Shri Ahimsa Naturals H1 profit rises 16% as revenue gains 32%

Shri Ahimsa Naturals Limited reported standalone profit of Rs 17.1465 crore for the half year ended September 30, 2026, up 16% from Rs 14.8343 crore a year earlier, as revenue from operations increased 32% to Rs 80.0514 crore. The board approved the unaudited results on November 6, 2026.

How did Shri Ahimsa Naturals perform in H1 2026?

Shri Ahimsa Naturals reported higher revenue and profit in the half year ended September 30, 2026. Revenue from operations rose by Rs 19.5342 crore from the year-earlier half to Rs 80.0514 crore, while total income, including other income, reached Rs 83.258 crore from Rs 63.7155 crore. Other income was largely unchanged at Rs 3.2066 crore, compared with Rs 3.1983 crore a year earlier.

Profit before tax increased to Rs 22.9404 crore from Rs 19.9424 crore, while total tax expense rose to Rs 5.7939 crore from Rs 5.1081 crore. That left profit for the period at Rs 17.1465 crore, against Rs 14.8343 crore in the half year ended September 30, 2025. Basic and diluted earnings per share, or EPS, increased to Rs 7.23 from Rs 6.36; Shri Ahimsa Naturals said half-yearly EPS is not annualised.

The September 2026 half also exceeded the immediately preceding half ended March 31, 2026. Revenue from operations was Rs 80.0514 crore versus Rs 62.8033 crore, and profit for the period was Rs 17.1465 crore versus Rs 15.2418 crore. The filing therefore shows growth both against the corresponding 2025 half and the preceding six-month period.

What changed in Shri Ahimsa Naturals' costs in H1 2026?

Shri Ahimsa Naturals' total expenses rose to Rs 60.3176 crore in the September 2026 half from Rs 43.7731 crore a year earlier. Cost of materials consumed increased to Rs 49.96 crore from Rs 30.4102 crore, while purchases of stock-in-trade were Rs 3.2687 crore compared with Rs 1.6422 crore. These expense categories rose alongside the Rs 19.5342 crore increase in revenue from operations.

Changes in inventories of finished goods, work-in-progress and stock-in-trade reduced reported expenses by Rs 9.4639 crore, compared with a Rs 2.7637 crore reduction in the year-earlier period. Employee benefits expense increased to Rs 3.5933 crore from Rs 3.1679 crore, and other expenses rose to Rs 10.5705 crore from Rs 10.0477 crore.

Finance costs rose to Rs 1.4371 crore from Rs 33.09 lakh in the half year ended September 30, 2025 and Rs 22.05 lakh in the preceding March 2026 half. Depreciation and amortisation was comparatively stable at Rs 95.19 lakh, against Rs 93.79 lakh a year earlier. Shri Ahimsa Naturals identifies manufacturing Caffeine Anhydrous Natural and Green Coffee Bean Extract from Crude Caffeine as its single reportable segment.

Why was Shri Ahimsa Naturals' operating cash flow negative?

Shri Ahimsa Naturals recorded net cash used in operating activities of Rs 25.262 crore for the half year ended September 30, 2026, compared with an outflow of Rs 26.0978 crore a year earlier. Operating profit before working-capital changes was Rs 23.1247 crore, but cash generated from operating activities turned negative Rs 21.9357 crore after working-capital movements.

The cash-flow statement records a Rs 26.9245 crore increase in other receivables, a Rs 9.8365 crore increase in inventories and a Rs 9.3674 crore increase in trade receivables. Trade payables and other current liabilities provided Rs 1.068 crore of cash, compared with a Rs 27.4456 crore use of cash in the corresponding 2025 half. Direct taxes paid were Rs 3.3263 crore, down from Rs 5.3994 crore.

Balance-sheet figures also show higher current-asset balances at September 30, 2026 than at March 31, 2026. Inventories increased to Rs 42.8664 crore from Rs 33.03 crore, trade receivables rose to Rs 38.4719 crore from Rs 29.1045 crore, and short-term loans and advances reached Rs 34.7191 crore from Rs 9.6134 crore.

How did Shri Ahimsa Naturals fund its cash requirements?

Shri Ahimsa Naturals generated Rs 64.6634 crore from financing activities in the September 2026 half, compared with net cash used of Rs 85.13 lakh a year earlier. The filing records Rs 53.0939 crore of proceeds from short-term borrowings, Rs 8.6732 crore of share-capital proceeds and Rs 4.3334 crore from share warrants. Interest paid was Rs 1.4371 crore.

Short-term borrowings stood at Rs 61.9632 crore at September 30, 2026, compared with Rs 8.8693 crore at March 31, 2026. Net cash used in investing activities was Rs 33.2134 crore, including a Rs 29.2837 crore loan to a subsidiary and Rs 10 crore of increased investments. After operating, investing and financing cash flows, cash and cash equivalents rose to Rs 20.231 crore from Rs 14.043 crore.

Shri Ahimsa Naturals had issued 13,34,400 warrants at Rs 227 each through a private placement on January 13, 2026. It converted 3,77,600 warrants into equity shares on May 12, 2026 after receiving the remaining Rs 170.25 per warrant. Full payment had been received for another 3,80,400 warrants, although equity-share allotment against them remained pending at September 30, 2026.

Conclusion

Shri Ahimsa Naturals reported higher standalone revenue, pre-tax profit and post-tax profit for the half year ended September 30, 2026, with revenue reaching Rs 80.0514 crore and profit reaching Rs 17.1465 crore. The same filing records an operating cash outflow of Rs 25.262 crore, reflecting increases in receivables and inventories, alongside a rise in short-term borrowings to Rs 61.9632 crore.

The next disclosed matter to watch is the use of remaining initial public offering, or IPO, proceeds for the proposed manufacturing unit of wholly owned subsidiary Shri Ahimsa Healthcare Private Limited at Sawarda, Jaipur. Of Rs 50.0228 crore allocated from the IPO, Shri Ahimsa Naturals reported utilisation of Rs 46.3752 crore by September 30, 2026, including Rs 31.3524 crore of the Rs 35 crore allocation for that project.