Seemax Resources reports a Rs 1.61 crore first-half loss

Seemax Resources Limited reported a Rs 1.61 crore loss for the half year ended September 30, 2026, compared with a Rs 1.88 crore profit in the preceding half year ended March 31, 2026, as total expenses rose to Rs 7.58 crore while revenue from operations declined to Rs 5.32 crore. The results were approved on November 14, 2026.

Why did Seemax Resources report a loss in September 2026?

Seemax Resources reported a pre-tax loss of Rs 2.18 crore for the half year ended September 30, 2026, against pre-tax profit of Rs 2.50 crore in the half year ended March 31, 2026. Total income fell 39% sequentially to Rs 5.40 crore from Rs 8.91 crore, while total expenses increased 18% to Rs 7.58 crore from Rs 6.41 crore. The company did not report exceptional or extraordinary items in either period.

The loss after tax was Rs 1.61 crore, versus profit after tax of Rs 1.88 crore in the preceding six months. The result also compares with a Rs 13.31 lakh loss in the half year ended September 30, 2025. Tax expense was a negative Rs 56.97 lakh in September 2026, reflecting deferred tax, compared with tax expense of Rs 62.18 lakh in the March 2026 half year.

The Board approved the unaudited results after review by its Audit Committee on November 14, 2026. Seemax Resources prepares its accounts under Accounting Standards rather than Indian Accounting Standards, or Ind AS, because its securities are listed on the small and medium enterprise exchange platform. Its independent reviewer said nothing had come to its attention to indicate a material misstatement in the September 2026 results.

Which expenses increased at Seemax Resources?

Seemax Resources' employee benefits expense rose to Rs 3.70 crore in the September 2026 half year from Rs 2.83 crore in the March 2026 half year, an increase of Rs 86.81 lakh. Other expenses more than doubled to Rs 1.51 crore from Rs 71.75 lakh. Together, these two categories accounted for Rs 5.21 crore of the Rs 7.58 crore total expense base during the reported half year.

Finance cost was Rs 93.95 lakh, marginally below Rs 96.99 lakh in the March 2026 half year, while depreciation and amortisation increased to Rs 37.13 lakh from Rs 33.41 lakh. Cost of materials consumed declined to Rs 1.06 crore from Rs 1.56 crore. That reduction did not offset the higher employee and other expenses, while income contracted during the same comparison period.

Compared with the corresponding half year ended September 30, 2025, employee benefits expense increased by Rs 52.61 lakh from Rs 3.17 crore, and other expenses increased by Rs 1 crore from Rs 50.42 lakh. Revenue from operations was Rs 5.32 crore, down Rs 13.17 lakh from Rs 5.45 crore a year earlier. Other income fell sharply to Rs 7.71 lakh from Rs 63.38 lakh, reducing total income by Rs 68.84 lakh year on year.

What did Seemax Resources' cash flow show?

Seemax Resources used Rs 2.30 crore in operating activities in the half year ended September 30, 2026, compared with cash generated from operating activities of Rs 2.45 crore for the year ended March 31, 2026. The operating cash outflow followed the Rs 2.18 crore pre-tax loss and working-capital movements, including Rs 94.29 lakh absorbed by other current assets and Rs 54.97 lakh by trade receivables.

Investing activities used Rs 11.26 crore during the six-month period. The outflow included Rs 6.70 crore for short-term loans and advances and Rs 4.64 crore for purchases of fixed assets. Property, plant and equipment stood at Rs 16.64 crore on September 30, 2026, up from Rs 12.38 crore on March 31, 2026, consistent with the reported fixed-asset purchase outflow.

Financing activities provided Rs 18.26 crore, principally through Rs 16.27 crore of security premium and Rs 1.40 crore of capital increase. Cash and cash equivalents consequently rose to Rs 4.81 crore at September 30, 2026 from Rs 10.01 lakh at March 31, 2026, despite the operating and investing outflows. Short-term borrowings increased to Rs 9.70 crore from Rs 6.47 crore, while long-term borrowings fell to Rs 4.11 crore from Rs 5.81 crore.

How did the IPO affect Seemax Resources' balance sheet?

Seemax Resources issued 14 lakh equity shares with a face value of Rs 10 each at a premium of Rs 131 each through its initial public offering, or IPO, and listed on the BSE SME platform on July 7, 2026. Its paid-up share capital rose to Rs 4.40 crore at September 30, 2026 from Rs 3 crore at March 31, 2026, while reserves and surplus rose to Rs 19.13 crore from Rs 4.47 crore.

The company raised Rs 19.74 crore in the IPO and reported no deviation or variation in use of the funds as of September 30, 2026. Of the disclosed allocations, Rs 5.47 crore had been used against Rs 10 crore earmarked for capital expenditure, while Rs 3.14 crore had been used against Rs 3.25 crore allocated to working-capital requirements. The filing records no comments from the Audit Committee or auditors on fund-use deviations.

Total assets increased to Rs 40.18 crore at September 30, 2026 from Rs 23 crore six months earlier. Current assets rose to Rs 23.54 crore from Rs 10.63 crore, including short-term loans and advances of Rs 13.06 crore versus Rs 6.37 crore. Trade payables rose to Rs 96.53 lakh from Rs 40.03 lakh, while other current liabilities declined to Rs 32 lakh from Rs 74.28 lakh.

Conclusion

Seemax Resources' September 2026 half-year result shows a sequential move from Rs 1.88 crore profit to Rs 1.61 crore loss as total income declined by Rs 3.51 crore and total expenses rose by Rs 1.17 crore. Higher employee benefits and other expenses outweighed lower material costs, while operating cash flow turned to a Rs 2.30 crore outflow.

The next disclosed milestones are the remaining deployment of IPO allocations, including Rs 4.53 crore of the Rs 10 crore capital-expenditure allocation not yet reported as utilised at September 30, 2026, and the unutilised Rs 11.36 lakh of working-capital allocation. Seemax Resources also appointed Kiransih Mansinh Parmar as chief financial officer effective November 14, 2026.