Saakshi Medtech and Panels H1 profit rises sequentially

Saakshi Medtech and Panels Limited reported standalone profit after tax of Rs 6.18 crore for the half year ended September 30, 2026, up from Rs 5.66 crore in the preceding half year, as total income rose to Rs 59.88 crore despite higher employee, finance and depreciation charges.

How much did Saakshi Medtech and Panels' H1 profit increase?

Saakshi Medtech and Panels' standalone profit after tax increased by Rs 0.52 crore sequentially to Rs 6.18 crore in the half year ended September 30, 2026, from Rs 5.66 crore in the preceding half year ended March 31, 2026. Profit before tax rose to Rs 8.33 crore from Rs 7.83 crore, while total tax expense was almost unchanged at Rs 2.16 crore versus Rs 2.17 crore.

The September 2026 result remained below the Rs 6.63 crore profit after tax reported for the half year ended September 30, 2025. Basic and diluted earnings per share, which were not annualised, were Rs 3.48 for September 2026, compared with Rs 3.21 in March 2026 and Rs 3.76 a year earlier. Saakshi Medtech and Panels reported no exceptional or extraordinary items for the reporting period.

What changed in Saakshi Medtech and Panels' revenue and expenses?

Saakshi Medtech and Panels' revenue from operations rose to Rs 59.51 crore in the September 2026 half year from Rs 57.19 crore in the March 2026 half year, while total income increased to Rs 59.88 crore from Rs 57.42 crore. Other income was Rs 36.36 lakh, compared with Rs 22.25 lakh in the preceding half year, contributing to the increase in total income.

Total expenses rose by Rs 1.95 crore to Rs 51.54 crore, a smaller absolute increase than the Rs 2.46 crore rise in total income. Raw-material and consumables expense declined to Rs 31.82 crore from Rs 35.47 crore, while other expenses increased to Rs 5.65 crore from Rs 4.73 crore. The change in inventories of work in progress and finished goods was negative Rs 83.24 lakh, against negative Rs 4.96 crore in the preceding half year.

Which Saakshi Medtech and Panels costs rose during H1?

Saakshi Medtech and Panels' employee benefit expense, finance cost and depreciation and amortisation expense all rose in the September 2026 half year. Employee benefits increased to Rs 10.52 crore from Rs 9.44 crore, finance costs rose to Rs 1.25 crore from Rs 1.09 crore, and depreciation and amortisation reached Rs 3.13 crore from Rs 2.87 crore.

The cost changes were also evident against the half year ended September 30, 2025. Employee benefits were Rs 9.27 crore a year earlier, finance costs were Rs 25.71 lakh and depreciation was Rs 1.87 crore. In contrast, raw-material and consumables expense of Rs 31.82 crore was close to Rs 31.77 crore a year earlier, while total expenses increased from Rs 49.79 crore.

What does Saakshi Medtech and Panels' September balance sheet show?

Saakshi Medtech and Panels' total standalone assets increased to Rs 201.62 crore at September 30, 2026, from Rs 156.99 crore at March 31, 2026. Shareholders' funds rose to Rs 158.00 crore from Rs 110.33 crore, comprising share capital of Rs 19.67 crore and reserves and surplus of Rs 138.34 crore at the September reporting date.

The principal asset-side change was Rs 41.81 crore of non-current investments at September 30, 2026, where no amount was reported at March 31, 2026. Property, plant and equipment increased to Rs 91.55 crore from Rs 83.00 crore, while capital work in progress declined to Rs 2.27 crore from Rs 9.88 crore. Long-term borrowings fell to Rs 15.46 crore from Rs 16.14 crore and short-term borrowings declined to Rs 7.82 crore from Rs 9.32 crore.

How did Saakshi Medtech and Panels' LEIPL transaction affect results?

Saakshi Medtech and Panels acquired a 34.19% equity and voting-rights stake in LEIPL through a share-swap arrangement completed on September 24, 2026, making LEIPL an associate from that date. Saakshi Medtech and Panels acquired 23,77,850 LEIPL equity shares and allotted 20,10,259 of its own equity shares at Rs 207 each, including a Rs 197 premium, for aggregate consideration of Rs 41.61 crore other than cash.

The transaction was not reflected in the standalone cash-flow statement because it was non-cash. In the consolidated financial statements, Saakshi Medtech and Panels recognised Rs 70,000 as its share of LEIPL's loss for September 24 to September 30, 2026, using the equity method. The carrying value of the investment includes goodwill of Rs 28.42 crore, calculated as the excess of investment cost over Saakshi Medtech and Panels' share of LEIPL's equity at September 24.

What did Saakshi Medtech and Panels report on cash flow and financial review?

Saakshi Medtech and Panels generated net cash from operating activities of Rs 8.63 crore for the period to September 30, 2026. The statement recorded a Rs 2.55 crore increase in inventory and a Rs 1.57 crore increase in other current and non-current assets, partly offset by a Rs 93.89 lakh reduction in trade receivables.

Investing cash outflow was Rs 5.13 crore, including Rs 4.37 crore spent on fixed assets and capital work in progress. Financing activities used Rs 3.55 crore, including repayments of Rs 1.50 crore in short-term borrowings and Rs 68.27 lakh in long-term borrowings. Cash and cash equivalents stood at Rs 1.29 crore at September 30, 2026, compared with Rs 1.75 crore at March 31, 2026; the independent reviewer said nothing had come to its attention indicating a material misstatement in the standalone results.

Conclusion

Saakshi Medtech and Panels' September 2026 standalone half-year result shows a sequential rise in profit after tax to Rs 6.18 crore alongside higher revenue and total income. The improvement occurred even as employee benefits, finance costs, depreciation and other expenses increased, while raw-material expense declined from the March 2026 half year.

The next reporting periods will show the effect of the Rs 41.61 crore LEIPL share-swap investment, which became an associate investment from September 24, 2026 and includes Rs 28.42 crore of goodwill. Saakshi Medtech and Panels also disclosed that balances under trade payables, loans and advances, and other current liabilities remain subject to confirmation and reconciliation, with any adjustments to be recorded when that process is completed.