Srivari Spices Revenue Falls 38% in September-Half Results

Srivari Spices And Foods Limited reported revenue from operations of Rs 76.1654 crore for the half year ended 30 September 2026, down 38% from Rs 123.7605 crore a year earlier, while profit for the period declined 39% to Rs 7.1257 crore. The board approved the unaudited standalone results on 13 November 2026.

What were Srivari Spices’ September-half revenue and profit?

Srivari Spices’ revenue from operations fell by Rs 47.5951 crore year on year to Rs 76.1654 crore in the half year ended 30 September 2026. Total income was Rs 78.1654 crore, compared with Rs 123.7605 crore in the corresponding September 2025 half, while profit before tax declined to Rs 10.0672 crore from Rs 16.6318 crore.

Srivari Spices’ profit for the period came from continuing operations, with no profit or loss from discontinued operations reported in either September-half column. Basic and diluted earnings per share were Rs 8.31 in the latest half, versus Rs 13.72 a year earlier, and the company said half-year earnings per share were not annualised.

Srivari Spices had paid-up equity share capital of Rs 8.5704 crore at 30 September 2026, unchanged from the prior-year half, with 85.704 lakh equity shares outstanding. The same number was used as the weighted average number of shares for earnings-per-share calculations, so the lower per-share earnings reflected the decline in reported profit rather than a change in the share count.

Which Srivari Spices costs changed in the latest half?

Srivari Spices reduced several expense lines in the half year ended 30 September 2026, although material costs fell less quickly than operating revenue. Cost of materials consumed declined 33% to Rs 62.0342 crore from Rs 92.9533 crore, while revenue declined 38%, taking materials consumed to about 81.4% of revenue from about 75.1% a year earlier.

Employee benefits expense decreased to Rs 1.9077 crore from Rs 3.6033 crore, and finance costs fell to Rs 1.5067 crore from Rs 2.1566 crore. Changes in inventories of finished goods were negative Rs 3.5268 crore in the latest half, compared with negative Rs 4.7815 crore in the September 2025 half.

Depreciation and amortisation rose to Rs 1.7525 crore from Rs 1.5104 crore, while other expenses declined to Rs 2.4239 crore from Rs 11.4068 crore. These movements brought total expenses down 38% to Rs 66.0982 crore, but profit before tax still fell 39% to Rs 10.0672 crore as income contracted.

Srivari Spices’ total tax expense fell to Rs 2.9415 crore from Rs 4.8894 crore. The latest charge comprised current tax of Rs 3.0244 crore and deferred-tax income of Rs 0.0829 crore, compared with current tax of Rs 4.9392 crore and deferred-tax income of Rs 0.0698 crore in the prior-year half.

How did Srivari Spices’ balance sheet change by September 2026?

Srivari Spices’ total assets increased to Rs 157.392 crore at 30 September 2026 from Rs 121.9046 crore at 31 March 2026. Current assets rose to Rs 138.7904 crore from Rs 103.2483 crore, whereas non-current assets were broadly unchanged at Rs 18.6016 crore from Rs 18.6563 crore.

Inventories increased by Rs 17.0631 crore over the six months to Rs 62.7145 crore, and trade receivables rose by Rs 18.7263 crore to Rs 75.9613 crore. Together, those two current-asset balances were Rs 138.6758 crore at 30 September 2026, compared with Rs 102.8864 crore at the March 2026 year-end.

Srivari Spices reported cash and cash equivalents of Rs 0.47 lakh at 30 September 2026, compared with Rs 0.43 lakh at 31 March 2026. Short-term loans and advances decreased to Rs 8.92 lakh from Rs 33.69 lakh, while other current assets were unchanged at Rs 2.07 lakh.

On the funding side, reserves and surplus rose to Rs 77.6344 crore from Rs 65.8719 crore. Long-term borrowings increased to Rs 11.5674 crore from Rs 6.187 crore, while short-term borrowings increased to Rs 31.7464 crore from Rs 27.8451 crore.

What does Srivari Spices’ cash flow statement show?

Srivari Spices used Rs 5.7388 crore in operating activities during the half year ended 30 September 2026. The cash outflow followed working-capital movements that included a Rs 17.0631 crore increase in inventories and a Rs 18.7261 crore increase in trade receivables.

The company generated Rs 7.1252 crore from financing activities in the latest half, including Rs 4.2018 crore of net proceeds from non-current borrowings and Rs 5.0799 crore from changes in current borrowings. Finance costs paid were Rs 2.1566 crore, and no dividend payment was shown for the September 2026 half.

Srivari Spices used Rs 1.3859 crore for investing activities, comprising purchases of property, plant and equipment. The combined operating, investing and financing movements resulted in a Rs 0.04 lakh increase in cash and cash equivalents from Rs 0.43 lakh at the beginning of the period to Rs 0.47 lakh at its end.

What is the review scope and business profile of Srivari Spices?

Srivari Spices reported unaudited standalone financial results prepared under Accounting Standard 25, Interim Financial Reporting, for the half year ended 30 September 2026. Its board meeting on 13 November 2026 ran from 3.30 p.m. to 4.30 p.m. and considered the results, statement of assets and liabilities, cash-flow statement and limited review report.

The independent auditor described its work as a review under Standard on Review Engagements 2410, which is substantially narrower in scope than an audit and provides moderate assurance. The results were submitted under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Srivari Spices said it operates one business segment, the manufacture and trading of spices and food products, and only in India. It therefore did not provide segment information under Accounting Standard 17, Segment Reporting.

Srivari Spices also said consolidated financial results were not applicable at 30 September 2026 because it had no subsidiary, associate or joint venture at that date. Its wholly owned subsidiary, Srivari Supply Chain Private Limited, was disposed of on 30 September 2025.

Conclusion

Srivari Spices’ September-half results show that lower employee, finance and other expenses did not offset the contraction in income. Revenue from operations fell 38% to Rs 76.1654 crore, profit before tax declined 39% to Rs 10.0672 crore and profit for the period fell 39% to Rs 7.1257 crore, while materials consumed represented a higher proportion of revenue than a year earlier.

The filing discloses no revenue target or outlook. The next results will show whether inventories of Rs 62.7145 crore and trade receivables of Rs 75.9613 crore at 30 September 2026 convert into operating cash flow, after the company reported an operating cash outflow of Rs 5.7388 crore for the latest half.