Shreenath Paper Products reports first consolidated results

Shreenath Paper Products Limited reported Rs 78.3612498 crore in consolidated revenue from operations for the half-year ended 30 September 2026, its first consolidated interim result after including Shreenath Paper Industries Private Limited, in which it held 75% equity. The auditor said earlier comparative information represented the holding company before the group’s formation.

Why did Shreenath Paper Products prepare consolidated results?

Shreenath Paper Products prepared consolidated results because it held 75% of the issued equity share capital of Shreenath Paper Industries Private Limited as at 30 September 2026. The remaining 25% was held by a non-controlling shareholder, according to the consolidated limited-review report dated 12 November 2026.

The consolidated statement applies Accounting Standard 25, or AS 25, for interim financial reporting and Accounting Standard 21, or AS 21, for consolidated financial statements. The auditor also reviewed the subsidiary’s interim financial information for the half-year ended 30 September 2026 and stated that management made consolidation adjustments under AS 21.

The filing does not give the date on which Shreenath Paper Products obtained control of the subsidiary or the date on which the group was formed. It does, however, identify the September 2026 half-year as the first period in which the company presented consolidated interim financial results.

How did consolidated revenue compare with standalone revenue?

Shreenath Paper Products’ consolidated revenue from operations was Rs 78.3612498 crore for the half-year ended 30 September 2026, compared with standalone revenue of Rs 68.5456304 crore for the same six months. The Rs 9.8156194 crore difference reflects inclusion of the subsidiary in the group result.

Consolidated total income was Rs 79.2636288 crore, against standalone total income of Rs 69.4452094 crore. Other income was Rs 0.902379 crore in both presentations, meaning the difference in total income was principally associated with the additional revenue included through consolidation.

Consolidated purchases of stock in trade were Rs 79.3845565 crore, Rs 12.5213961 crore above the standalone figure of Rs 66.8631604 crore. Consolidated inventory movement was negative Rs 5.792914 crore, compared with negative Rs 1.7411851 crore standalone, while employee-benefit expense was Rs 1.3035136 crore compared with Rs 1.0416294 crore.

What profit belonged to Shreenath Paper Products shareholders?

Shreenath Paper Products reported consolidated profit after tax of Rs 1.1773065 crore for the half-year ended 30 September 2026, of which Rs 12.73005 lakh was attributable to the non-controlling shareholder. Net profit attributable to equity shareholders of the holding company was therefore Rs 1.050006 crore.

The standalone profit after tax was Rs 66.81044 lakh for the same period, while standalone profit before tax was Rs 89.3514 lakh. Consolidated profit before tax was Rs 1.5739742 crore, showing that the current consolidated presentation included more profit before the Rs 32.7439 lakh current-tax charge and Rs 6.92287 lakh deferred-tax charge.

Consolidated basic and diluted earnings per share were Rs 0.53 for the September 2026 half-year, compared with standalone basic and diluted earnings per share of Rs 0.34. The filing states a face value of Rs 10 per share for both earnings-per-share calculations.

Are earlier consolidated columns comparable with the new group result?

No, the earlier consolidated columns are not like-for-like group comparatives because they relate to Shreenath Paper Products before formation of the group. The auditor specifically described the September 2026 statement as the first consolidated interim presentation following inclusion of Shreenath Paper Industries Private Limited and did not modify its review conclusion on this matter.

For the half-year ended 31 March 2026, the reported consolidated revenue of Rs 59.2824689 crore exactly matches the standalone figure of Rs 59.2824689 crore. Consolidated profit after tax of Rs 2.0837713 crore also matches the standalone figure for that period, as does the Rs 55.379685 crore revenue reported in both columns for the half-year ended 30 September 2025.

As a result, the increase from Rs 59.2824689 crore in the 31 March 2026 consolidated column to Rs 78.3612498 crore in the September 2026 consolidated column combines a period movement with the first-time inclusion of the subsidiary. The filing does not provide an earlier six-month consolidated group result that could isolate underlying group growth.

What changed in the consolidated balance sheet and cash flow?

Shreenath Paper Products reported total consolidated assets of Rs 105.5603692 crore at 30 September 2026, compared with Rs 80.4198572 crore in the 31 March 2026 comparative column. Property, plant and equipment were Rs 6.1210634 crore versus Rs 2.4099964 crore, while inventories were Rs 16.8442113 crore versus Rs 11.0512973 crore.

Consolidated trade receivables were Rs 63.8624378 crore at 30 September 2026, compared with Rs 54.5271245 crore at 31 March 2026. Short-term borrowings increased to Rs 30.6016641 crore from Rs 24.1795287 crore, and long-term borrowings rose to Rs 6.1925 crore from Rs 3.0825 crore.

The consolidated cash-flow statement reports net cash used in operating activities of Rs 1.7941832 crore, investing outflow of Rs 2.1858027 crore and financing inflow of Rs 8.8083838 crore. Those three stated subtotals produce a Rs 4.8283979 crore increase, while the statement reports a net increase in cash and cash equivalents of Rs 2.8283379 crore.

The cash-flow statement shows opening consolidated cash of Rs 2.031283 crore and closing cash of Rs 8.8597009 crore. The consolidated balance sheet instead reports cash and cash equivalents of Rs 8.8597208 crore, a Rs 199 difference, while the listed cash components total Rs 8.8597209 crore. The filing does not explain these presentation differences, although the auditor’s limited-review report says nothing came to its attention indicating a material misstatement.

Conclusion

Shreenath Paper Products’ September 2026 accounts establish a first reported group result, with Rs 78.3612498 crore of consolidated revenue and Rs 1.050006 crore of profit attributable to holding-company shareholders. The subsidiary’s inclusion also coincides with higher consolidated assets, inventories, receivables and borrowings than the holding-company comparative presentation.

The next result will be important for establishing a comparable post-formation group period, because the filing says the earlier columns predate the group’s formation. Investors can also watch for any clarification of the control date and the differences between the consolidated cash-flow statement, its cash components and the Rs 8.8597208 crore balance-sheet cash figure.