operations.

Interest income declined to Rs 14.42 crore from Rs 52.71 crore over the same comparison. Rental income was Rs 27.98 lakh, against Rs 25.34 lakh, while other income was Rs 93,000 in the latest quarter. Revenue from operations, including these items and other disclosed income, was Rs 186.98 crore before other income.

September-quarter total expenses were Rs 55.41 crore, compared with Rs 60.17 crore in the quarter ended 30 September 2025. Finance costs increased to Rs 46.67 crore from Rs 38.87 crore, but the increase in total income exceeded the higher finance cost. Profit before tax therefore rose to Rs 131.58 crore from Rs 69.30 crore.

Tax expense was Rs 23.19 crore in the latest quarter, compared with Rs 19.35 crore a year earlier. After tax, but before the associate share, Pilani Investment reported Rs 108.39 crore of profit. That was Rs 58.44 crore above the Rs 49.95 crore recorded in the comparable quarter of 2025.

Which associate contributed to Pilani Investment’s result?

Pilani Investment’s consolidated accounts include Aditya Birla Real Estate Ltd. as an associate company. The auditors’ report identifies Aditya Birla Real Estate Ltd., formerly Century Textiles and Industries Limited, as the group’s associate, alongside subsidiaries PIC Realcon Ltd. and PIC Properties Ltd.

The auditors stated that the associate’s financial information had been reviewed by other auditors and that their reports were provided to the joint statutory auditors. For the September 2026 quarter, the auditors cited Pilani Investment’s share in the associate’s net profit at Rs 285.77 crore. Their review conclusion was not modified in respect of the associate information considered through the other auditors’ report.

For the half year ended 30 September 2026, Pilani Investment’s share of the associate’s net profit was Rs 272.94 crore. Because the September quarter alone contributed Rs 285.77 crore, the June 2026 quarter produced the disclosed associate loss of Rs 12.83 crore. In the half year ended 30 September 2025, the associate contribution was a Rs 13.67 crore loss.

Pilani Investment said its primary business is investment and financing activities in India. It also said there are no separate reportable segments under Indian Accounting Standard 108, Operating Segments, meaning the filing does not provide segment-level income or profit figures beyond the consolidated statement.

What do Pilani Investment’s half-year results and cash flows show?

Pilani Investment reported consolidated profit of Rs 346.91 crore for the half year ended 30 September 2026, compared with Rs 40.69 crore in the corresponding half of 2025. The six-month result included Rs 272.94 crore of associate profit, against a Rs 13.67 crore associate loss in the prior-year period.

Profit before the associate share rose to Rs 73.97 crore from Rs 54.37 crore. Total income increased to Rs 201.66 crore from Rs 179.16 crore, as dividend income rose to Rs 166.09 crore from Rs 76.05 crore. Interest income, however, declined to Rs 28.36 crore from Rs 101.52 crore.

Total expenses were Rs 104.50 crore in the latest half year, compared with Rs 103.74 crore a year earlier. Profit before tax increased to Rs 97.17 crore from Rs 75.42 crore, while the reported tax expense was Rs 23.20 crore, compared with Rs 21.05 crore in the comparable period.

The consolidated cash-flow statement recorded Rs 326.93 crore of net cash generated from operating activities for the half year ended 30 September 2026, compared with net cash used of Rs 316.94 crore a year earlier. Net cash used in investing activities was Rs 393.80 crore, compared with net cash generated of Rs 27.54 crore in the previous half year.

Financing activities generated Rs 63.04 crore of net cash in the latest half year, versus Rs 274.79 crore in the prior-year period. Consolidated cash and cash equivalents closed at Rs 1.25 crore on 30 September 2026, compared with Rs 5.67 crore at 30 September 2025.

What debt information did Pilani Investment disclose?

Pilani Investment disclosed a debt-equity ratio of 0.14 times as at 30 September 2026, compared with 0.13 times at 30 June 2026 and 0.13 times at 30 September 2025. The filing defines debt for this measure as long-term borrowings, short-term borrowings and lease liabilities, including current and non-current portions.

The consolidated balance sheet reported borrowings other than debt securities of Rs 2,464.39 crore at 30 September 2026, compared with Rs 2,391.38 crore at 31 March 2026. Borrowings classified as debt securities were Rs 19.49 lakh at 30 September 2026, against Rs 17.80 lakh at the March 2026 year-end.

The filing also listed commercial-paper repayment and outstanding details, with several instruments stated as not due on 30 September 2026. It identified CRISIL A1+ and CARE A1+ ratings for commercial paper, and CRISIL AA+/Stable and CARE AA+/Stable ratings for non-convertible debentures.

Conclusion

Pilani Investment’s Rs 394.16 crore consolidated September-quarter profit combined a Rs 108.39 crore post-tax profit before associate share with a Rs 285.77 crore associate contribution. Compared with Rs 44.71 crore a year earlier and a Rs 47.25 crore loss in the preceding quarter, the result was substantially shaped by the move in the associate’s reported profit or loss.

The next results will show whether the September-quarter associate contribution is sustained after its swing from a Rs 12.83 crore loss in June 2026. Pilani Investment’s board approved the unaudited consolidated results on 10 November 2026, and the filing continues to identify investment and financing activities as the group’s sole primary business without separate reportable segments.