Siddhika Coatings revenue rises 4.7%, profit falls 1.2%

Siddhika Coatings Limited reported consolidated revenue of Rs 31.93 crore for the half year ended 30 September 2026, up 4.7% from Rs 30.50 crore a year earlier, while profit after tax declined 1.2% to Rs 5.07 crore. Profit before tax increased 4.0% to Rs 7.13 crore, but the tax expense line rose to Rs 2.06 crore.

Why did Siddhika Coatings’ profit fall despite higher revenue?

Siddhika Coatings’ profit after tax fell because the increase in profit before tax did not translate into a higher reported post-tax result. Profit before tax rose by Rs 0.28 crore to Rs 7.13 crore in the half year ended 30 September 2026 from Rs 6.85 crore in the corresponding 2025 half, while profit after tax decreased by Rs 0.06 crore to Rs 5.07 crore from Rs 5.13 crore.

The results statement lists net current tax expense of Rs 2.06 crore for the September 2026 half, compared with Rs 1.73 crore in the prior-year half. The statement reports no exceptional or extraordinary items in either period. The tax line therefore represents the principal reported difference between the 4.0% increase in pre-tax profit and the 1.2% reduction in post-tax profit.

Basic and diluted earnings per share, or EPS, were Rs 8.20 for the six months ended 30 September 2026, compared with Rs 8.30 a year earlier. EPS was also below Rs 8.52 in the half year ended 31 March 2026. Siddhika Coatings states that half-year EPS is not annualised, and its paid-up equity share capital remained Rs 6.18 crore.

What lifted Siddhika Coatings’ first-half revenue?

Siddhika Coatings’ revenue growth reflected increases in both net sales and other income during the September 2026 half. Net sales or income from operations increased to Rs 30.86 crore from Rs 29.96 crore in the year-earlier half, while other income rose to Rs 1.07 crore from Rs 54.03 lakh. Together, these movements added Rs 1.43 crore to reported revenue from operations.

Revenue was also higher than Rs 28.77 crore reported for the half year ended 31 March 2026. Net sales in that preceding half were Rs 27.97 crore, compared with Rs 30.86 crore in the September 2026 half. For the full year ended 31 March 2026, Siddhika Coatings reported consolidated revenue from operations of Rs 59.27 crore, versus Rs 51.78 crore in the preceding financial year.

Siddhika Coatings identifies Painting and Coating Solutions and Contracting and Engineering Services as its business segments. It does not provide separate segment financial results because it says the segments do not meet Accounting Standard 17 reporting thresholds. The company says the smaller segment accounts for roughly 8.5% of revenue, about 6% of profit before tax and about 6.7% of assets, each below the 10% threshold cited in its note.

Which costs changed in Siddhika Coatings’ September half?

Siddhika Coatings’ total expenses increased 4.9% to Rs 24.80 crore in the half year ended 30 September 2026 from Rs 23.65 crore a year earlier. Cost of goods consumed rose to Rs 9.52 crore from Rs 8.09 crore, comprising purchases of Rs 10.79 crore and an inventory change of negative Rs 1.26 crore. In the previous corresponding half, purchases were Rs 8.36 crore and the inventory change was negative Rs 27.21 lakh.

Employee benefits expense increased to Rs 4.78 crore from Rs 4.55 crore, while depreciation and amortisation rose to Rs 17.31 lakh from Rs 13.96 lakh. Finance costs were Rs 78,000, compared with Rs 28,000 a year earlier. These cost movements occurred alongside the Rs 1.43 crore increase in total revenue from operations.

Some reported costs declined from the prior-year half. Job work charges fell to Rs 6.09 crore from Rs 6.31 crore, and other expenses decreased to Rs 4.23 crore from Rs 4.56 crore. Compared with the March 2026 half, when total expenses were Rs 21.93 crore, expenses increased by Rs 2.87 crore in the September half while profit before tax increased by Rs 0.29 crore to Rs 7.13 crore.

How did Siddhika Coatings’ balance sheet change?

Siddhika Coatings’ total assets rose to Rs 66.33 crore at 30 September 2026 from Rs 60.15 crore at 31 March 2026. Shareholders’ funds increased to Rs 50.01 crore from Rs 47.41 crore, as reserves and surplus rose to Rs 43.83 crore from Rs 41.23 crore. The share-capital balance was unchanged at Rs 6.18 crore on both dates.

Current liabilities increased to Rs 15.63 crore at 30 September 2026 from Rs 12.05 crore at the preceding year-end. Other current liabilities accounted for Rs 14.52 crore, compared with Rs 10.56 crore at 31 March 2026. Trade payables to creditors other than micro and small enterprises declined to Rs 83.79 lakh from Rs 1.33 crore.

Among current assets, inventories increased to Rs 5.26 crore from Rs 4.00 crore, while trade receivables declined to Rs 5.53 crore from Rs 6.87 crore. Current investments rose to Rs 23.95 crore from Rs 19.18 crore, and the balance-sheet cash and cash-equivalents line increased to Rs 11.62 crore from Rs 9.66 crore. These balance-sheet movements accompanied total assets growth of Rs 6.18 crore.

What does Siddhika Coatings’ cash flow statement show?

Siddhika Coatings generated net cash from operating activities of Rs 7.66 crore in the six months ended 30 September 2026. The cash-flow statement shows profit before tax of Rs 7.13 crore and cash generated from operating activities of Rs 9.52 crore before Rs 1.86 crore of income taxes paid. Operating cash flow for the full year ended 31 March 2026 was Rs 13.57 crore.

Working-capital movements included a Rs 3.95 crore increase in other current liabilities and a Rs 1.34 crore reduction in trade receivables, while inventories used Rs 1.28 crore and loans and advances used Rs 63.81 lakh. The receivables movement is consistent with the balance-sheet receivables balance declining from Rs 6.87 crore at 31 March 2026 to Rs 5.53 crore at 30 September 2026.

Investing activities used Rs 5.41 crore during the six-month period, including Rs 8.24 crore invested in mutual funds and shares. Proceeds from sales of mutual-fund and equity-share investments were Rs 3.28 crore. Financing activities used Rs 2.48 crore, principally Rs 2.47 crore of dividends paid, leaving cash and cash equivalents including bank fixed deposits at Rs 3.05 crore at 30 September 2026, versus Rs 3.29 crore at the start of the year.

How were Siddhika Coatings’ results reviewed and prepared?

Siddhika Coatings’ audit committee reviewed, and its board approved, the unaudited consolidated results at its meeting on 7 November 2026. J K S S & Associates issued its limited review report dated 7 November 2026. The reviewer said nothing had come to its attention that caused it to believe the statement had not disclosed the required information or contained a material misstatement.

The limited review was conducted under Standard on Review Engagement 2410 and provides moderate assurance rather than an audit opinion, according to the report. The results were prepared under Accounting Standard 25 for interim financial reporting. Siddhika Coatings also says SME-exchange-listed companies are exempt from compulsory adoption of Indian Accounting Standards under a Ministry of Corporate Affairs notification dated 16 February 2015.

The company says prior-period and prior-year figures were regrouped or reclassified where required. Its cash-flow statement reports Rs 3.05 crore of period-end cash and cash equivalents including bank fixed deposits, while the separate balance-sheet cash and cash-equivalents line is Rs 11.62 crore. The filing presents those figures under different statement captions and does not provide a reconciliation between them.

Conclusion

Siddhika Coatings recorded a Rs 1.43 crore year-on-year increase in first-half consolidated revenue and a Rs 0.28 crore increase in profit before tax, but profit after tax decreased by Rs 0.06 crore. Higher purchases and employee costs lifted total expenses by Rs 1.15 crore, while lower job work charges and other expenses partly offset those increases.

The next result will show whether revenue remains above the Rs 28.77 crore reported in the March 2026 half and whether the reported tax expense stays near Rs 2.06 crore. Siddhika Coatings disclosed no revenue target, profit guidance, operational plan or scheduled business event alongside the 7 November 2026 half-year results.