Uday Jewellery Industries first-half profit rises to Rs 34.19 crore

Uday Jewellery Industries Limited reported standalone profit of Rs 34.19 crore for the half year ended 30 September 2026, compared with Rs 15.09 crore in the restated prior-year period. Uday Jewellery Industries also increased revenue from operations to Rs 351.62 crore from Rs 295.57 crore, while net operating cash flow reached Rs 14.57 crore.

What did Uday Jewellery Industries report for the first half?

Uday Jewellery Industries reported profit for the period of Rs 34.19 crore in the half year ended 30 September 2026, an increase of Rs 19.10 crore from Rs 15.09 crore a year earlier. The standalone unaudited results were reviewed by the audit committee and approved by the board on 14 November 2026.

Profit before tax was Rs 34.09 crore for the six months ended 30 September 2026, compared with Rs 18.61 crore for the corresponding 2025 period. The filing presents profit before tax and profit for the period as separate lines but gives no narrative explanation for their movement.

The quarter ended 30 September 2026 contributed Rs 18.63 crore of the half-year profit, compared with Rs 11.26 crore in the quarter ended 30 June 2026 and Rs 11.61 crore in the quarter ended 30 September 2025. The September quarter therefore produced more than half of the Rs 34.19 crore six-month result.

How did Uday Jewellery Industries' revenue change in the half year?

Uday Jewellery Industries reported revenue from operations of Rs 351.62 crore for the half year ended 30 September 2026, up Rs 56.05 crore from Rs 295.57 crore in the corresponding prior-year half. Total income rose by Rs 55.58 crore to Rs 351.80 crore, with other income of Rs 0.18 crore in the latest period.

Revenue from operations in the September 2026 quarter was Rs 209.92 crore, versus Rs 143.27 crore in the June 2026 quarter and Rs 161.93 crore in the September 2025 quarter. The sequential increase was Rs 66.65 crore, while the year-on-year quarterly increase was Rs 47.99 crore.

Uday Jewellery Industries operates in one segment, according to its results notes for 30 September 2026. Its chairman and managing director is identified as the chief operating decision maker under Indian Accounting Standard 108, so the filing provides no separate product, customer or geographical revenue split.

The results show total expenses of Rs 321.71 crore for the latest six months, compared with Rs 250.15 crore a year earlier. Cost of materials consumed was Rs 325.15 crore, while the increase in stock-in-trade was presented as a Rs 26.92 crore offset within expenses.

What does Uday Jewellery Industries' cash flow show?

Uday Jewellery Industries generated net cash from operating activities of Rs 14.57 crore in the half year ended 30 September 2026, compared with Rs 4.62 crore in the prior-year half. The operating cash inflow was below reported profit of Rs 34.19 crore after working-capital movements and Rs 8.69 crore of income taxes paid.

Cash generated from operations before taxes was Rs 24.26 crore, compared with Rs 9.34 crore in the corresponding 2025 period. Inventory increased by Rs 26.92 crore and trade receivables increased by Rs 4.81 crore during the latest six months, both of which used cash under the working-capital calculation.

Investing activities used Rs 8.00 crore in the latest half year, against Rs 0.70 crore a year earlier. The cash-flow statement records Rs 7.29 crore invested in shares and Rs 0.75 crore spent on fixed assets, but it does not identify the investee or the purpose of the share investment.

Financing activities used Rs 7.08 crore during the six months ended 30 September 2026, whereas they generated Rs 10.32 crore in the prior-year period. The latest period included Rs 5.75 crore of finance-cost cash outflow and a Rs 4.93 crore reduction in borrowings, partly offset by Rs 5.20 crore from issuing share warrants.

How did Uday Jewellery Industries' cash position change?

Uday Jewellery Industries had cash and cash equivalents of Rs 2.08 crore at 30 September 2026, down from Rs 2.58 crore at 31 March 2026. The Rs 0.51 crore decline matches the cash-flow statement's reported net decrease in cash and cash equivalents for the half year.

The cash-flow statement shows opening cash and cash equivalents of Rs 2.58 crore and closing cash of Rs 2.08 crore for the six months ended 30 September 2026. In the corresponding 2025 half year, cash increased by Rs 15.32 crore to Rs 17.08 crore.

Property, plant and equipment stood at Rs 18.61 crore at 30 September 2026, compared with Rs 18.79 crore at 31 March 2026. Uday Jewellery Industries reported fixed-asset purchases of Rs 0.75 crore in the cash-flow statement and depreciation and amortisation of Rs 0.95 crore in the half-year results.

The cash-flow movement combines Rs 14.57 crore from operations with outflows of Rs 8.00 crore for investing and Rs 7.08 crore for financing. That combination left the company with a net cash reduction of Rs 0.51 crore despite the higher reported profit for the six-month period.

Are Uday Jewellery Industries' prior-year figures comparable?

Uday Jewellery Industries says the National Company Law Tribunal approved the merger of Narabada Gems and Jewellery Limited with Uday Jewellery Industries on 21 January 2026. The merger had an appointed date of 1 April 2024, and the company says it restated prior-quarter and prior-period figures to reflect the combined entity's standalone performance.

The comparison between Rs 34.19 crore of profit in the half year ended 30 September 2026 and Rs 15.09 crore in the 2025 half year therefore uses restated comparative figures. Uday Jewellery Industries also says it regrouped or reclassified prior-period figures where necessary to make them comparable with the current presentation.

Venugopal & Chenoy, the statutory auditor, conducted a limited review of the standalone unaudited results for the quarter and half year ended 30 September 2026. Its report states that nothing came to its attention to indicate that the statement failed to make required disclosures or contained a material misstatement.

The results were prepared under Indian Accounting Standards specified under Section 133 of the Companies Act, 2013, according to the notes. The filing describes the auditor's conclusion as unmodified, while also stating that a limited review is narrower in scope than an audit.

Conclusion

Uday Jewellery Industries reported higher revenue, profit and operating cash flow for the half year ended 30 September 2026, using restated prior-year comparatives following the merger approval. Revenue from operations increased by Rs 56.05 crore, profit rose by Rs 19.10 crore and operating cash flow increased by Rs 9.95 crore, although inventory and receivables absorbed cash.

The disclosed items to watch are the conversion of the Rs 26.92 crore inventory increase and Rs 4.81 crore receivables increase into cash, as well as any later disclosure on the Rs 7.29 crore share investment. Uday Jewellery Industries also reported Rs 5.20 crore of proceeds from share warrants during the half year, but the filing gives no further terms or timing for those warrants.