Ravita Engineering Services Limited profit rises 46% in September half

Ravita Engineering Services Limited reported profit after tax of Rs 20.51 crore for the half year ended September 30, 2026, up 46% from Rs 14.07 crore a year earlier, as revenue from operations increased 72% to Rs 198.44 crore. The unaudited result covers the period before its October 22, 2026 listing on NSE Emerge.

How did Ravita Engineering Services perform in the September half?

Ravita Engineering Services increased revenue from operations to Rs 198.44 crore in the half year ended September 30, 2026, from Rs 115.32 crore in the corresponding 2025 half. Total income rose to Rs 198.76 crore from Rs 115.35 crore, with other income contributing Rs 31.68 lakh in the latest period compared with Rs 3.85 lakh a year earlier.

Profit before tax rose 46% to Rs 27.41 crore from Rs 18.80 crore. Tax expense was Rs 6.90 crore, comprising current tax of Rs 6.96 crore and a deferred-tax credit of Rs 6.07 lakh, leaving profit after tax of Rs 20.51 crore. The financial statement recorded no exceptional or extraordinary items in either half-year period.

Ravita Engineering Services also reported higher figures than in the half year ended March 31, 2026, when revenue from operations was Rs 162.32 crore and profit after tax was Rs 13.97 crore. Revenue was therefore Rs 36.12 crore higher in the September half, while profit after tax increased by Rs 6.54 crore. The company said the March 2026 half-year figures were balancing figures derived from the audited year ended March 31, 2026 and the September 2025 half-year results.

What changed in Ravita Engineering Services’ costs and profitability?

Ravita Engineering Services’ construction and other direct expense rose to Rs 158.46 crore in the September 2026 half from Rs 89.99 crore a year earlier. This largest cost category increased by 76%, exceeding the 72% increase in operating revenue. Total expenses rose 77% to Rs 171.34 crore from Rs 96.56 crore.

Other expenses increased to Rs 9.44 crore from Rs 3.87 crore, and employee benefit expenses rose to Rs 1.83 crore from Rs 1.33 crore. Finance costs increased to Rs 72.65 lakh from Rs 37.46 lakh, while depreciation and amortisation expense declined to Rs 89.05 lakh from Rs 99.53 lakh. These movements explain the difference between the revenue increase and the lower rate of profit growth.

Based on the reported figures, profit after tax represented 10.3% of total income in the September 2026 half, compared with 12.2% in the September 2025 half. Profit before tax was 13.8% of total income, compared with 16.3% a year earlier. These are calculations from the reported income statement rather than management guidance.

How did Ravita Engineering Services’ working capital and cash flow change?

Ravita Engineering Services’ trade receivables rose to Rs 105.47 crore at September 30, 2026, from Rs 73.26 crore at March 31, 2026. Inventories increased to Rs 54.44 crore from Rs 37.43 crore in the same six-month period. Together, those balances grew by Rs 49.22 crore, while total current assets rose to Rs 209.46 crore from Rs 152.80 crore.

Ravita Engineering Services used Rs 7.42 crore in operating activities during the half year ended September 30, 2026, compared with Rs 41.39 crore used in the corresponding 2025 half. The cash-flow statement recorded a Rs 32.21 crore increase in trade receivables and a Rs 17.01 crore increase in inventories, partly offset by a Rs 13.35 crore increase in trade payables.

Cash and bank balances rose to Rs 8.12 crore at September 30, 2026, from Rs 5.15 crore at March 31, 2026. Financing activities generated Rs 10.54 crore during the latest half, including net short-term borrowing proceeds of Rs 9.56 crore and net long-term borrowing proceeds of Rs 1.71 crore. Investing activities used Rs 14.62 lakh, including Rs 32.29 lakh spent on fixed assets.

What was Ravita Engineering Services’ borrowing position at September 2026?

Ravita Engineering Services reported short-term borrowings of Rs 28.61 crore at September 30, 2026, up from Rs 19.05 crore at March 31, 2026. Long-term borrowings rose to Rs 1.87 crore from Rs 16.02 lakh. The balance-sheet movement corresponds with the Rs 10.54 crore net cash inflow from financing activities in the half year.

Trade payables due to parties other than micro and small enterprises increased to Rs 45.93 crore at September 30 from Rs 32.57 crore at March 31. Other current liabilities rose to Rs 13.16 crore from Rs 7.93 crore, and short-term provisions increased to Rs 8.66 crore from Rs 2.93 crore. Total current liabilities consequently increased to Rs 96.36 crore from Rs 62.49 crore.

Total equity stood at Rs 119.93 crore at September 30, 2026, compared with Rs 99.42 crore at March 31, 2026, as reserves and surplus rose to Rs 106.27 crore from Rs 85.76 crore. Paid-up equity share capital remained Rs 13.66 crore at both dates. Total assets increased to Rs 219.14 crore from Rs 162.96 crore over the six-month period.

What does Ravita Engineering Services’ first post-listing result cover?

Ravita Engineering Services’ result covers the half year ended September 30, 2026, before the company’s equity shares were listed on the NSE Emerge platform on October 22, 2026. The company described the filing as its first financial result submitted after listing under the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements regulations.

The initial public offering comprised a fresh issue of 1,03,62,000 equity shares with a face value of Rs 5 each and a premium of Rs 107 per share. Basic and diluted earnings per share, which were not annualised for the half year, were Rs 7.51 for September 2026, compared with Rs 6.00 in the September 2025 half and Rs 5.11 in the March 2026 half.

Ravita Engineering Services operates in one business segment and one geographic segment, India, and therefore did not disclose separate reportable segments under Accounting Standard 17, or AS 17, on segment reporting. The company prepared the results under Accounting Standards rather than Indian Accounting Standards because it said companies listed on the small and medium enterprises exchange are exempt from compulsory adoption of Indian Accounting Standards.

The unaudited standalone results were reviewed by Piyush Kothari & Associates, Chartered Accountants, on November 13, 2026. The reviewer said nothing had come to its attention to indicate that the statement failed to make required disclosures or contained a material misstatement, while noting that a review provides less assurance than an audit.

Conclusion

Ravita Engineering Services reported a 72% increase in September-half operating revenue to Rs 198.44 crore and a 46% increase in profit after tax to Rs 20.51 crore. Direct costs increased faster than revenue, resulting in a calculated profit-after-tax share of total income of 10.3%, down from 12.2% in the corresponding 2025 half.

The next disclosure can be assessed for changes in receivables of Rs 105.47 crore and inventories of Rs 54.44 crore, which contributed to the Rs 7.42 crore operating cash outflow in the September half. Movements in short-term borrowings, which reached Rs 28.61 crore at September 30, 2026, and the company’s single-segment reporting will also remain relevant to subsequent filings.