POCL Enterprises completes TMA acquisition, adds Rs 51.54 crore

POCL Enterprises Limited completed its 51% acquisition of Trichy Metals and Alloys Private Limited on July 15, 2026, making it a subsidiary, while the subsidiary and associate together reported Rs 51.54 crore of revenue for the quarter ended September 30, 2026. POCL Enterprises said the acquisition makes prior-period consolidated comparisons not directly comparable.

How did POCL Enterprises acquire control of TMA?

POCL Enterprises obtained control through the purchase of TMA equity shares from existing shareholders and a further preferential subscription to TMA equity shares. The transaction closed on July 15, 2026, under a Share Purchase Agreement and a Share Subscription-cum-Shareholders’ Agreement, according to the September-quarter filing dated November 13, 2026.

TMA became a POCL Enterprises subsidiary from July 15, 2026. The filing does not disclose the cash consideration, number of TMA shares acquired or TMA’s individual operating activities, but confirms that its results were included in the consolidated financial statements for the quarter and six months ended September 30, 2026.

POCL Enterprises applied Indian Accounting Standard 103, Business Combinations, to the transaction. Fair values assigned to acquired assets and liabilities remain provisional, while the excess of consideration over provisional net assets has been recorded as goodwill; management said its continuing review could produce measurement-period adjustments.

How much revenue did the group entities report?

POCL Enterprises’ subsidiary and associate together reported total revenue of Rs 51.54 crore for the quarter and six months ended September 30, 2026. The same entities had total assets of Rs 31.42 crore, net assets of Rs 10.58 crore, total comprehensive income of Rs 1.62 crore and net cash flows of Rs 30.30 lakh at September 30, 2026.

The Rs 51.54 crore figure combines TMA with Planetfirst Green Private Limited, an associate accounted for under the equity method. POCL Enterprises did not separately disclose sales, profit, assets or cash flow for TMA, so the filing cannot identify the acquired subsidiary’s individual contribution.

The auditor said it had not reviewed or performed a limited review of the subsidiary and associate results used in the consolidated accounts. Those figures were furnished by management and were unaudited or not limited reviewed; the auditor did not modify its report but did not express an opinion on the completeness and fair presentation of these entities’ results.

How did POCL Enterprises’ revenue and profit change?

POCL Enterprises reported consolidated revenue from operations of Rs 510.58 crore for the quarter ended September 30, 2026, compared with Rs 362.55 crore a year earlier and Rs 466.04 crore in the quarter ended June 30, 2026. Standalone revenue was Rs 459.05 crore in the September 2026 quarter, leaving a Rs 51.54 crore difference from the consolidated result.

Consolidated profit before tax was Rs 5.43 crore for the September 2026 quarter, down from Rs 13.18 crore a year earlier and Rs 7.69 crore in the June 2026 quarter. Standalone profit before tax was Rs 4.35 crore, compared with the consolidated Rs 5.43 crore result.

For the six months ended September 30, 2026, consolidated revenue from operations increased to Rs 976.62 crore from Rs 734.98 crore a year earlier. Consolidated profit before tax declined to Rs 13.12 crore from Rs 28.80 crore, while finance cost rose to Rs 9.51 crore from Rs 8.25 crore.

POCL Enterprises said the July 15 acquisition means its September 2026 consolidated quarter and half year are not directly comparable with the corresponding previous periods. The current-period results include TMA from the acquisition date and the purchase accounting is still based on provisional fair values.

Which segments recorded the biggest changes?

POCL Enterprises’ metal segment reported consolidated revenue of Rs 399.44 crore in the quarter ended September 30, 2026, up from Rs 293.05 crore a year earlier and Rs 311.47 crore in the preceding quarter. Consolidated metal revenue exceeded standalone metal revenue of Rs 347.91 crore by Rs 51.54 crore, broadly matching the group entities’ reported revenue.

Metal segment profit before tax and finance cost was Rs 5.10 crore, compared with Rs 16.85 crore a year earlier and Rs 7.36 crore in the June 2026 quarter. In contrast, metallic oxides segment profit before tax and finance cost increased to Rs 7.03 crore from Rs 3.38 crore in the September 2025 quarter.

Metallic oxides revenue was Rs 135.46 crore in the September 2026 quarter, above Rs 92.28 crore a year earlier but below Rs 166.98 crore in June 2026. Plastic additives revenue reached Rs 29.75 crore, compared with Rs 25.36 crore a year earlier, while its segment result was Rs 1.26 crore.

What changed in POCL Enterprises’ financial position and cash flow?

POCL Enterprises reported consolidated total assets of Rs 479.99 crore at September 30, 2026, compared with Rs 409.63 crore at June 30, 2026 and Rs 392.17 crore a year earlier. Consolidated total liabilities were Rs 267.72 crore, up from Rs 208.88 crore at June 30, while total capital employed was Rs 212.27 crore.

The consolidated cash-flow statement recorded net cash used in operating activities of Rs 77.01 crore for the six months ended September 30, 2026, compared with an outflow of Rs 89.14 crore a year earlier. Net cash from financing activities was Rs 65.35 crore, including Rs 24.73 crore of net long-term borrowings and Rs 51.07 crore of net short-term borrowings.

POCL Enterprises invested Rs 12.47 crore in equity shares of a subsidiary during the six-month period. Its utilisation statement also reported no deviation in funds raised through the June 18, 2025 preferential issue: Rs 19 crore allocated for growth opportunities and strategic acquisitions and Rs 33.50 crore for working-capital requirements had both been fully utilised.

Conclusion

POCL Enterprises has completed the transaction that makes TMA a subsidiary, with the September-quarter accounts showing Rs 51.54 crore of combined revenue from the subsidiary and associate. Consolidated revenue reached Rs 510.58 crore in the quarter, but profit before tax declined to Rs 5.43 crore from Rs 13.18 crore a year earlier, and the company has cautioned against direct comparison with prior periods.

The next item to watch is POCL Enterprises’ continuing review of the provisional fair values of TMA’s acquired assets and liabilities, including any resulting adjustment to goodwill. Later disclosures may also clarify TMA’s individual financial contribution because the current filing combines its Rs 51.54 crore revenue disclosure with Planetfirst Green Private Limited.