Suyog Gurbaxani H1 profit drops 84% after temple closure

Suyog Gurbaxani Funicular Ropeways Limited reported consolidated profit after tax of Rs 1.039 crore for the half year ended September 30, 2026, down 84% from Rs 6.3718 crore a year earlier, after the Saptashrungi temple closed for a cumulative 30 days during August and September because of road construction, affecting sales.

Why did Suyog Gurbaxani’s half-year profit fall?

Suyog Gurbaxani said the Saptashrungi temple’s cumulative 30-day closure during August and September 2026 adversely affected sales and reduced overall profit. The closure resulted from construction work on the road leading to the temple, according to the company’s note accompanying its results for the half year ended September 30, 2026.

Consolidated profit after tax fell by Rs 5.3328 crore to Rs 1.039 crore in the September 2026 half year from Rs 6.3718 crore in the corresponding half year ended September 30, 2025. Profit before tax declined by Rs 2.1733 crore to Rs 3.802 crore from Rs 5.9753 crore, showing that the year-on-year reduction was evident before the tax line.

The reported post-tax decline was also affected by tax movements between the two periods. The September 2026 half year included a deferred-tax charge of Rs 2.763 crore, while the corresponding September 2025 period showed a deferred-tax credit of Rs 39.66 lakh, taking profit after tax above that period’s profit before tax.

How did Suyog Gurbaxani’s income and costs change?

Suyog Gurbaxani’s income from operations fell 18.2% year on year to Rs 22.2366 crore in the half year ended September 30, 2026 from Rs 27.1879 crore. Other income was Rs 22.58 lakh in the latest period, compared with nil a year earlier, bringing total income to Rs 22.4624 crore from Rs 27.1879 crore.

Total expenses declined by Rs 2.5522 crore to Rs 18.6604 crore, but that reduction was smaller than the Rs 4.9513 crore fall in income from operations. Other expenses decreased to Rs 4.1671 crore from Rs 12.2246 crore, while employee-benefit expense increased to Rs 4.2052 crore from Rs 3.6724 crore.

Finance costs rose to Rs 3.6552 crore from Rs 2.0021 crore, and depreciation and amortisation increased to Rs 6.6317 crore from Rs 3.3128 crore. Basic and diluted earnings per equity share fell to Rs 0.42 from Rs 2.56, with the company reporting a face value of Rs 10 per equity share.

How did September 2026 compare with March 2026?

Suyog Gurbaxani returned to a consolidated profit after tax of Rs 1.039 crore in the half year ended September 30, 2026 after recording a loss after tax of Rs 42.43 lakh in the half year ended March 31, 2026. Profit before tax increased to Rs 3.802 crore from Rs 3.5202 crore over the two consecutive half-year periods.

Total income edged down by Rs 44.50 lakh to Rs 22.4624 crore from Rs 22.9074 crore, while total expenses declined by Rs 72.69 lakh to Rs 18.6604 crore from Rs 19.3873 crore. Finance costs decreased to Rs 3.6552 crore from Rs 5.3694 crore, and employee-benefit expense declined to Rs 4.2052 crore from Rs 5.5209 crore.

Depreciation and amortisation nevertheless rose by Rs 2.0154 crore from Rs 4.6163 crore in the March 2026 half year to Rs 6.6317 crore in the September 2026 period. The company reported no exceptional items in either half year, so the movement in profit before tax was not associated with an exceptional gain or charge disclosed in the results.

What do Suyog Gurbaxani’s balance sheet and cash flow show?

Suyog Gurbaxani reported consolidated total assets of Rs 250.9312 crore at September 30, 2026, compared with Rs 263.7714 crore at March 31, 2026. Intangible assets declined to Rs 187.8434 crore from Rs 194.3715 crore, while intangible assets under development were unchanged at Rs 41.1408 crore.

Long-term borrowings decreased by Rs 7.1233 crore to Rs 162.7987 crore at September 30, 2026 from Rs 169.922 crore at March 31, 2026. Share capital remained Rs 24.8622 crore, reserves and surplus rose to Rs 16.8048 crore from Rs 15.8964 crore, and the company reported no short-term borrowings at either date.

Cash and cash equivalents increased to Rs 1.5227 crore at September 30, 2026 from Rs 49.74 lakh at March 31, 2026. For the September 2026 half year, the cash-flow statement reported net cash used in operating activities of Rs 13.3493 crore and net cash used in financing activities of Rs 12.0218 crore, including Rs 1.2431 crore of dividend distributed.

Trade receivables rose to Rs 2.5722 crore at September 30, 2026 from Rs 1.2676 crore six months earlier. Other current assets declined to Rs 2.3941 crore from Rs 9.0793 crore, while short-term provisions reduced to Rs 4.5526 crore from Rs 13.2621 crore.

What is Suyog Gurbaxani’s next disclosed project milestone?

Suyog Gurbaxani said work on its Malang Gadh contract in Maharashtra’s Thane district was in progress and was expected to be completed by the end of November 2026. The filing does not disclose the contract value, a revenue target, or an expected profit contribution from the project.

The company operates the SaptashrungiGad, Vani, Kalwan, Nashik funicular ropeway under a Build, Operate and Transfer concession agreement dated January 12, 2010 with the Government of Maharashtra’s Public Works Department. It identified that ropeway activity as its only reportable segment and stated that the Malang Gadh work contract is in the same segment.

Suyog Gurbaxani’s board approved the unaudited consolidated results on November 5, 2026. The statutory auditor’s limited review for the September 30, 2026 half year said nothing had come to its attention to indicate that the consolidated financial statement was not prepared, in all material respects, under applicable accounting and disclosure requirements.

Conclusion

Suyog Gurbaxani’s September 2026 half-year results link a 30-day disruption at the Saptashrungi temple to lower sales, with income from operations falling 18.2% to Rs 22.2366 crore and consolidated profit after tax falling 84% to Rs 1.039 crore. Lower other expenses reduced the total cost base, but higher depreciation, employee costs and finance costs were reported alongside the decline in income.

The next disclosed event is the planned completion of the Malang Gadh work contract by the end of November 2026. Suyog Gurbaxani has not provided a financial target or project value for that work, while the filing does not state whether road construction affecting access to the Saptashrungi temple continued after September 2026.