Sakuma Exports Q2 profit triples despite lower revenue

Sakuma Exports Limited reported consolidated net profit of Rs 240.82 lakh for the quarter ended September 30, 2026, up from Rs 73.46 lakh a year earlier despite revenue from operations declining to Rs 249.57 crore from Rs 254.31 crore. Profit before tax rose to Rs 3.34 crore from Rs 86.17 lakh.

How did Sakuma Exports’ September-quarter profit change?

Sakuma Exports’ consolidated profit after tax more than tripled year on year to Rs 240.82 lakh in the quarter ended September 30, 2026, from Rs 73.46 lakh in the quarter ended September 30, 2025. Profit before tax increased to Rs 3.34 crore from Rs 86.17 lakh, while the statement reported no exceptional or extraordinary items in either quarter.

The sequential comparison showed a different movement. Consolidated profit after tax was Rs 240.82 lakh in the September 2026 quarter, lower than Rs 2.82 crore in the June 2026 quarter, even as profit before tax increased slightly to Rs 3.34 crore from Rs 3.26 crore. Total tax expense rose to Rs 93.51 lakh from Rs 44.16 lakh over the same two quarters.

Total comprehensive income was Rs 235.56 lakh in the September 2026 quarter, compared with Rs 80.99 lakh a year earlier and Rs 2.87 crore in the June 2026 quarter. The September-quarter result included a Rs 5.26 lakh loss on remeasurements of defined-benefit plans, whereas the September 2025 quarter included a Rs 7.53 lakh gain.

Basic and diluted earnings per share were Rs 0.02 for the September 2026 quarter, against Rs 0.01 in the September 2025 quarter. The filing states that quarterly earnings per share is not annualised; paid-up equity share capital was unchanged at Rs 156.77 crore, with a face value of Rs 1 per share.

Why did Sakuma Exports’ profit rise while revenue declined?

Sakuma Exports’ reported profit rose because total expenditure fell by more than total income in the September 2026 quarter. Revenue from operations declined by Rs 4.74 crore year on year to Rs 249.57 crore, while total expenditure fell by Rs 6.12 crore to Rs 251.67 crore; total income, including other income, declined by Rs 3.64 crore to Rs 255.01 crore.

Purchase of stock-in-trade declined to Rs 198.83 crore from Rs 262.97 crore in the year-earlier quarter. This was partly offset by the change in inventories line, which was Rs 45.42 crore in the September 2026 quarter compared with negative Rs 19.39 crore in the September 2025 quarter, as presented in the consolidated statement.

Other expenses fell to Rs 5.11 crore from Rs 11.29 crore, while employee-benefit expense declined to Rs 1.66 crore from Rs 1.96 crore. Finance cost decreased to Rs 13.50 lakh from Rs 26.31 lakh and depreciation and amortisation declined to Rs 51.19 lakh from Rs 68.10 lakh.

Other income increased to Rs 4.95 crore in the September 2026 quarter from Rs 4.27 crore a year earlier. The combination of lower reported expenditure and higher other income resulted in profit from operations before exceptional items of Rs 3.34 crore, compared with Rs 86.17 lakh in the corresponding prior-year quarter.

What were Sakuma Exports’ first-half consolidated results?

Sakuma Exports reported consolidated profit after tax of Rs 5.23 crore for the six months ended September 30, 2026, compared with Rs 2.39 crore in the six months ended September 30, 2025. Profit before tax rose to Rs 6.60 crore from Rs 2.57 crore, and no exceptional items were shown for either six-month period.

First-half revenue from operations declined to Rs 582.88 crore from Rs 629.98 crore. Total income fell to Rs 591.54 crore from Rs 635.36 crore, but total expenditure decreased to Rs 584.94 crore from Rs 632.79 crore, resulting in a higher profit from operations before exceptional items.

The expense movement included a reduction in stock-in-trade purchases to Rs 407.48 crore from Rs 624.28 crore and a decline in other expenses to Rs 13.38 crore from Rs 28.17 crore. The inventory-change line was Rs 159.36 crore in the six months ended September 2026, compared with negative Rs 26.02 crore in the corresponding 2025 period.

Tax expense for the first half was Rs 1.38 crore, compared with Rs 18.48 lakh a year earlier. Current tax rose to Rs 1.48 crore from Rs 59.96 lakh, while deferred tax was a credit of Rs 10.37 lakh compared with a credit of Rs 41.48 lakh; basic and diluted earnings per share were Rs 0.03 against Rs 0.02.

What changed in Sakuma Exports’ consolidated balance sheet and cash flow?

Sakuma Exports’ consolidated total assets were Rs 895.50 crore at September 30, 2026, down from Rs 940.78 crore at March 31, 2026. Current assets declined to Rs 781.02 crore from Rs 826.29 crore, while total equity increased to Rs 757.04 crore from Rs 748.86 crore.

Trade receivables decreased to Rs 354.82 crore at September 30 from Rs 448.08 crore at March 31. Other current assets, however, increased to Rs 194.48 crore from Rs 66.47 crore, while cash and cash equivalents declined to Rs 33.26 crore from Rs 39.19 crore.

Consolidated net cash flow from operating activities was Rs 65.22 crore in the six months ended September 30, 2026, compared with Rs 123.85 crore in the corresponding 2025 period. Investing activities used Rs 79.57 crore, including Rs 309.55 crore spent on current investments and Rs 229.50 crore of proceeds from their sale.

The group recorded a net decrease in cash and cash equivalents of Rs 5.93 crore during the first half, whereas it recorded an increase of Rs 38.50 crore in the comparable prior-year period. Short-term borrowings generated Rs 8.70 crore of financing cash flow in the 2026 half year, compared with repayments of Rs 60.38 crore in the 2025 period.

What did Sakuma Exports disclose about its business and review?

Sakuma Exports identified trading in agro products as the group’s single primary business segment, and therefore did not provide revenue or profit details by product, geography or operating unit. The September 2026 consolidated statement consequently reports one primary segment rather than separate business-line results.

The consolidated results were prepared under Indian Accounting Standards, or Ind AS, according to the notes. Sakuma Exports said its Audit Committee reviewed the unaudited results and the Board of Directors of the holding company approved them on November 14, 2026.

The filing states that the auditors issued an unqualified opinion on the consolidated results. The Board meeting on November 14, 2026 began at 12 noon and ended at 12.45 pm; Sakuma Exports also stated that no statement on deviation or variation in specified issue proceeds was applicable and that it had no outstanding default on loans or debt securities.

Conclusion

Sakuma Exports’ September-quarter results show that reported profitability increased even as consolidated revenue declined. Profit after tax rose from Rs 73.46 lakh to Rs 240.82 lakh, supported by lower total expenditure, including lower stock-in-trade purchases and other expenses, as well as higher other income. The six-month profit after tax similarly increased to Rs 5.23 crore despite a decline in first-half revenue.

The next result will show whether the group can maintain the September-quarter cost and income pattern within its single agro-products trading segment. Items to watch from the disclosed financial position include cash and cash equivalents of Rs 33.26 crore at September 30, 2026, the Rs 194.48 crore other-current-assets balance, and operating cash flow of Rs 65.22 crore for the first half.