R. J. Shah Q2 profit falls to Rs 1.44 lakh from Rs 18.67 lakh

R. J. Shah & Company Limited reported profit after tax of Rs 1.44 lakh for the quarter ended 30 September 2026, down from Rs 18.67 lakh in the June 2026 quarter, after total income fell to Rs 49.78 lakh and total expenses rose to Rs 47.08 lakh. R. J. Shah remained profitable in the half year ended 30 September 2026.

Why did R. J. Shah’s quarterly profit fall?

R. J. Shah’s quarterly profit fell because income declined by Rs 19.42 lakh from the June 2026 quarter while total expenses increased by Rs 2.70 lakh. Total income was Rs 49.78 lakh for the quarter ended 30 September 2026, compared with Rs 69.20 lakh in June 2026 and Rs 59.84 lakh in the quarter ended 30 September 2025.

Total expenses were Rs 47.08 lakh in the September 2026 quarter, against Rs 44.38 lakh in the preceding quarter and Rs 56.85 lakh a year earlier. This left profit before tax of Rs 2.70 lakh, compared with Rs 24.82 lakh in June 2026 and Rs 2.99 lakh in September 2025. The results do not show exceptional items for these periods.

How did tax and earnings per share change at R. J. Shah?

R. J. Shah recorded tax expense of Rs 1.27 lakh for the September 2026 quarter, compared with Rs 6.15 lakh in June 2026 and Rs 2.26 lakh in the September 2025 quarter. Profit after tax was therefore Rs 1.44 lakh, lower sequentially from Rs 18.67 lakh but higher than Rs 0.73 lakh a year earlier.

R. J. Shah reported basic and diluted earnings per share of Rs 0.51 each for the quarter ended 30 September 2026, compared with Rs 6.67 each in June 2026 and Rs 0.26 each a year earlier. The company stated that earnings per share figures are not annualised, while paid-up equity share capital stayed at Rs 28.01 lakh across the reported periods.

What were R. J. Shah’s half-year results?

R. J. Shah reported profit after tax of Rs 20.11 lakh for the half year ended 30 September 2026, compared with Rs 18.37 lakh for the half year ended 30 September 2025. The six-month result includes Rs 18.67 lakh earned in the June 2026 quarter and Rs 1.44 lakh earned in the September 2026 quarter.

Total income for the half year was Rs 1.1898 crore, down from Rs 1.2408 crore in the corresponding 2025 half year. Total expenses declined to Rs 91.46 lakh from Rs 97.51 lakh, and profit before tax increased to Rs 27.52 lakh from Rs 26.57 lakh. Tax expense decreased to Rs 7.42 lakh from Rs 8.20 lakh.

R. J. Shah’s half-year basic and diluted earnings per share were Rs 7.18 each, compared with Rs 6.56 each in the prior-year period. The contrast between the six-month profit increase of Rs 1.74 lakh and the September-quarter decline reflects the larger Rs 18.67 lakh profit recorded in the June 2026 quarter.

What expenses were reported by R. J. Shah in Q2?

R. J. Shah reported total expenses of Rs 47.08 lakh in the September 2026 quarter, up from Rs 44.38 lakh in June 2026 but down from Rs 56.85 lakh in September 2025. The sequential expense increase occurred alongside a Rs 19.42 lakh reduction in total income, resulting in profit before tax of Rs 2.70 lakh.

Changes in inventories of finished goods, work-in-progress and stock in trade were Rs 10.39 lakh, compared with Rs 10.36 lakh in June 2026 and Rs 8.99 lakh a year earlier. Employee benefits expense was Rs 3.63 lakh, compared with Rs 3.38 lakh in June 2026 and Rs 3.63 lakh in the September 2025 quarter, while finance costs were Rs 2.68 lakh against Rs 2.63 lakh and Rs 1.85 lakh respectively.

What does R. J. Shah’s balance sheet show?

R. J. Shah reported total assets of Rs 45.4285 crore at 30 September 2026, compared with Rs 45.9052 crore at 31 March 2026. Non-current assets were Rs 40.9667 crore, down from Rs 41.0572 crore, while current assets decreased to Rs 4.4618 crore from Rs 4.8480 crore.

Investments were the largest reported asset category at Rs 39.4211 crore at 30 September 2026, compared with Rs 39.4709 crore at 31 March 2026. Cash and cash equivalents declined to Rs 20.48 lakh from Rs 55.66 lakh, while inventories were unchanged at Rs 3.0011 crore at both balance-sheet dates.

R. J. Shah’s total equity increased to Rs 43.3219 crore at 30 September 2026 from Rs 43.1908 crore at 31 March 2026. Current liabilities declined to Rs 2.1066 crore from Rs 2.7144 crore, and borrowings were Rs 1.2269 crore at both dates.

What business and review details did R. J. Shah disclose?

R. J. Shah disclosed one operating business, civil engineering construction projects, and stated that it has no separate reportable segments. Its Rs 49.78 lakh of September-quarter income and Rs 1.44 lakh of profit after tax were therefore reported for that single operation rather than allocated across segments.

R. J. Shah’s board approved the unaudited quarter and half-year results on 6 November 2026 after review and recommendation by the Audit Committee. The board meeting began at 3:07 p.m. Indian Standard Time and concluded at 3:17 p.m., while NNK & Co., Chartered Accountants, performed a limited review of the standalone results.

The filing states that prior-period figures were regrouped where necessary. It does not provide a management explanation for the sequential income decline, nor does it disclose an earnings target, project pipeline, order-book figure, dividend decision or operating forecast.

Conclusion

R. J. Shah’s September 2026 quarter showed a sharp sequential profit contraction, with profit after tax falling to Rs 1.44 lakh from Rs 18.67 lakh as total income declined to Rs 49.78 lakh and total expenses increased to Rs 47.08 lakh. The half-year outcome was different: profit after tax rose to Rs 20.11 lakh from Rs 18.37 lakh despite lower six-month income.

The key unresolved matter is the reason for the September-quarter income decline, as R. J. Shah did not provide a management explanation, forecast, project target or order-book disclosure in its 6 November 2026 filing. Future financial disclosures will show whether income and expenses move away from the September-quarter levels.