Trejhara Q2 revenue doubles while operating cash generation falls

Trejhara Solutions Limited reported Rs 77.96 crore of consolidated revenue from operations for the quarter ended September 30, 2026, more than double the Rs 33.03 crore reported a year earlier, while net cash generated from operating activities for the half year fell to Rs 1.14 crore from Rs 2.36 crore.

How much did Trejhara’s Q2 revenue and profit increase?

Trejhara’s consolidated revenue from operations increased 136% year on year to Rs 77.96 crore in the quarter ended September 30, 2026, from Rs 33.03 crore in the quarter ended September 30, 2025. Total income rose to Rs 78.22 crore from Rs 37.76 crore, although other income declined to Rs 26.43 lakh from Rs 3.84 crore.

Trejhara’s consolidated profit after tax rose to Rs 4.61 crore from Rs 3.57 crore, while profit before tax increased to Rs 5.73 crore from Rs 4.85 crore. Revenue grew faster than total expenses, which rose 120% to Rs 72.48 crore from Rs 32.91 crore over the same two quarters.

Trejhara’s operating expenses were Rs 55.42 crore in the September 2026 quarter, compared with Rs 25.36 crore a year earlier. Employee-benefit expense rose to Rs 9.98 crore from Rs 4.69 crore, finance costs increased to Rs 1.15 crore from Rs 19.08 lakh, and depreciation and amortisation expense reached Rs 1.24 crore from Rs 98.72 lakh.

Why did Trejhara’s operating cash generation fall?

Trejhara’s half-year operating cash generation fell because working-capital movements used Rs 14.15 crore in the half year ended September 30, 2026, compared with an outflow of Rs 25.97 lakh a year earlier. This reduced cash generated from operations to Rs 1.36 crore, despite operating profit before working-capital changes increasing to Rs 15.51 crore from Rs 3.99 crore.

The working-capital outflow included a Rs 7.84 crore increase in trade receivables and other assets, whereas the comparable prior-year period recorded a Rs 3.16 crore decrease. Trade payables and other liabilities decreased by Rs 6.31 crore, following a Rs 3.42 crore decrease in the half year ended September 30, 2025.

After net income taxes paid of Rs 22.28 lakh, Trejhara generated Rs 1.14 crore of net operating cash in the September 2026 half year, down from Rs 2.36 crore in the previous corresponding half. Half-year profit before tax was Rs 11.14 crore, compared with Rs 5.92 crore a year earlier, showing that the increase in reported profit was not matched by operating cash generation during the period.

What changed in Trejhara’s half-year earnings and quarterly trend?

Trejhara’s consolidated revenue from operations rose to Rs 145.59 crore in the half year ended September 30, 2026, from Rs 66.57 crore in the comparable 2025 period. Profit before tax increased to Rs 11.14 crore from Rs 5.92 crore, and profit after tax rose to Rs 9.40 crore from Rs 4.24 crore.

Trejhara’s half-year operating expenses increased to Rs 100.90 crore from Rs 49.61 crore, while employee-benefit expense rose to Rs 19.52 crore from Rs 9.28 crore. Other expenses increased to Rs 10.66 crore from Rs 3.38 crore, and finance costs rose to Rs 1.98 crore from Rs 42.15 lakh.

Trejhara’s September-quarter revenue was also higher than the Rs 67.64 crore recorded in the quarter ended June 30, 2026. However, profit after tax declined to Rs 4.61 crore from Rs 4.79 crore sequentially, while finance costs increased from Rs 83.44 lakh to Rs 1.15 crore.

How did Trejhara’s cash balance and working-capital balances move?

Trejhara’s cash and cash equivalents fell to Rs 5.72 crore at September 30, 2026, from Rs 10.33 crore at March 31, 2026. The half-year cash flow statement recorded a Rs 4.61 crore net decrease in cash and cash equivalents, against a Rs 1.78 crore increase in the half year ended September 30, 2025.

Trade receivables increased to Rs 43.22 crore at September 30 from Rs 33.59 crore at March 31, while other financial assets rose to Rs 45.95 crore from Rs 34.22 crore. Other current assets declined to Rs 42.43 crore from Rs 51.99 crore, but total current assets increased to Rs 154.37 crore from Rs 146.07 crore.

Current liabilities declined to Rs 90.34 crore from Rs 95.98 crore over the same period. Trade payables due to parties other than micro and small enterprises fell to Rs 22.97 crore from Rs 30.64 crore, while current borrowings were Rs 21.99 crore at September 30 compared with Rs 21.90 crore at March 31.

What were Trejhara’s investing and financing cash flows?

Trejhara used Rs 4.87 crore in investing activities during the half year ended September 30, 2026, compared with Rs 2.45 crore used in the prior-year half. Loans and advances given to others were Rs 18.37 crore, proceeds from sale of investments were Rs 14.85 crore, and purchases of property, plant, equipment and other intangible assets were Rs 70.29 lakh.

Trejhara used Rs 88.40 lakh in financing activities in the September 2026 half year, compared with Rs 1.88 crore generated a year earlier. Net short-term borrowings contributed Rs 8.99 lakh, while lease-liability repayments were Rs 19.80 lakh and interest paid was Rs 77.59 lakh.

Trejhara identifies logistics services, including software services ancillary to logistics operations, as its single reportable operating segment. The consolidated results include five subsidiaries, while exhibition services did not meet the quantitative thresholds for separate segment reporting under Indian Accounting Standard 108, Operating Segments.

What did the limited review and disclosures say?

Trejhara’s consolidated results for the quarter and half year ended September 30, 2026 received an unmodified limited-review conclusion from Chokshi & Chokshi LLP on November 6, 2026. The auditor stated that its review did not identify a matter causing it to believe that the results had not made the required disclosures or contained a material misstatement.

The auditor noted that three subsidiaries reviewed by other auditors had total assets of Rs 143.39 crore before consolidation adjustments at September 30, 2026. Two subsidiaries whose financial results were not reviewed by the reporting auditor or other auditors had total assets of Rs 23.15 crore before consolidation adjustments; management stated that these entities were not material to the group.

Trejhara also disclosed that shareholders approved the Trejhara Solutions Limited Employees Stock Purchase Scheme, 2026 through a special resolution on August 16, 2026. The company said it was in the process of obtaining the requisite stock-exchange approvals for the scheme.

Conclusion

Trejhara’s September-quarter figures show a substantial increase in consolidated revenue and a rise in reported profit, with revenue reaching Rs 77.96 crore and half-year profit after tax reaching Rs 9.40 crore. The cash-flow statement shows a different pattern: increases in receivables and other assets, alongside lower payables and other liabilities, reduced half-year net operating cash generation to Rs 1.14 crore.

The next results will indicate whether the Rs 43.22 crore trade-receivables balance at September 30, 2026 converts into collections and improves operating cash flow. Trejhara has also said that it is seeking stock-exchange approvals for its Employees Stock Purchase Scheme, 2026, after shareholder approval on August 16, 2026.