Swasti Vinayaka Q2 profit rises 31% as revenue climbs

Swasti Vinayaka Art and Heritage Corporation Limited reported net profit of Rs 1.0115 crore for the quarter ended September 30, 2026, up about 31% from Rs 77.10 lakh a year earlier, as revenue from operations rose about 34% to Rs 4.9241 crore. Swasti Vinayaka’s results were unaudited standalone figures.

How did Swasti Vinayaka perform in the September quarter?

Swasti Vinayaka increased net profit to Rs 1.0115 crore in the quarter ended September 30, 2026, from Rs 77.10 lakh in the September 2025 quarter and Rs 57.11 lakh in the preceding quarter ended June 30, 2026. The reported year-on-year increase was about 31%, while profit was also about 77% higher sequentially.

Revenue from operations reached Rs 4.9241 crore, compared with Rs 3.667 crore a year earlier and Rs 4.1067 crore in the June 2026 quarter. Including other income, total revenue was Rs 5.3177 crore, against Rs 3.9654 crore in the year-earlier quarter. Total expenses rose to Rs 4.0173 crore from Rs 2.9558 crore, resulting in profit before tax of Rs 1.3004 crore.

Swasti Vinayaka reported no exceptional items in the September 2026 quarter, June 2026 quarter or September 2025 quarter. Tax expense was Rs 28.89 lakh in the latest quarter, versus Rs 23.86 lakh a year earlier, while basic and diluted earnings per share for continuing operations were Rs 0.11, compared with Rs 0.08.

What changed in Swasti Vinayaka’s quarterly costs and income?

Swasti Vinayaka’s September-quarter profit reflected higher operating revenue and other income, although total expenses also increased by Rs 1.0615 crore year on year. Other income was Rs 39.36 lakh in the September 2026 quarter, compared with Rs 29.84 lakh in September 2025 and Rs 21.85 lakh in June 2026.

Other expenses were the largest listed cost at Rs 1.9812 crore, up from Rs 1.5409 crore a year earlier. Employee benefit expense rose to Rs 95.76 lakh from Rs 81.89 lakh. These increases were partly offset by a reduction in purchase of stock-in-trade to Rs 61.04 lakh from Rs 1.8082 crore and a fall in manufacturing and operating costs to Rs 11.54 lakh from Rs 28.98 lakh.

Inventory changes were an expense of Rs 9.83 lakh in the September 2026 quarter, compared with a negative Rs 1.9151 crore in the corresponding prior-year quarter. Finance cost declined to Rs 22.70 lakh from Rs 36.65 lakh, while depreciation and amortisation rose to Rs 2.29 lakh from Rs 2.14 lakh. The filing does not identify a separate business segment or product as the source of the revenue change.

Why was Swasti Vinayaka’s first-half performance lower year on year?

Swasti Vinayaka’s revenue and profit for the half year ended September 30, 2026 remained below the corresponding prior-year period despite the stronger September quarter. Revenue from operations was Rs 9.0308 crore, down from Rs 13.6319 crore in the half year ended September 30, 2025, while net profit fell to Rs 1.5886 crore from Rs 2.2207 crore.

Total revenue, including other income, was Rs 9.6439 crore for the latest half year, compared with Rs 14.0498 crore a year earlier. Total expenses fell to Rs 7.5872 crore from Rs 11.1062 crore, but the reduction was smaller than the decline in total revenue. Consequently, profit before tax decreased to Rs 2.0567 crore from Rs 2.9436 crore.

The September quarter accounted for Rs 1.3004 crore of the latest half-year profit before tax, compared with Rs 76.63 lakh in the June 2026 quarter. Half-year tax expense was Rs 46.81 lakh, below Rs 72.20 lakh in the comparable 2025 period. Finance cost for the latest six months was Rs 43.82 lakh, compared with Rs 92.49 lakh a year earlier.

What do Swasti Vinayaka’s cash flow and balance sheet show?

Swasti Vinayaka reported net cash used in operating activities of Rs 2.4339 crore for the six months ended September 30, 2026. The filing compares this with Rs 18.239 crore of operating cash generated in the year ended March 31, 2026, which is a full-year rather than like-for-like six-month comparison.

The six-month operating cash result followed operating cash profit before working-capital changes of Rs 1.933 crore. The cash-flow statement recorded Rs 3.331 crore used in short-term loans, advances and other items, Rs 70.96 lakh of lower trade and other payables, and Rs 6.55 lakh of higher inventories during the period.

Investing activities used Rs 3.5238 crore, including Rs 2.6241 crore spent on fixed assets and Rs 2.6645 crore used to purchase investments, partly offset by Rs 1.5328 crore from investment sales. Financing activities used Rs 1.6459 crore, including a Rs 1.2077 crore reduction in loans and Rs 43.82 lakh of interest paid. Cash and cash equivalents were Rs 2.22 lakh at September 30, 2026, versus Rs 7.6258 crore at the start of the year.

Swasti Vinayaka reported non-current borrowings of Rs 6.8278 crore at September 30, 2026, down from Rs 8.1102 crore at March 31, 2026. Non-current investments increased to Rs 17.7051 crore from Rs 16.1981 crore, and property, plant and equipment rose to Rs 4.6793 crore from Rs 2.1001 crore. Total assets were Rs 51.7806 crore, compared with Rs 62.1093 crore at the preceding financial year-end.

How were Swasti Vinayaka’s results reviewed and approved?

Swasti Vinayaka’s board approved the unaudited quarterly and half-yearly financial results on November 13, 2026. The board meeting began at 4:30 p.m. Indian Standard Time and concluded at 5:00 p.m., and the filing says the audit committee reviewed the results before they were taken on record.

Sanjay Raja Jain & Co. issued a limited review report on the standalone results under Regulation 33 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations, 2015. The auditor said nothing had come to its attention to suggest that the statement failed to make required disclosures or contained a material misstatement, and its conclusion was not modified.

The auditor stated that a review provides less assurance than an audit because it consists mainly of inquiries and analytical procedures. The financial statement notes also say previous-period figures were regrouped, recast or reclassified where necessary. The September 30, 2026 results are unaudited, while the March 31, 2026 figures are audited.

Conclusion

Swasti Vinayaka’s September 2026 quarter delivered higher revenue from operations of Rs 4.9241 crore and net profit of Rs 1.0115 crore, improving on both the September 2025 and June 2026 quarters. However, the half-year comparison remained lower, with revenue from operations of Rs 9.0308 crore and net profit of Rs 1.5886 crore versus Rs 13.6319 crore and Rs 2.2207 crore respectively a year earlier.

The disclosed matter to watch is the deferred tax liability, which Swasti Vinayaka says will be calculated and provided when the accounts are finalised. The September 30, 2026 half-year results currently report tax expense of Rs 46.81 lakh, while the company has not disclosed a separate revenue target, operating plan or future scheduled event in this filing.