PIX Transmissions Q2 profit rises 39% as valuation reverses

PIX Transmissions Limited reported consolidated profit after tax of Rs 32.6864 crore for the quarter ended 30 September 2026, up 38.8% from Rs 23.5434 crore a year earlier but down 38.0% from Rs 52.7477 crore in the June quarter, after fair-value investment income reversed into an expense.

How did PIX Transmissions' Q2 profit change?

PIX Transmissions' profit after tax rose by Rs 9.1430 crore year on year to Rs 32.6864 crore in the quarter ended 30 September 2026, while profit before tax increased to Rs 44.1149 crore from Rs 32.4406 crore. Revenue from operations increased to Rs 161.5302 crore from Rs 138.7872 crore in the quarter ended 30 September 2025.

The year-on-year profit increase occurred despite total expenses rising to Rs 121.0301 crore from Rs 111.1346 crore. Total income reached Rs 165.1450 crore, compared with Rs 143.5752 crore a year earlier, leaving a Rs 44.1149 crore profit before tax, versus Rs 32.4406 crore in the prior-year quarter.

PIX Transmissions' tax expense was Rs 11.4285 crore in the September 2026 quarter, against Rs 8.8972 crore a year earlier and Rs 13.8914 crore in the June 2026 quarter. Basic and diluted earnings per share, not annualised for quarterly reporting, were Rs 23.99, compared with Rs 17.28 in September 2025 and Rs 38.71 in June 2026.

Why did PIX Transmissions' profit fall from June 2026?

PIX Transmissions' sequential profit fell because it reported a Rs 2.1779 crore fair value through profit or loss, or FVTPL, adjustment on investments within other expenses in the September 2026 quarter, after recognising Rs 25.2949 crore of FVTPL income in other income during the June 2026 quarter. The disclosed FVTPL items therefore moved adversely by Rs 27.4728 crore between the two quarters.

Other income declined to Rs 3.6148 crore in the September quarter from Rs 27.4226 crore in June. Revenue from operations nevertheless rose by Rs 12.2826 crore over the same period, to Rs 161.5302 crore from Rs 149.2476 crore, but that increase did not offset the movement in other income and the rise in total expenses.

Total expenses increased to Rs 121.0301 crore from Rs 110.0311 crore quarter on quarter, while total income declined by Rs 11.5252 crore. As a result, profit before tax decreased by Rs 22.5242 crore from Rs 66.6391 crore in June to Rs 44.1149 crore in September, and profit after tax decreased by Rs 20.0613 crore.

The filing records FVTPL adjustments for the half year ended 30 September 2026 as Rs 23.1171 crore of income in other income, compared with Rs 7.8439 crore for the half year ended 30 September 2025. This half-year figure reflects the June-quarter income and the September-quarter expense under Indian Accounting Standard 109 on financial instruments.

Did PIX Transmissions' revenue and costs increase in Q2?

PIX Transmissions' revenue from operations grew 16.4% year on year and 8.2% sequentially to Rs 161.5302 crore in the September 2026 quarter. The group reports one operating segment, Industrial Rubber Products, under Indian Accounting Standard 108 on operating segments, so the filing provides no product-line or geographical revenue split.

Cost of materials consumed increased to Rs 50.1696 crore from Rs 43.4146 crore a year earlier, while employee benefit expense rose to Rs 25.3592 crore from Rs 24.0170 crore. Other expenses increased to Rs 34.0607 crore from Rs 31.8424 crore and included the Rs 2.1779 crore FVTPL investment adjustment.

Finance costs declined to Rs 0.5432 crore from Rs 0.7185 crore in the year-earlier quarter and Rs 0.6059 crore in June 2026. Depreciation and amortisation were Rs 5.9539 crore, compared with Rs 5.9936 crore a year earlier, while purchases of stock-in-trade increased to Rs 5.8346 crore from Rs 5.4307 crore.

For the half year ended 30 September 2026, revenue from operations rose to Rs 310.7778 crore from Rs 260.3224 crore in the comparable 2025 period. Half-year profit after tax increased to Rs 85.4339 crore from Rs 51.4035 crore, while total expenses rose to Rs 228.8835 crore from Rs 208.7772 crore.

What changed in PIX Transmissions' financial position and cash flow?

PIX Transmissions' total assets were Rs 900.3760 crore at 30 September 2026, compared with Rs 829.8757 crore at 31 March 2026. Current investments increased to Rs 262.4183 crore from Rs 199.5739 crore, inventories rose to Rs 125.0530 crore from Rs 101.9613 crore, and trade receivables fell to Rs 114.2761 crore from Rs 135.0715 crore.

Equity increased to Rs 769.7808 crore at 30 September 2026 from Rs 696.6812 crore at the March 2026 year-end. Non-current borrowings declined to Rs 15.9647 crore from Rs 18.0790 crore, and current borrowings decreased to Rs 2.7537 crore from Rs 6.1473 crore.

Net cash generated by operating activities was Rs 73.5366 crore for the half year ended 30 September 2026, down from Rs 89.0331 crore in the prior-year half. The cash-flow statement shows Rs 23.0918 crore used in inventories, compared with Rs 0.9710 crore generated from inventory movements in the comparable 2025 period.

Investing activities used Rs 43.0418 crore during the six months, including Rs 37.8140 crore of net purchases of investments and Rs 6.3537 crore of purchases of property, plant and equipment. Financing activities used Rs 24.8931 crore, including Rs 11.9637 crore of dividend payments and Rs 11.7803 crore of net borrowing repayments, leaving cash and cash equivalents at Rs 106.5252 crore.

Was PIX Transmissions' September 2026 result reviewed?

PIX Transmissions' unaudited consolidated results for the quarter and half year ended 30 September 2026 were reviewed by the audit committee and approved by the board on 6 November 2026. The statutory auditors issued an unmodified limited-review conclusion under Regulation 33 of the Securities and Exchange Board of India listing regulations.

The auditor's report covered PIX Transmissions and subsidiaries in the United Arab Emirates, the United Kingdom and Germany. One reviewed subsidiary group reported quarterly revenue of Rs 11.0828 crore and profit after tax of Rs 1.4672 crore before consolidation adjustments, while another management-furnished subsidiary group reported Rs 23.9612 crore of quarterly revenue and Rs 1.7769 crore of profit after tax.

Conclusion

PIX Transmissions combined a 16.4% year-on-year increase in September-quarter revenue with a 38.8% rise in profit after tax to Rs 32.6864 crore. The comparison with June, however, was shaped by a Rs 27.4728 crore adverse movement between disclosed FVTPL investment items, which contributed to the 38.0% sequential decline in profit after tax.

The next reported period will show whether revenue growth continues after first-half revenue reached Rs 310.7778 crore and whether FVTPL movements again affect other income or expenses. The filing identifies Industrial Rubber Products as the sole reportable segment and does not disclose a separate management target or operating plan for the next quarter.