Prithvi Exchange revenue rises 29% as profit falls 26%

Prithvi Exchange (India) Limited reported 29% year-on-year growth in standalone revenue from operations to Rs 1,313.0896 crore for the quarter ended September 30, 2026, but net profit after tax fell 26% to Rs 92.40 lakh, as foreign-currency purchases, employee costs, finance costs and other expenses increased.

How did Prithvi Exchange’s revenue and profit change?

Prithvi Exchange’s revenue from operations increased from Rs 1,021.3199 crore in the three months ended September 30, 2025 to Rs 1,313.0896 crore in the latest September quarter. Total income, which includes other income, rose to Rs 1,313.5409 crore from Rs 1,021.7044 crore over the same comparison.

The increase in income did not carry through to earnings. Standalone profit before tax declined to Rs 1.184 crore from Rs 1.6682 crore, while net profit after tax declined to Rs 92.40 lakh from Rs 1.2482 crore. Basic and diluted earnings per share were Rs 1.12, compared with Rs 1.51 a year earlier.

The latest quarter improved sequentially from the three months ended June 30, 2026, when Prithvi Exchange reported total income of Rs 1,108.5752 crore and net profit of Rs 70.90 lakh. Profit before tax was Rs 94.90 lakh in June 2026, compared with Rs 1.184 crore in September 2026.

What drove Prithvi Exchange’s revenue increase?

Prithvi Exchange’s sale of foreign currencies rose to Rs 1,310.8577 crore in the September 2026 quarter from Rs 1,017.3024 crore a year earlier. This line accounted for most of the Rs 291.7697 crore increase in revenue from operations, as the company reports one business segment, foreign exchange.

Other operating income moved in the opposite direction, falling to Rs 2.2319 crore from Rs 4.0175 crore in the year-earlier quarter. Other income increased to Rs 45.13 lakh from Rs 38.45 lakh, but it was small relative to the foreign-currency sales line.

For the half year ended September 30, 2026, sales of foreign currencies increased to Rs 2,415.5762 crore from Rs 1,870.2002 crore in the previous-year period. Revenue from operations rose to Rs 2,421.315 crore from Rs 1,877.5958 crore, while half-year net profit after tax fell to Rs 1.633 crore from Rs 2.3828 crore.

Why did Prithvi Exchange’s profit fall despite higher sales?

Prithvi Exchange’s purchase of foreign currencies rose to Rs 1,308.0435 crore during the September 2026 quarter from Rs 1,010.1782 crore a year earlier. The difference between reported foreign-currency sales and purchases was Rs 2.8142 crore in the latest quarter, compared with Rs 7.1242 crore in the comparable 2025 quarter.

The company also reported a negative Rs 8.279 crore change in inventory, compared with a positive Rs 11.30 lakh change in inventory a year earlier. Total expenses reached Rs 1,312.3569 crore, up from Rs 1,020.0362 crore, leaving profit before tax at Rs 1.184 crore despite the increase in total income.

Prithvi Exchange said a Reserve Bank of India circular dated May 27, 2024 had a financial impact on the current quarter. The requirement became operational on July 1, 2024 and requires authorised dealers and full-fledged money changers to sell foreign currency to the public for permitted purposes at no less than 75% of the value of foreign-currency notes bought from other authorised dealers or full-fledged money changers, measured quarterly.

The filing does not quantify the rupee effect of that Reserve Bank requirement or allocate it to a specific expense or income line. It does, however, show purchases of foreign currencies at Rs 1,308.0435 crore against sales of Rs 1,310.8577 crore for the September 2026 quarter.

Which operating costs increased for Prithvi Exchange?

Prithvi Exchange’s employee-benefit expense rose to Rs 4.769 crore in the September 2026 quarter from Rs 3.6893 crore a year earlier. Cost of services increased to Rs 4.6989 crore from Rs 4.0012 crore, while other expenses increased to Rs 2.6354 crore from Rs 1.7977 crore.

Finance cost rose to Rs 22.28 lakh from Rs 4.61 lakh, depreciation increased to Rs 16.72 lakh from Rs 13.37 lakh, and lease amortisation was Rs 9.91 lakh compared with Rs 7.70 lakh. These cost categories also increased from the June 2026 quarter, when employee-benefit expense was Rs 4.5379 crore, finance cost was Rs 6.19 lakh and other expenses were Rs 2.3189 crore.

Tax expense declined to Rs 26 lakh in the September 2026 quarter from Rs 42 lakh in the year-earlier quarter, consistent with the decline in profit before tax. Total comprehensive income was Rs 1.4472 crore, compared with Rs 1.7067 crore in the September 2025 quarter, after other comprehensive income of Rs 52.32 lakh.

How did Prithvi Exchange’s balance sheet and cash flow change?

Prithvi Exchange reported standalone total assets of Rs 105.7118 crore as of September 30, 2026, compared with Rs 76.0675 crore at March 31, 2026. Current assets increased to Rs 78.6825 crore from Rs 47.6324 crore, while total equity rose to Rs 54.9961 crore from Rs 53.2837 crore.

Current liabilities increased to Rs 48.4017 crore at September 30 from Rs 21.2142 crore at March 31. Current borrowings rose to Rs 15.7478 crore from Rs 4.9522 crore, and trade payables to creditors other than micro and small enterprises increased to Rs 17.755 crore from Rs 9.8128 crore.

Cash and cash equivalents were Rs 19.0191 crore at September 30, 2026, compared with Rs 11.362 crore at the beginning of the financial year. For the half year, operating activities used Rs 1.8803 crore of cash, investing activities used Rs 37.06 lakh, and financing activities generated Rs 9.908 crore, including Rs 10.7957 crore of net proceeds from borrowings.

Conclusion

Prithvi Exchange’s September 2026 standalone results show that a 29% increase in revenue from operations was accompanied by a lower reported profit. Foreign-currency purchases rose almost in line with sales, while employee-benefit expense, finance cost and other expenses increased, resulting in net profit after tax of Rs 92.40 lakh versus Rs 1.2482 crore a year earlier.

The next disclosures will show whether Prithvi Exchange quantifies the financial effect of the Reserve Bank of India’s 75% quarterly foreign-currency sales requirement. Readers can also watch changes in the Rs 15.7478 crore of current borrowings, the Rs 1.8803 crore half-year operating cash outflow and the relationship between foreign-currency purchases, sales and inventory.