QVC Exports H1 profit rises 52% as revenue grows 15% year-on-year

QVC Exports Limited reported standalone profit after tax of Rs 2.27 crore for the half year ended September 30, 2026, 52% above Rs 1.49 crore a year earlier, while revenue from operations rose 15% to Rs 240.10 crore. Profit before tax reached Rs 2.65 crore and finance costs declined to Rs 3.25 crore.

What were QVC Exports’ standalone H1 earnings?

QVC Exports’ standalone profit after tax was Rs 2.27 crore in the half year ended September 30, 2026, compared with Rs 1.49 crore in the half year ended September 30, 2025. Profit before tax increased 48% to Rs 2.65 crore from Rs 1.79 crore, with no exceptional or extraordinary items reported in either September half.

Revenue from operations rose to Rs 240.10 crore from Rs 207.96 crore, while other income increased to Rs 3.36 crore from Rs 2.67 crore. Consequently, total income grew 16% to Rs 243.46 crore, and total expenses increased 15% to Rs 240.81 crore from Rs 208.84 crore.

Based on the reported standalone figures, QVC Exports’ profit after tax was about 0.94% of revenue in the September 2026 half, compared with about 0.72% a year earlier. This calculation uses the reported profit after tax of Rs 2.27 crore and revenue of Rs 240.10 crore for the latest period.

How did QVC Exports’ September half compare with the preceding half?

QVC Exports’ revenue from operations rose 3% from Rs 232.38 crore in the half year ended March 31, 2026 to Rs 240.10 crore in the September 2026 half. Profit after tax increased 60% from Rs 1.42 crore in the March half to Rs 2.27 crore in the September half.

Total income was Rs 243.46 crore in the September 2026 half, compared with Rs 237.25 crore in the preceding half. Profit before tax rose from Rs 1.96 crore to Rs 2.65 crore, while total expenses increased from Rs 235.30 crore to Rs 240.81 crore.

Basic and diluted earnings per share were Rs 1.17 for the September 2026 half, against Rs 1.35 in the March 2026 half and Rs 0.93 in the September 2025 half. QVC Exports said earnings per share were calculated on the weighted average share capital received by the company.

Which costs changed in QVC Exports’ September half?

QVC Exports’ purchases of stock-in-trade increased 12% year on year to Rs 213.87 crore in the September 2026 half from Rs 191.41 crore. Other expenses rose to Rs 21.38 crore from Rs 12.36 crore, accounting for much of the increase in total expenses to Rs 240.81 crore.

Finance costs declined 26% to Rs 3.25 crore from Rs 4.38 crore in the prior-year half. Employee benefit expense increased to Rs 80.23 lakh from Rs 76.33 lakh, while depreciation and amortisation expense rose to Rs 21.93 lakh from Rs 21.26 lakh.

The inventory-change line was an expense of Rs 1.28 crore in the September 2026 half, compared with a credit of Rs 29.06 lakh in the September 2025 half. In the preceding March 2026 half, the same line recorded a credit of Rs 8.75 crore, while purchases of stock-in-trade were Rs 219.71 crore.

Current tax expense was Rs 36.83 lakh in the September 2026 half, compared with Rs 27.96 lakh a year earlier. Deferred tax was Rs 1.25 lakh against Rs 1.95 lakh, and QVC Exports recorded prior-year tax of Rs 2,000, whereas no such charge was reported in the September 2025 half.

What changed in QVC Exports’ standalone balance sheet and cash flow?

QVC Exports’ standalone balance-sheet total increased to Rs 139.73 crore at September 30, 2026 from Rs 124.82 crore at March 31, 2026. Shareholders’ funds rose to Rs 54.10 crore from Rs 52.88 crore as reserves and surplus increased to Rs 43.65 crore from Rs 42.42 crore; share capital was unchanged at Rs 10.45 crore.

Long-term borrowings were Rs 10.83 crore at September 30, compared with Rs 9.44 lakh at March 31. Short-term borrowings increased to Rs 65.04 crore from Rs 64.57 crore, while other current liabilities rose to Rs 6.06 crore from Rs 4.19 crore.

Trade receivables increased to Rs 54.57 crore from Rs 52.98 crore, and short-term loans and advances rose to Rs 41.41 crore from Rs 21.22 crore. Inventories declined to Rs 18.00 crore from Rs 19.28 crore, while cash and cash equivalents fell to Rs 47.39 lakh from Rs 90.19 lakh.

Net cash used in operating activities was Rs 8.02 crore for the half year ended September 30, 2026, despite operating profit before working-capital changes of Rs 5.59 crore. The cash-flow statement records a Rs 15.15 crore increase in loans and advances and a Rs 1.59 crore increase in trade receivables during the period.

How were QVC Exports’ September 2026 results reviewed?

QVC Exports’ board approved the unaudited standalone results for the half year ended September 30, 2026 on November 13, 2026. The board meeting began at 5:00 p.m. and concluded at 11:00 p.m., according to the company’s filing.

Dokania S. Kumar & Co. issued its limited review report on November 13, 2026. The auditor said nothing had come to its attention that caused it to believe the standalone statement had not made the disclosures required under Regulation 33 of the Securities and Exchange Board of India listing regulations, or that it contained a material misstatement.

The auditor stated that its review provided less assurance than an audit and that it had not performed an audit or expressed an audit opinion. QVC Exports also said it operates in one business segment, making segment reporting inapplicable, and cited the SME exchange exemption from compulsory adoption of Indian Accounting Standards.

Conclusion

QVC Exports reported profit growth that exceeded revenue growth in the September 2026 half, with profit after tax rising 52% to Rs 2.27 crore as revenue increased 15% to Rs 240.10 crore. Lower finance costs of Rs 3.25 crore offset part of the rise in purchases, other expenses and the shift in inventory accounting to a Rs 1.28 crore expense.

The filing discloses no financial target, expansion plan or scheduled reporting event. The unresolved working-capital movements at September 30, 2026, including Rs 54.57 crore of trade receivables, Rs 41.41 crore of short-term loans and advances, and operating cash outflow of Rs 8.02 crore, are figures to monitor in the next financial disclosure.