Superior Industrial H1 profit before tax rises 90% on revenue

Superior Industrial Enterprises Limited (Superior Industrial) reported consolidated profit before tax of Rs 3.07 crore for the half year ended 30 September 2026, up about 90% from Rs 1.62 crore a year earlier, as revenue from operations rose 36% to Rs 34.20 crore. Operating cash generated after tax was Rs 2.42 crore during the six-month period.

Why did Superior Industrial's H1 profit before tax rise?

Superior Industrial's profit before tax increased by Rs 1.45 crore to Rs 3.07 crore in the half year ended 30 September 2026, from Rs 1.62 crore in the corresponding 2025 period. Revenue from operations rose by Rs 9.13 crore to Rs 34.20 crore, while total income, which includes other income, increased to Rs 34.55 crore from Rs 25.34 crore.

Total expenses rose to Rs 31.48 crore from Rs 23.72 crore, an increase of Rs 7.75 crore that was lower than the Rs 9.21 crore increase in total income. Other income was Rs 34.90 lakh, compared with Rs 26.86 lakh a year earlier. The filing also reported basic and diluted earnings per equity share of Rs 1.77, compared with Rs 0.89 in the previous half year.

Profit attributable to owners was Rs 2.46 crore for the September 2026 half year, against Rs 1.24 crore a year earlier. Profit attributable to non-controlling interests was Rs 61.14 lakh, compared with Rs 30.19 lakh. The consolidated filing identifies Babri Polypet Private Limited as the group's subsidiary.

How did Superior Industrial's revenue and costs change?

Superior Industrial recorded September-quarter revenue from operations of Rs 14.57 crore, below Rs 19.63 crore in the June 2026 quarter but above Rs 7.04 crore in the September 2025 quarter. The September 2026 quarter generated profit before tax of Rs 1.93 crore, compared with Rs 1.14 crore in June 2026 and Rs 7.94 lakh a year earlier.

The filing states that the September 2026 and September 2025 quarterly figures are balancing figures between half-year results and previously published first-quarter year-to-date results. This means the half-year revenue increase to Rs 34.20 crore reflected both the Rs 19.63 crore June quarter and the Rs 14.57 crore September quarter.

Cost of materials and services consumed rose to Rs 26.46 crore from Rs 19.88 crore in the comparable half year. Finance costs increased to Rs 1.41 crore from Rs 1.21 crore, while other expenses rose to Rs 2.69 crore from Rs 2.16 crore. The increase in materials and services was Rs 6.58 crore, compared with the Rs 9.13 crore revenue increase.

Inventory movements differed between the periods. Superior Industrial recorded a Rs 31.51 lakh increase in inventories of finished goods, work-in-progress and stock-in-trade in the September 2026 half year, while the corresponding 2025 period showed a Rs 5.46 lakh decrease. The change in inventories is included within the reported expense calculation.

How did Superior Industrial's balance sheet change by September 2026?

Superior Industrial's total assets increased to Rs 91.66 crore at 30 September 2026 from Rs 87.63 crore at 31 March 2026. Total equity rose to Rs 73.72 crore from Rs 70.66 crore, including other equity of Rs 55.62 crore compared with Rs 53.24 crore at the March 2026 year-end.

Current assets rose to Rs 24.01 crore from Rs 20.14 crore over the six months. Trade receivables increased to Rs 5.00 crore from Rs 3.11 crore, and other current assets increased to Rs 2.60 crore from Rs 69.09 lakh. Inventories declined to Rs 3.19 crore from Rs 4.00 crore during the same period.

Non-current assets were Rs 67.65 crore at 30 September, compared with Rs 67.49 crore at 31 March. Property, plant and equipment increased to Rs 7.18 crore from Rs 7.03 crore. Financial assets classified as other non-current assets were unchanged at Rs 59.51 crore.

Total liabilities increased to Rs 17.94 crore from Rs 16.97 crore. Current liabilities rose to Rs 12.97 crore from Rs 11.66 crore, while non-current liabilities fell to Rs 4.97 crore from Rs 5.31 crore. Current trade payables to micro and small enterprises were Rs 5.46 crore at 30 September, versus Rs 2.90 crore at 31 March.

Did Superior Industrial generate cash and reduce borrowings?

Superior Industrial generated Rs 2.42 crore of cash from operating activities after tax in the half year ended 30 September 2026. The cash-flow statement reports cash used in operating activities after tax of Rs 93.07 lakh for the year ended 31 March 2026, so the two reported periods are not directly comparable but show positive six-month operating cash generation.

Operating profit before working-capital changes was Rs 3.36 crore in the September 2026 half year. A Rs 3.59 crore increase in trade receivables reduced cash flow, partly offset by an Rs 81.34 lakh inventory reduction and a Rs 2.17 crore increase in current liabilities. Tax paid was Rs 10.38 lakh.

Total borrowings declined to Rs 11.47 crore at 30 September 2026 from Rs 12.69 crore at 31 March 2026. Current borrowings fell to Rs 6.72 crore from Rs 7.60 crore and non-current borrowings declined to Rs 4.75 crore from Rs 5.09 crore. The cash-flow statement separately records a Rs 1.21 crore reduction in short-term borrowings.

Investing activities used Rs 95.80 lakh in the half year, including Rs 77.53 lakh related to fixed-deposit maturity beyond 12 months and Rs 48.86 lakh for fixed-asset purchases. Interest income of Rs 30.59 lakh partly offset those outflows. Cash and cash equivalents decreased by Rs 1.65 lakh to Rs 14.72 lakh at 30 September from Rs 16.37 lakh at the start of the period.

Were Superior Industrial's September 2026 consolidated results audited?

The filing presents inconsistent labels: the results table marks the half-year figures as unaudited, while its heading describes them as audited. The auditor's report describes a limited review of the quarterly and half-yearly unaudited consolidated financial results for the period ended 30 September 2026 and says an audit was not performed.

The auditor said the statement was prepared under Indian Accounting Standard 34, or Ind AS 34, Interim Financial Reporting, and performed the review under Standard on Review Engagements 2410. The report, dated 6 November 2026, says the reviewer provided an unqualified report for the quarter and half year ended 30 September 2026.

The notes say the audit committee reviewed the results and the board approved them at a meeting stated as 6 September 2026. The consolidated results page is dated 5 November 2026, while the board notes and auditor's report are dated 6 November 2026.

Conclusion

Superior Industrial's half-year filing shows profit before tax rising faster than revenue, with Rs 3.07 crore of reported profit before tax on Rs 34.20 crore of operating revenue. The group also generated Rs 2.42 crore of operating cash after tax, while borrowings decreased by Rs 1.22 crore from the 31 March 2026 balance-sheet date.

The next disclosed issue to watch is the valuation of unquoted-share investments. Superior Industrial says those holdings were valued through fair value through other comprehensive income, or FVTOCI, using investee financial statements available up to 31 March 2025, and that fair value for the half year ended September 2026 was not considered.