Susan Electricals first-half revenue jumps 190% to Rs 202.0623 crore

Susan Electricals India Limited reported unaudited standalone revenue from operations of Rs 202.0623 crore for the half year ended September 30, 2026, a 190% increase from Rs 69.6749 crore a year earlier. Net profit increased to Rs 13.1534 crore from Rs 4.5264 crore, and the Board approved the results on November 2, 2026.

What did Susan Electricals report for the first half?

Susan Electricals reported revenue from operations of Rs 202.0623 crore for the half year ended September 30, 2026, compared with Rs 69.6749 crore in the corresponding 2025 period. Total income, including other income, reached Rs 202.6953 crore, against Rs 69.8500 crore a year earlier. Susan Electricals manufactures aluminium- and copper-based electrical winding wires, conductors and cables in different specifications, sizes and configurations.

Net profit for the September 2026 half year was Rs 13.1534 crore, compared with Rs 4.5264 crore in the prior-year period. Profit before tax rose to Rs 17.7092 crore from Rs 6.0060 crore, while total tax expense increased to Rs 4.5558 crore from Rs 1.4796 crore. Diluted earnings per equity share were Rs 7.18, compared with Rs 3.00 a year earlier.

The reported half-year revenue equalled about 75% of Susan Electricals' full-year revenue from operations of Rs 269.3566 crore for the year ended March 31, 2026. First-half net profit of Rs 13.1534 crore equalled about 72% of the Rs 18.2464 crore reported for that full year. The company presented these as unaudited standalone results prepared under applicable accounting standards.

How did Susan Electricals perform in the September quarter?

Susan Electricals recorded revenue from operations of Rs 106.7055 crore in the three months ended September 30, 2026, compared with Rs 44.5118 crore in the September 2025 quarter and Rs 95.3568 crore in the June 2026 quarter. Total income was Rs 107.2820 crore, including other income of Rs 57.65 lakh, against Rs 95.4133 crore in the preceding quarter.

September-quarter net profit was Rs 6.7622 crore, compared with Rs 4.9419 crore a year earlier and Rs 6.3913 crore in the June 2026 quarter. Profit before tax was Rs 9.1270 crore, against Rs 6.4528 crore in the September 2025 quarter and Rs 8.5822 crore in the June 2026 quarter. The quarter's current tax charge was Rs 2.2910 crore, while deferred tax expense was Rs 7.38 lakh.

The sequential revenue increase was accompanied by a Rs 11.3239 crore increase in total expenses, from Rs 86.8311 crore in June to Rs 98.1550 crore in September. Total income rose by Rs 11.8687 crore over the same comparison, while profit before tax increased by Rs 54.48 lakh. Both quarterly periods were unaudited, as stated in Susan Electricals' half-year results.

Which costs changed during the half year?

Susan Electricals' total expenses were Rs 184.9861 crore for the half year ended September 30, 2026, compared with Rs 63.8439 crore a year earlier. Material consumption was Rs 170.3679 crore, against Rs 56.1795 crore in the corresponding period. Employee benefits expense rose to Rs 4.7518 crore from Rs 2.5197 crore, and other expenses increased to Rs 7.6527 crore from Rs 3.7606 crore.

Finance costs were Rs 5.4495 crore in the September 2026 half year, compared with Rs 2.7255 crore a year earlier. Depreciation and amortisation increased to Rs 1.2588 crore from Rs 59 lakh. Changes in finished-goods inventories reduced reported expenses by Rs 4.4947 crore in the latest half year, compared with a Rs 1.9314 crore reduction in the prior-year period.

Total income increased by Rs 132.8453 crore between the two half years, while total expenses increased by Rs 121.1422 crore. That difference resulted in a Rs 11.7032 crore increase in profit before tax. The financial-results statement did not show exceptional or extraordinary items for either half-year period.

What changed in Susan Electricals' balance sheet and cash flow?

Susan Electricals' total assets stood at Rs 246.6488 crore on September 30, 2026, compared with Rs 130.0493 crore on March 31, 2026. Trade receivables increased to Rs 96.0744 crore from Rs 46.3096 crore, while inventories were Rs 51.8793 crore compared with Rs 50.6572 crore. Cash and bank balances in the balance sheet were Rs 30.5500 crore, including deposits held under lien.

Total equity rose to Rs 105.6814 crore from Rs 38.4774 crore over the same period, while current liabilities increased to Rs 133.8708 crore from Rs 89.9100 crore. Short-term borrowings were Rs 114.6731 crore at September 30, compared with Rs 65.1802 crore at March 31. Long-term borrowings rose to Rs 6.9302 crore from Rs 1.5368 crore.

Operating activities generated Rs 6.0177 crore of cash in the half year, compared with an outflow of Rs 10.7232 crore a year earlier. The cash-flow statement included a Rs 49.7647 crore increase in trade receivables and Rs 39.6692 crore of supplier payments made directly by financiers under the Trade Receivables Discounting System, or TReDS. Cash and cash equivalents at September 30 were Rs 4.6457 crore, separate from restricted deposits included in cash and bank balances.

How is Susan Electricals using its IPO proceeds?

Susan Electricals received net proceeds of Rs 60.2234 crore from its fresh equity issue after an initial public offering of 55.42 lakh equity shares at Rs 127 per share. Its shares were listed on the small and medium enterprises platform of BSE Limited on June 18, 2026. The offer comprised a fresh issue of 47.42 lakh shares and an offer for sale of 8 lakh shares by selling shareholders.

As of September 30, 2026, Susan Electricals had utilised Rs 48.8723 crore of net initial public offering proceeds and reported Rs 11.3511 crore as unutilised. Working-capital utilisation was Rs 24.9549 crore against Rs 33 crore proposed, while Rs 8.6888 crore of the Rs 10.2949 crore proposed for expansion of the Sahibabad manufacturing facility had been used. General corporate purposes accounted for Rs 7.2731 crore of utilisation.

The cash-flow statement recorded fixed-asset purchases of Rs 9.9934 crore in the half year, compared with Rs 2.6244 crore a year earlier. It also showed Rs 25.9043 crore of deposits under lien or used as margin money, which the notes identify as security for cash-credit or overdraft facilities and bank guarantees. Current investments included Rs 5.6160 crore in mutual funds pledged with Standard Chartered Bank as security for a cash-credit facility.

Conclusion

Susan Electricals' September 2026 half-year statement shows revenue rising from Rs 69.6749 crore to Rs 202.0623 crore and net profit increasing from Rs 4.5264 crore to Rs 13.1534 crore. Higher material, employee, finance and other costs accompanied the expansion in income, while profit before tax increased from Rs 6.0060 crore to Rs 17.7092 crore without disclosed exceptional or extraordinary items.

The next disclosed items to watch are the use of the remaining Rs 11.3511 crore of initial public offering proceeds, including Rs 1.6061 crore still unutilised for the Sahibabad facility expansion, and movements in receivables and borrowings. By September 30, Susan Electricals had used Rs 24.9549 crore for working capital against Rs 33 crore proposed in its offer document.