Raideep Industries Limited H1 revenue falls 28%, profit slips 18%

Raideep reported standalone revenue of Rs 12.02 crore for the half year (H1) ended September 30, 2026, down 28% year on year, while profit after tax fell 18% to Rs 11.62 lakh from Rs 14.21 lakh. September-quarter revenue of Rs 9.79 crore was higher than the June quarter but did not offset the weaker first-half result.

What were Raideep's H1 standalone financial results?

Raideep recorded revenue from operations of Rs 12.02 crore in H1 ended September 30, 2026, compared with Rs 16.66 crore in the corresponding half of 2025. Total income, including other income, declined to Rs 12.34 crore from Rs 16.93 crore. The Rs 4.64 crore fall in operating revenue was accompanied by a Rs 4.59 crore reduction in total income.

Profit before tax was Rs 15.53 lakh, against Rs 18.01 lakh in H1 of the prior year. Profit after tax was Rs 11.62 lakh versus Rs 14.21 lakh, while total comprehensive income was also Rs 11.62 lakh because the statement reported no other comprehensive income. Basic and diluted earnings per share for continuing operations were Rs 0.22, compared with Rs 0.26 a year earlier.

Raideep is reported as a single business segment, so the filing does not provide segment-level revenue, profit or asset data that could identify the source of the H1 revenue movement. The audit committee reviewed the results and the board approved them on November 13, 2026. The statutory auditor completed a limited review and gave an unmodified conclusion.

How did Raideep's September quarter compare with June and last year?

Raideep generated Rs 9.79 crore of revenue from operations in the quarter ended September 30, 2026, compared with Rs 2.23 crore in the June 2026 quarter and Rs 9.27 crore in the September 2025 quarter. The sequential rise was Rs 7.56 crore, and revenue was Rs 52.20 lakh above the year-earlier quarter. Total income was Rs 9.95 crore, compared with Rs 2.39 crore in June and Rs 9.40 crore a year earlier.

September-quarter profit after tax was Rs 5.23 lakh, below Rs 6.39 lakh in June 2026 and Rs 10.10 lakh in the September 2025 quarter. Profit before tax was Rs 6.99 lakh, compared with Rs 8.54 lakh in June and Rs 12.70 lakh a year earlier. Therefore, the higher September-quarter revenue did not translate into higher reported profit against either comparison quarter.

The September quarter represented about 81% of Raideep's H1 revenue of Rs 12.02 crore, based on the two quarterly figures reported in the financial statement. The June quarter supplied the remaining Rs 2.23 crore. The filing does not include management commentary on the uneven quarterly sales pattern, customer demand or pricing.

What changed in Raideep's costs and income mix?

Raideep's H1 total expenses fell to Rs 12.19 crore from Rs 16.75 crore, a Rs 4.56 crore decrease that was slightly smaller than the Rs 4.59 crore decline in total income. Cost of materials consumed was Rs 11.99 crore in H1 2026. In the prior-year half, the statement instead reported Rs 17.80 crore of purchases of stock-in-trade and a negative Rs 1.30 crore inventory change, limiting a direct comparison of those individual cost lines.

Employee benefits expense declined to Rs 8.32 lakh from Rs 13.33 lakh, while finance costs were Rs 2,000 against Rs 80,000. Depreciation and amortisation was Rs 2.99 lakh, compared with Rs 2.97 lakh, and other expenses were Rs 8.23 lakh versus Rs 8.01 lakh. Current tax expense increased to Rs 4.26 lakh from Rs 3.50 lakh, while deferred tax was a Rs 35,000 credit rather than a Rs 30,000 expense.

Other income increased to Rs 32.70 lakh in H1 2026 from Rs 27.33 lakh in H1 2025, partly offsetting the decline in revenue from operations. September-quarter other income was Rs 16.10 lakh, close to Rs 16.60 lakh in June and above Rs 13.67 lakh a year earlier. Raideep did not specify the composition of other income or explain the different expense classifications between the two half-year periods.

What do Raideep's balance sheet and cash flow show?

Raideep reported total standalone assets of Rs 16.12 crore at September 30, 2026, compared with Rs 15.96 crore at March 31, 2026. Current assets increased to Rs 11.26 crore from Rs 11.07 crore, with inventory rising to Rs 80 lakh from Rs 16.65 lakh. Current trade receivables were Rs 2.69 crore, marginally below Rs 2.73 crore at the March year-end.

Equity share capital was unchanged at Rs 5.51 crore, while other equity rose to Rs 4.57 crore from Rs 4.45 crore. Current liabilities were Rs 6.04 crore compared with Rs 5.99 crore, but trade payables increased to Rs 5.55 crore from Rs 3.03 crore as other current liabilities declined to Rs 49.29 lakh from Rs 2.96 crore. The statement reported no non-current borrowings at either date.

The cash-flow statement reported net cash used in operating activities of Rs 72.22 lakh for H1 2026. It began with profit before tax of Rs 15.53 lakh and included a Rs 63.35 lakh inventory increase, a Rs 4.41 lakh reduction in current trade receivables and a Rs 4.79 lakh increase in current trade payables. Cash and cash equivalents nevertheless rose to Rs 4.63 lakh at September 30 from Rs 2.49 lakh at March 31, while the provided cash-flow excerpt does not show investing or financing cash-flow totals.

Conclusion

Raideep's H1 standalone results show that a September-quarter revenue rebound did not restore the prior-year first-half level. Revenue from operations fell from Rs 16.66 crore to Rs 12.02 crore, and profit after tax moved from Rs 14.21 lakh to Rs 11.62 lakh. Total expenses also declined, but by slightly less than total income, while the company reported a single operating segment.

The next results disclosure can clarify unresolved matters in the September 2026 filing, including the uneven quarterly revenue pattern, the composition of Rs 32.70 lakh in H1 other income and the change in cost classifications. It can also show whether inventory, which rose to Rs 80 lakh, and the Rs 72.22 lakh operating cash outflow change after the half year ended September 30, 2026.