Shree Hari Chemicals first-half PBT rises to Rs 28 crore

Shree Hari Chemicals Export Limited reported standalone profit before tax of Rs 28 crore for the half year ended September 30, 2026, compared with Rs 2.59 crore a year earlier, as total income rose to Rs 135.81 crore from Rs 99.58 crore. The unaudited results were approved on November 6, 2026.

How did Shree Hari Chemicals perform in the first half?

Shree Hari Chemicals increased first-half profit before tax by Rs 25.41 crore to Rs 28 crore in the half year ended September 30, 2026. Total income increased by Rs 36.23 crore, or about 36%, to Rs 135.81 crore from Rs 99.58 crore in the corresponding half year ended September 30, 2025.

Revenue from operations was Rs 134.15 crore in the latest first half, against Rs 98.80 crore a year earlier. Other income increased to Rs 1.66 crore from Rs 77.24 lakh. The statement reported no exceptional or extraordinary items for either half-year period, so the pre-tax comparison reflects the ordinary result categories presented.

Net profit for the six months was Rs 20.98 crore, compared with Rs 1.87 crore in the prior-year period. Total comprehensive income was Rs 20.08 crore for the latest half year, compared with Rs 1.87 crore in the previous corresponding period. Basic earnings per share, or EPS, were Rs 33.27 for the latest half year, versus Rs 3.80 a year earlier.

What changed between the two quarterly results?

Shree Hari Chemicals reported profit before tax of Rs 20.09 crore in the quarter ended September 30, 2026, following Rs 7.91 crore in the quarter ended June 30, 2026. Total income increased to Rs 80.25 crore in the September quarter from Rs 55.55 crore in the June quarter.

The September-quarter profit before tax was also above Rs 4.80 crore reported in the quarter ended September 30, 2025. Net profit for the September 2026 quarter was Rs 15.08 crore, while the June 2026 quarter reported Rs 5.89 crore. These quarterly net-profit figures add to the stated first-half net profit of Rs 20.98 crore, subject to rounding in the published statement.

Cost of materials consumed rose to Rs 68.31 crore in the latest first half from Rs 42.34 crore a year earlier. Employee-benefit expense was Rs 9.75 crore compared with Rs 8.21 crore, while finance costs were Rs 1.08 crore compared with Rs 1.06 crore. Total expenses rose to Rs 107.81 crore from Rs 96.99 crore, while total income increased by Rs 36.23 crore.

What do the cash flows say about the reported profit?

Shree Hari Chemicals generated Rs 16.99 crore of cash from operating activities in the half year ended September 30, 2026, compared with an outflow of Rs 53.14 lakh in the corresponding 2025 period. The cash-flow statement starts with profit before tax of Rs 28 crore and includes Rs 1.52 crore of depreciation and Rs 1.03 crore of interest expense among its adjustments.

Working-capital movements absorbed part of the operating cash generated before those movements. Trade receivables increased by Rs 23.14 crore, inventories increased by Rs 2.41 crore, and other current assets increased by Rs 5.79 crore. These movements were partly offset by a Rs 16.56 crore increase in trade payables and a Rs 1.09 crore decrease in other financial assets.

Investing activities used Rs 13.41 crore in the latest half year, compared with Rs 5.74 crore in the earlier period. Loans and advances given of Rs 10.76 crore were the largest disclosed investing item, while purchases of fixed assets, including right-of-use assets and capital work-in-progress, used Rs 1.95 crore. Net cash increased by Rs 2.68 crore, taking standalone cash and cash equivalents to Rs 3.23 crore at September 30, 2026 from Rs 55.37 lakh at March 31, 2026.

How did Shree Hari Chemicals’ balance sheet change?

Shree Hari Chemicals’ standalone total assets were Rs 142.74 crore at September 30, 2026, up from Rs 102.43 crore at March 31, 2026. Current assets increased to Rs 86.97 crore from Rs 43.76 crore, alongside trade receivables of Rs 47.52 crore compared with Rs 24.38 crore at the March year-end.

Inventory stood at Rs 15.16 crore at September 30, up from Rs 12.76 crore six months earlier, while loans under current assets were Rs 10.76 crore against no such balance at March 31. Other current assets increased to Rs 6.96 crore from Rs 1.16 crore. These movements correspond with the receivables, inventory and loan movements reported in the cash-flow statement.

Equity increased to Rs 65.38 crore from Rs 44.40 crore, including equity share capital of Rs 6.31 crore and other equity of Rs 59.06 crore. Current borrowings were Rs 26.06 crore at September 30, compared with Rs 25.63 crore at March 31. The notes state that 7,74,946 equity shares were allotted on April 3, 2026 after conversion of an equal number of zero-coupon compulsorily convertible debentures, or CCDs.

What accounting and review points were disclosed?

Shree Hari Chemicals said the standalone results were prepared under Indian Accounting Standards, including Indian Accounting Standard 34, or Ind AS 34, for interim financial reporting, and were reviewed by its audit committee before board approval on November 6, 2026. Kailash Chand Jain & Co. issued a limited review report dated November 6, stating that nothing had come to its attention to indicate that the standalone statement was materially misstated.

The company disclosed an incremental Rs 31.61 lakh charge to the profit and loss statement after evaluating the impact of the new labour code on employee-benefit provisions, including gratuity and leave encashment. It also said prior-period figures had been regrouped or reclassified where necessary to conform with the current presentation. The filing states that the company operates in a single segment under Ind AS 108 on operating segments.

Conclusion

Shree Hari Chemicals combined higher first-half income of Rs 135.81 crore with profit before tax of Rs 28 crore, compared with Rs 2.59 crore a year earlier. Operating cash flow also turned positive at Rs 16.99 crore, compared with a Rs 53.14 lakh outflow in the corresponding 2025 half year, despite higher receivables and other working-capital uses.

The filing does not explain the Rs 23.14 crore increase in trade receivables or the Rs 10.76 crore of loans and advances given during the half year. Subsequent disclosures will show whether those balances change after September 30, 2026, while the company has also recorded a Rs 31.61 lakh labour-code-related employee-benefit charge in the reported period.