Shivalic Power H1 FY27 Profit Drops to Rs 2 Crore

Board approves September 2026 financial results

Shivalic Power Control Limited has approved its unaudited standalone financial results for the half year ended September 30, 2026. The board considered and approved the results at its meeting held on October 24, 2026. The exchange disclosure was disseminated on October 25, 2026. Along with the half-yearly results, the board appointed a secretarial auditor for FY 2026-27. The update places the focus on a sharp reduction in profitability despite a modest increase in sales. The company reported figures in crore rupees in its half-yearly financial-results summary. The results are standalone figures, which is important when comparing them with consolidated disclosures in the annual report.

Sales rise modestly to Rs 55 crore

Sales for the half year ended September 2026 stood at Rs 55 crore, compared with Rs 54 crore in the corresponding half year ended September 2025. The increase was about 1.5% based on the rounded figures reported. Sales were also above the Rs 54 crore reported in the half year ended September 2024. However, the September 2026 sales figure was lower than the Rs 89 crore reported for the half year ended March 2026. Half-yearly sales can vary between reporting periods, and the disclosed data does not provide a segment-wise or product-wise breakup for the change. As a result, the available information establishes revenue movement but does not identify the operational reasons behind it.

Operating profit falls to Rs 3 crore

Operating profit declined to Rs 3 crore in the September 2026 half year from Rs 8 crore a year earlier. Operating expenses rose to Rs 51 crore from Rs 47 crore in the corresponding September 2025 period. This meant expenses increased more quickly than sales on the rounded reported figures. The operating profit margin fell to 6% from 14% a year earlier. It was also below the 9% operating margin reported for the half year ended March 2026. The margin movement is the most notable element of the latest result because it explains the gap between relatively stable sales and lower earnings. The results summary does not specify the individual cost heads responsible for the rise in expenses.

Net profit and EPS decline year on year

Net profit for the half year ended September 2026 was Rs 2 crore, compared with Rs 5 crore in the year-earlier period. Profit before tax similarly declined to Rs 3 crore from Rs 7 crore. Interest expense was reported at Rs 1 crore, unchanged from the September 2025 half year. Depreciation also remained at Rs 1 crore. The tax rate was 25%, compared with 26% in the corresponding period a year ago. Earnings per share fell to Rs 0.82 from Rs 2.14. The reduction in EPS follows the decline in reported net profit and is a key measure for shareholders tracking per-share earnings.

Key half-yearly financial figures

Comparison with recent reporting periods

The company had reported sales of Rs 54 crore and net profit of Rs 6 crore for the half year ended September 2024. In the September 2025 half year, sales were Rs 54 crore while net profit was Rs 5 crore. The latest sales figure of Rs 55 crore is therefore broadly in line with the two previous September reporting periods. Profitability, however, has moved lower over that period. Operating profit was Rs 9 crore in September 2024, Rs 8 crore in September 2025, and Rs 3 crore in September 2026. The corresponding operating margins were 17%, 14%, and 6%, respectively. This sequence shows that the September 2026 result reflects a narrower operating spread than the company reported in the prior two half years.

FY26 annual performance provides context

For the year ended March 31, 2026, Shivalic Power reported sales of Rs 155.40 crore and revenue of Rs 156.67 crore in a separate earnings-results disclosure. Net income for that year was Rs 11.77 crore, compared with Rs 12.42 crore in the previous year. Basic and diluted earnings per share were Rs 4.88, against Rs 5.50 a year earlier. The company’s directors’ report separately stated standalone revenue from operations including other income of Rs 144.93 crore for FY26, compared with Rs 133.89 crore in FY25. It reported standalone net profit of Rs 10.33 crore, versus Rs 12.42 crore in the previous year. These disclosures indicate that investors should distinguish between standalone and consolidated, or differently presented, annual figures when making comparisons.

What the latest result means for investors

The latest half-yearly results show that a marginal improvement in sales did not translate into higher earnings. Expenses of Rs 51 crore against sales of Rs 55 crore left less room for operating profit than in the comparable period. The decline in operating margin to 6% from 14% is therefore central to evaluating the result. Interest and depreciation were unchanged at Rs 1 crore each, so the disclosed movement in operating profitability remains the main financial development. No share-price movement, order update, management outlook, or dividend announcement was included in the material provided. Investors will therefore have to rely on future statutory disclosures for any additional explanation of costs, demand conditions, or operating performance.

Regulatory disclosure and next steps

The September 2026 results were approved under the company’s board process for unaudited financial statements. Shivalic Power had followed a similar process for the September 2025 half-yearly results, when it submitted standalone unaudited results along with a limited review report under SEBI Listing Obligations and Disclosure Requirements Regulations. The current exchange update confirms the board’s approval of the H1 FY27 results and the appointment of a secretarial auditor for FY 2026-27. The next regular financial update will provide a clearer view of whether sales growth and operating margins change in the following reporting period. Until then, the disclosed H1 FY27 figures show stable sales but materially lower operating and net profit.