Swastika Castal September-half revenue rises 26%, profit slips

Swastika Castal Limited reported revenue from operations of Rs 20.77 crore for the half year ended 30 September 2026, up 26% from Rs 16.54 crore a year earlier, while profit after tax fell 13% sequentially to Rs 1.71 crore. The board approved the unaudited results on 4 November 2026.

How did Swastika Castal perform in the September 2026 half?

Swastika Castal reported Rs 20.77 crore of revenue from operations in the half year ended 30 September 2026, compared with Rs 16.54 crore in the half year ended 30 September 2025 and Rs 18.81 crore in the preceding half ended 31 March 2026. The year-on-year increase was 26%, while revenue rose 10% from the March 2026 half.

Total income was Rs 21.25 crore for the September 2026 half, against Rs 17.17 crore a year earlier and Rs 19.02 crore in the immediately preceding half. Other income was Rs 48.19 lakh, lower than Rs 62.86 lakh in September 2025 but above Rs 20.82 lakh in March 2026, contributing to the sequential increase in total income.

Why did Swastika Castal’s profit fall from the preceding half?

Swastika Castal’s profit after tax was Rs 1.71 crore in the September 2026 half, down from Rs 1.96 crore in the March 2026 half, because total expenses increased by Rs 2.61 crore while total income increased by Rs 2.23 crore. Profit before tax consequently declined to Rs 2.38 crore from Rs 2.76 crore despite higher revenue.

Cost of materials consumed rose to Rs 11.45 crore from Rs 9.25 crore in the March 2026 half. Changes in inventories reduced expenses by Rs 0.61 lakh, compared with a Rs 1.14 crore reduction in the preceding half, while other expenses increased to Rs 1.07 crore from Rs 52.74 lakh and depreciation and amortisation rose to Rs 45.70 lakh from Rs 33.16 lakh.

Other direct and manufacturing expenses declined to Rs 4.45 crore from Rs 5.72 crore, partly offsetting the increase in material consumption and other costs. Total tax expense decreased to Rs 67.48 lakh from Rs 79.94 lakh, but this did not offset the Rs 37.73 lakh decline in profit before tax. Basic and diluted earnings per share were Rs 2.09 each, compared with Rs 2.40 each in the March 2026 half; half-year earnings per share are not annualised.

How did September-half profit compare with a year earlier?

Swastika Castal’s September-half profit after tax rose to Rs 1.71 crore from Rs 1.32 crore in the corresponding 2025 half, an increase of Rs 39.06 lakh. Profit before tax increased by Rs 58.78 lakh to Rs 2.38 crore, as total income rose by Rs 4.08 crore year on year.

Total expenses increased to Rs 18.86 crore from Rs 15.37 crore in the prior-year half. Material consumption rose by Rs 2.14 crore to Rs 11.45 crore, other direct and manufacturing expenses increased by Rs 38.52 lakh to Rs 4.45 crore, and employee benefits expense increased to Rs 94.90 lakh from Rs 86.47 lakh.

Finance costs were Rs 49.62 lakh, compared with Rs 43.96 lakh a year earlier, while tax expense rose to Rs 67.48 lakh from Rs 47.75 lakh. Basic and diluted earnings per share increased to Rs 2.09 from Rs 1.62. The statement reported no exceptional or extraordinary items in the September 2026, March 2026 or September 2025 half-year periods.

What did Swastika Castal report on cash flow and working capital?

Swastika Castal generated net cash flow from operating activities of Rs 1.04 crore in the half year ended 30 September 2026, compared with an operating cash outflow of Rs 8.72 crore in the corresponding prior-year half. Cash generated from operations was Rs 1.70 crore before net income taxes paid of Rs 65.51 lakh.

Trade receivables increased by Rs 3.42 crore during the latest half, compared with an increase of Rs 2.46 crore in the September 2025 half. Inventories increased by Rs 7.56 lakh, while short-term loans and advances decreased by Rs 2.82 crore, releasing cash. Trade payables increased by Rs 1.68 crore, whereas other current liabilities decreased by Rs 1.19 crore.

Investing activities used Rs 58.78 lakh, including Rs 54.88 lakh spent on property, plant and equipment and Rs 22.47 lakh of net additions to capital work-in-progress. Financing activities generated Rs 73.71 lakh as net short-term borrowings increased by Rs 1.26 crore, while finance costs paid were Rs 49.62 lakh. Cash and cash equivalents rose to Rs 1.32 crore at 30 September 2026 from Rs 13.14 lakh at 31 March 2026.

What changed in Swastika Castal’s balance sheet?

Swastika Castal’s total assets were Rs 46.32 crore at 30 September 2026, compared with Rs 43.58 crore at 31 March 2026. Trade receivables increased to Rs 16.81 crore from Rs 13.39 crore, inventories rose to Rs 9.30 crore from Rs 9.22 crore, and cash and cash equivalents increased to Rs 1.32 crore from Rs 13.14 lakh.

Property, plant and equipment stood at Rs 14.09 crore, compared with Rs 14.00 crore at 31 March 2026, while capital work-in-progress rose to Rs 55.29 lakh from Rs 32.82 lakh. Shareholders’ funds increased to Rs 27.57 crore from Rs 25.88 crore, comprising unchanged share capital of Rs 8.16 crore and reserves and surplus of Rs 19.41 crore.

Current liabilities increased to Rs 15.45 crore from Rs 14.48 crore at the preceding year-end. Short-term borrowings rose to Rs 9.86 crore from Rs 8.60 crore, while combined trade payables increased to Rs 4.87 crore from Rs 3.18 crore. Long-term borrowings were Rs 1.81 crore at 30 September 2026, compared with Rs 1.83 crore at 31 March 2026.

Were the September 2026 results reviewed by auditors?

Swastika Castal said its audit committee reviewed, and its board approved, the unaudited September 2026 half-year results on 4 November 2026. O P Rathi & Co carried out a limited review under Regulation 33 of the Securities and Exchange Board of India listing regulations and issued an unmodified review conclusion.

The results were prepared under the Accounting Standards notified under Section 133 of the Companies Act, 2013, including Accounting Standard 25 on interim financial reporting. Swastika Castal said its shares are listed on the small and medium enterprises platform of BSE Limited and that it is exempt from mandatory Indian Accounting Standards application under the cited rules.

Conclusion

Swastika Castal delivered higher revenue and higher year-on-year profit in the half year ended 30 September 2026, with revenue reaching Rs 20.77 crore and profit after tax reaching Rs 1.71 crore. Sequentially, however, profit before tax and profit after tax declined as the Rs 2.61 crore increase in expenses exceeded the Rs 2.23 crore increase in total income.

The announcement discloses no forward target, operating plan or scheduled date for the next results. The unresolved movements to watch in a subsequent filing are trade receivables of Rs 16.81 crore, short-term borrowings of Rs 9.86 crore, and the relationship between revenue growth, material consumption of Rs 11.45 crore and operating cash flow of Rs 1.04 crore.