Uniparts India Limited H1 profit after tax up 50%, revenue up 32%

Uniparts India Limited reported consolidated revenue from operations of Rs 725.89 crore for the half year ended September 30, 2026, up 32% from Rs 550.48 crore a year earlier, while profit after tax rose 50% to Rs 111.04 crore from Rs 73.85 crore. The board approved the results on November 4, 2026.

How did Uniparts perform in the half year ended September 2026?

Uniparts increased total income by 32% to Rs 738.90 crore in the half year ended September 30, 2026, from Rs 561.88 crore in the corresponding prior-year half. Revenue from operations supplied Rs 725.89 crore of the latest total, while other income was Rs 13.01 crore, compared with Rs 11.40 crore in the previous period.

Profit before tax rose 55% to Rs 147.43 crore from Rs 95.16 crore, exceeding the revenue growth rate. Tax expense increased to Rs 36.39 crore from Rs 21.31 crore, leaving profit after tax at Rs 111.04 crore. Basic earnings per share, which were not annualised, rose to Rs 24.59 for the half year from Rs 16.36 a year earlier.

Uniparts described its principal activity as manufacturing linkage parts and components for off-highway vehicles. Its chief operating decision maker, or CODM, concluded there was no reportable segment, so the filing does not provide revenue or profit splits by geography, customer group or product category.

What drove the change in Uniparts profit and costs?

Uniparts’ expenses increased 30% to Rs 591.47 crore in the latest half year from Rs 455.72 crore, below the 32% increase in revenue from operations. Cost of materials consumed rose to Rs 259.44 crore from Rs 194.42 crore, employee benefits expense reached Rs 147.10 crore from Rs 125.55 crore, and other expenses increased to Rs 157.44 crore from Rs 135.82 crore.

The difference between revenue growth and expense growth lifted profit before tax by Rs 52.26 crore year on year. The reported operating margin was 22.78% for the half year ended September 2026, compared with 20.05% in the half year ended September 2025. Depreciation and amortisation rose to Rs 23.71 crore from Rs 22.10 crore, while finance costs increased to Rs 7.26 crore from Rs 4.49 crore.

Inventory movements reduced expenses by Rs 13.49 crore in the latest half year, versus a Rs 15.68 crore reduction in the previous-year period. That change partly offset higher material and staff costs, although the filing does not set out the individual operational reasons for revenue growth or each expense movement.

How did Uniparts’ September quarter compare with earlier periods?

Uniparts generated Rs 378.51 crore of revenue from operations in the quarter ended September 30, 2026, up 37% from Rs 276.83 crore in the September 2025 quarter and 9% above Rs 347.38 crore in the June 2026 quarter. Total income was Rs 383.71 crore, including Rs 5.20 crore of other income.

Quarterly profit after tax was Rs 54.43 crore, compared with Rs 39.39 crore a year earlier, but below Rs 56.61 crore in the immediately preceding quarter. Profit before tax was Rs 72.87 crore in the September quarter, compared with Rs 50.51 crore a year earlier and Rs 74.56 crore in the June quarter.

The filing says Uniparts USA Limited and step-down subsidiary Uniparts Olsen Inc. received import-tariff refunds from U.S. Customs and Border Protection during the September 2026 quarter. The refunds related to certain U.S. imports previously expensed under the International Emergency Economic Powers Act, and Uniparts said their recognition, net of the resulting obligation, increased quarterly profit before tax by Rs 1.29 crore.

What do Uniparts’ balance sheet and cash flow show?

Uniparts’ total assets stood at Rs 1,413.10 crore on September 30, 2026, compared with Rs 1,254.88 crore on March 31, 2026. Current assets rose to Rs 1,000.11 crore from Rs 868.06 crore, led by trade receivables of Rs 216.45 crore, up from Rs 141.25 crore, and inventories of Rs 461.07 crore, up from Rs 430.08 crore.

Equity increased to Rs 944.52 crore at September 30 from Rs 870.44 crore at March 31. Current borrowings were Rs 87.11 crore, compared with Rs 83.65 crore, while non-current borrowings declined to Rs 7.38 crore from Rs 8.51 crore. The debt-equity ratio was 0.10 times at the half-year end, unchanged from the comparable September 2025 period.

Net cash from operating activities was Rs 74.45 crore for the six months ended September 30, 2026. Working-capital movements included a Rs 76.34 crore increase in trade receivables and a Rs 31.00 crore increase in inventories; investment activities used Rs 38.21 crore, including Rs 17.39 crore for property, plant, equipment and capital work in progress. Closing cash and cash equivalents were Rs 35.89 crore, versus Rs 47.27 crore at March 31, 2026.

What disclosures should readers keep in mind?

Uniparts prepared the September 2026 consolidated results under Indian Accounting Standard 34, or Ind AS 34, Interim Financial Reporting, and the statutory auditors performed a limited review. Uniparts stated that the auditors issued an unmodified review report after the board approved the results on November 4, 2026.

The group’s disclosed subsidiaries include Gripwel Fasteners Private Limited, Gripwel Conag Private Limited, Uniparts USA Limited, Uniparts India GmbH and Uniparts Olsen Inc. All were listed as 100%-held at September 30, 2026, with Uniparts Olsen Inc. held through Uniparts USA Limited. The filing does not provide a revenue contribution for any of these entities.

The current ratio was 2.78 times at September 30, 2026, down from 3.53 times a year earlier and 3.08 times at March 31, 2026. Debtors turnover was 4.03 times in the latest half year versus 4.40 times in the prior-year half, alongside the increase in receivables to Rs 216.45 crore.

Conclusion

Uniparts delivered higher consolidated revenue and a faster rise in profit for the half year ended September 30, 2026: revenue increased by Rs 175.41 crore and profit after tax by Rs 37.19 crore year on year. The 22.78% reported operating margin was also above the 20.05% level reported for the corresponding prior-year half.

Subsequent disclosures can clarify the working-capital effect of receivables rising by Rs 75.20 crore from March 31, 2026, while the September-quarter comparison should distinguish the Rs 1.29 crore net profit-before-tax benefit from U.S. tariff refunds. The filing also provides no geographical or product-level revenue split because Uniparts has no reportable segment.