Raideep H1 profit drew Rs 87.15 lakh from associates

Raideep Industries Limited reported Rs 98.77 lakh consolidated profit for the half year ended September 30, 2026, including Rs 87.15 lakh as its share of associates’ or joint ventures’ profit. The contribution was larger than the Rs 11.62 lakh profit from continuing operations before the associate or joint-venture share was added.

How much of Raideep’s H1 profit came from associates?

Raideep’s associates or joint ventures contributed Rs 87.15 lakh of its Rs 98.77 lakh consolidated profit for the half year ended September 30, 2026. The consolidated statement records Rs 11.62 lakh profit from continuing operations after tax, then a Rs 87.15 lakh share of profit or loss of associates or joint ventures, producing the reported period profit.

The associates’ share represented 88.2% of H1 consolidated profit, calculated from the disclosed Rs 87.15 lakh and Rs 98.77 lakh figures. The remaining Rs 11.62 lakh represented 11.8% of the total. This comparison describes the composition of consolidated profit and does not identify the underlying earnings of any individual associate or joint venture.

Raideep reported basic and diluted earnings per share of Rs 1.79 for H1 ended September 30, 2026, compared with Rs 1.29 for the corresponding previous half year. That per-share figure reflects the Rs 98.77 lakh consolidated profit, including the associate or joint-venture contribution. Paid-up equity share capital was unchanged at Rs 5.51 crore at September 30, 2026.

How did Raideep’s associate contribution change from last year?

Raideep’s H1 share of associates’ or joint ventures’ profit increased by Rs 30.43 lakh to Rs 87.15 lakh from Rs 56.72 lakh a year earlier. In contrast, profit from continuing operations after tax before that share fell by Rs 2.59 lakh to Rs 11.62 lakh from Rs 14.21 lakh.

Consolidated profit increased by Rs 27.84 lakh to Rs 98.77 lakh from Rs 70.93 lakh between the two H1 periods. The associate or joint-venture share rose 53.7%, while profit from continuing operations after tax before that share declined 18.2%, based on the reported figures. The filing does not provide separate financial results for the entities behind the associate contribution.

The quarterly pattern also shows the associate line exceeding the pre-associate amount. For the quarter ended September 30, 2026, Raideep reported Rs 43.09 lakh as its share of associates’ or joint ventures’ profit and Rs 5.23 lakh profit from continuing operations after tax, resulting in Rs 48.32 lakh consolidated profit.

For the preceding quarter ended June 30, 2026, the associate or joint-venture share was Rs 44.06 lakh, while profit from continuing operations after tax was Rs 6.39 lakh. Consolidated profit in that quarter was Rs 50.45 lakh. The associate contribution therefore declined by Rs 97,000 quarter on quarter, while consolidated profit declined by Rs 2.13 lakh.

What did the reviewer disclose about Raideep’s associates?

The reviewer disclosed that interim financial information for two associates had not been reviewed or audited by their auditors for the quarter and half year ended September 30, 2026. The review report says the information included the Group’s share of net profit or loss after tax of Rs 5.23 lakh for the quarter and Rs 11.62 lakh for H1, and total comprehensive income or loss of Rs 48.32 lakh and Rs 98.77 lakh respectively.

Those figures correspond to other lines in Raideep’s consolidated results, including profit from continuing operations after tax and total comprehensive income. However, the filing does not reconcile the reviewer’s wording with the separate Rs 43.09 lakh quarterly and Rs 87.15 lakh H1 line for associates’ or joint ventures’ profit. It also does not name the two associates referred to in the reviewer’s disclosure.

Montek S & Associates dated its limited review report November 13, 2026, and stated that its conclusion was not modified in respect of the matter. The reviewer also stated that a limited review is substantially narrower in scope than an audit and does not provide assurance that all significant matters detectable in an audit would be identified.

Raideep’s audit committee reviewed the results on November 13, 2026, and the board approved them the same day. The company’s notes state that corresponding Ind AS, or Indian Accounting Standards, figures were not subjected to review, although management said it had exercised due diligence to present a true and fair view.

What do Raideep’s revenue and cash flow show for H1?

Raideep reported revenue from operations of Rs 12.02 crore in H1 ended September 30, 2026, down Rs 4.64 crore from Rs 16.66 crore in H1 ended September 30, 2025. Total income, including Rs 32.70 lakh of other income, was Rs 12.34 crore, compared with Rs 16.93 crore a year earlier.

Total expenses declined to Rs 12.19 crore from Rs 16.75 crore, leaving profit before tax of Rs 15.53 lakh compared with Rs 18.01 lakh. The expense mix changed: cost of materials consumed was Rs 11.99 crore in H1 2026-27, while purchases of stock-in-trade were nil. In H1 2025-26, stock-in-trade purchases were Rs 17.80 crore and materials consumed were nil.

Raideep recorded net cash used in operating activities of Rs 72.22 lakh in H1 ended September 30, 2026. Its consolidated cash-flow statement starts with Rs 15.53 lakh profit before tax and deducts Rs 87.15 lakh for undistributed profits of associates, identifying that item as a non-cash adjustment in the operating-cash-flow reconciliation.

The same cash-flow statement includes a Rs 63.35 lakh increase in inventories and Rs 4.79 lakh increase in current trade payables. Investing activities generated Rs 74.73 lakh, including Rs 42.03 lakh in receipts from repayment of advances and loans made to other parties and Rs 32.70 lakh in interest received. Cash and cash equivalents rose to Rs 4.63 lakh at September 30, 2026 from Rs 2.49 lakh at March 31, 2026.

What does Raideep disclose about its consolidated entities and balance sheet?

Raideep lists four consolidated entities: Raideep, Dashmesh Weaving and Dyeing Mills Private Limited, Raideep Synthetics Private Limited and Jai Maa Processors Private Limited. The filing describes Raideep’s business as a single segment and therefore does not provide entity-level revenue, profit, cash flow or asset data for these companies.

Total assets stood at Rs 28.04 crore at September 30, 2026, up from Rs 27.00 crore at March 31, 2026. Non-current investments increased to Rs 16.04 crore from Rs 15.17 crore, while inventories rose to Rs 80 lakh from Rs 16.65 lakh. The announcement does not specify whether the increase in investments relates to the associates or joint ventures contributing Rs 87.15 lakh to H1 profit.

Current trade payables increased to Rs 5.55 crore at September 30, 2026 from Rs 3.03 crore at March 31, 2026. Other current liabilities fell to Rs 49.29 lakh from Rs 2.96 crore over the same period. Total current liabilities were Rs 6.04 crore, broadly unchanged from Rs 5.99 crore at the March 2026 year-end.

Conclusion

Raideep’s Rs 98.77 lakh H1 consolidated profit was principally composed of a Rs 87.15 lakh share of associates’ or joint ventures’ profit, while profit from continuing operations after tax before that line was Rs 11.62 lakh. Compared with H1 ended September 30, 2025, consolidated profit rose by Rs 27.84 lakh even as revenue declined by Rs 4.64 crore and the pre-associate profit measure fell by Rs 2.59 lakh.

The next reported period should show whether the associate or joint-venture profit line remains near the Rs 43.09 lakh reported for the September 2026 quarter and whether operating cash flow changes from the Rs 72.22 lakh H1 outflow. Raideep’s November 13, 2026 filing does not disclose a plan or timetable for reviewed or audited interim information from the two associates identified in the limited review report.