Rishabh Digha FY26 profit falls to Rs 24.53 lakh as revenue drops

RishabhDigha Steel & Allied Products Limited reported audited profit after tax of Rs 24.53 lakh for FY26, down from Rs 11.50 crore in FY24, after revenue from operations declined to Rs 1.21 crore from Rs 16.04 crore. The figures appear in the open-offer document for a proposed change in control.

Why did Rishabh Digha’s FY26 profit fall from FY24?

Rishabh Digha’s profit after tax fell by Rs 11.25 crore between FY24 and FY26, from Rs 11.50 crore to Rs 24.53 lakh. Profit before tax declined to Rs 60.26 lakh in FY26 from Rs 14.49 crore in FY24, while total revenue fell to Rs 2.19 crore from Rs 16.04 crore.

The principal change was the lower operating revenue base. Revenue from operations was Rs 1.21 crore in FY26, versus Rs 16.04 crore in FY24, a decline of Rs 14.83 crore. Other income was Rs 98.03 lakh in FY26, meaning it accounted for a significant part of the Rs 2.19 crore total revenue reported that year.

FY25 was also much smaller than FY24. Rishabh Digha reported FY25 revenue from operations of Rs 1.22 crore, total revenue of Rs 2.28 crore and profit after tax of Rs 7.79 lakh. FY26 total revenue was Rs 8.32 lakh lower than FY25, but profit after tax increased by Rs 16.74 lakh as expenses decreased.

How did Rishabh Digha’s costs and tax change in FY26?

Rishabh Digha reported total expenses of Rs 1.59 crore in FY26, down from Rs 2.21 crore in FY25 but slightly above Rs 1.55 crore in FY24. FY26 costs included Rs 97.01 lakh for purchase of stock in trade, Rs 55.16 lakh of other expenses, Rs 6.91 lakh of finance cost and Rs 7,000 of depreciation and amortisation.

The FY24 comparison shows that the profit change was primarily driven by revenue rather than total costs. FY24 other expenses were Rs 1.15 crore and employee benefit expenses were Rs 26.35 lakh, while total expenses were Rs 1.55 crore against total revenue of Rs 16.04 crore. In FY26, total revenue of Rs 2.19 crore generated profit before tax of Rs 60.26 lakh after expenses of Rs 1.59 crore.

Tax reduced FY26 profit after tax from the pre-tax figure. Rishabh Digha recorded current tax of Rs 23.82 lakh and deferred tax of Rs 11.91 lakh, resulting in total tax of Rs 35.73 lakh. In FY25, it reported a total tax credit of Rs 1.21 lakh, including a Rs 4.45 lakh tax adjustment relating to prior years, which contributed to profit after tax of Rs 7.79 lakh despite profit before tax of Rs 6.57 lakh.

What does Rishabh Digha’s June 2026 balance sheet show?

Rishabh Digha reported total assets of Rs 22.05 crore at June 30, 2026, compared with Rs 21.48 crore at March 31, 2026 and Rs 18.59 crore at March 31, 2025. Non-current financial assets were Rs 21.88 crore at June 30, 2026, while property, plant and equipment was Rs 3.17 lakh.

The disclosed asset mix was therefore centred on financial assets rather than property, plant and equipment. Financial assets rose from Rs 21.35 crore at March 31, 2026 and Rs 17.11 crore at March 31, 2025. Current assets were Rs 13.99 lakh at June 30, 2026, including Rs 3.02 lakh of cash and cash equivalents and Rs 65,000 of trade receivables.

Total equity was Rs 18.61 crore at June 30, 2026, comprising Rs 5.49 crore of equity share capital and Rs 13.13 crore of other equity. Total liabilities were Rs 3.43 crore, including borrowings of Rs 3.31 crore, compared with borrowings of Rs 2.88 crore at March 31, 2026 and Rs 3,000 at March 31, 2025.

What did Rishabh Digha report for the June 2026 quarter?

Rishabh Digha reported unaudited profit after tax of Rs 19.34 lakh for the three months ended June 30, 2026, compared with Rs 24.53 lakh for the full FY26. Revenue from operations and total revenue were each Rs 28.17 lakh for the quarter, as the disclosed table showed no other income for that period.

Quarterly expenses totalled Rs 8.83 lakh, comprising finance cost of Rs 5.20 lakh, other expenses of Rs 3.61 lakh and depreciation of Rs 2,000. With no tax expense reported for the three-month period, profit before tax and profit after tax were both Rs 19.34 lakh.

Total comprehensive income for the June 2026 quarter was Rs 18.12 lakh after a Rs 1.22 lakh fair-value loss on investments in equity shares and related tax of Rs 31,000. Earnings per share were Rs 0.33 for the quarter, compared with Rs 0.68 in FY26 and Rs 21.04 in FY24, while return on net worth was 0.05%, 1.33% and 63.89%, respectively.

How is Rishabh Digha’s proposed control transaction structured?

Rishabh Digha is the target company in a transaction in which SBA Infra Projects Private Limited agreed on October 29, 2026 to acquire 40,76,701 shares, representing 74.31% of its voting share capital. SBA Infra Projects proposes an open offer for up to 14,09,699 further shares, or 25.69%, which would result in 100% ownership if fully accepted.

The offer price is Rs 47 per equity share, compared with a Rs 39.09 per-share fair value certified in a valuation report dated October 29, 2026. The maximum consideration for the open offer is Rs 6.63 crore, and SBA Infra Projects disclosed that it deposited 100% of this amount in a cash escrow account.

Rishabh Digha had 54,86,400 fully paid equity shares and 2,044 public shareholders as of September 30, 2026. Its shares are listed on BSE Limited and were described as infrequently traded, with annualised trading turnover of 4.13% for the 12 months from October 2025 to September 2026. SBA Infra Projects stated that it does not intend to delist Rishabh Digha through the open offer.

Conclusion

Rishabh Digha’s disclosed financials show that FY26 profit and operating revenue remained far below FY24 levels, despite a year-on-year increase in profit after tax from FY25. The June 2026 balance sheet also shows Rs 21.88 crore of non-current financial assets within total assets of Rs 22.05 crore, alongside Rs 3.31 crore of borrowings.

The next disclosed milestones are the identified date of December 9, 2026 and the tendering-period closure of January 6, 2027. If the open offer is fully accepted, public shareholding will fall below the minimum required level, and the filing says action will be needed to restore compliance with the public-shareholding requirement.