Valiant Laboratories first-half revenue more than doubles

Valiant Laboratories Limited reported consolidated revenue from operations of Rs 232.06 crore for the six months ended 30 September 2026, more than double Rs 93.02 crore a year earlier, while net profit rose to Rs 21.52 crore from Rs 2.02 crore. The audited results also recorded Rs 18.67 crore of operating cash inflow.

How did Valiant Laboratories perform in the first half?

Valiant Laboratories increased revenue from operations by Rs 139.04 crore year on year in the six months ended 30 September 2026. Revenue reached Rs 232.06 crore, compared with Rs 93.02 crore in the corresponding six months of 2025, while total income including other income rose to Rs 233.03 crore from Rs 94.55 crore.

Valiant Laboratories reported profit before tax of Rs 26.86 crore for the latest half year, against Rs 2.73 crore a year earlier. Net profit reached Rs 21.52 crore after tax, compared with Rs 2.02 crore, and total comprehensive income was Rs 21.53 crore versus Rs 2.02 crore.

The Audit Committee reviewed the results and the Board approved them on 2 November 2026. Valiant Laboratories reported paid-up equity share capital of Rs 54.31 crore, with a face value of Rs 10 per share, and stated that it operates in one reportable segment, the manufacturing of chemicals.

What changed in Valiant Laboratories’ costs and margins?

Valiant Laboratories’ total expenses rose to Rs 206.17 crore in the six months ended 30 September 2026 from Rs 77.83 crore in the prior-year half. Cost of materials consumed increased to Rs 151.99 crore from Rs 47.02 crore, while employee-benefit expense rose to Rs 5.53 crore from Rs 2.09 crore.

Valiant Laboratories reported other expenses of Rs 27.42 crore, down from Rs 91.82 crore in the preceding corresponding period. Purchases of stock in trade were Rs 11.64 crore, compared with negative Rs 2.48 crore, while the change in inventories was an expense of Rs 1.05 crore against Rs 2.49 crore.

Depreciation, amortisation and impairment expense declined to Rs 6.52 crore from Rs 8.01 crore, although finance cost rose to Rs 2.02 crore from Rs 1.06 crore. Other income fell to Rs 97.45 lakh from Rs 1.52 crore, indicating that the increase in total income principally came from operations rather than other income.

How did Valiant Laboratories’ balance sheet change?

Valiant Laboratories’ consolidated total assets were Rs 454.48 crore at 30 September 2026, down from Rs 459.25 crore at 31 March 2026. Other equity rose to Rs 278.06 crore from Rs 256.57 crore, while total current liabilities fell to Rs 95.84 crore from Rs 114.72 crore.

Valiant Laboratories’ trade receivables increased by Rs 35.78 crore during the six months to Rs 129.35 crore, while inventories rose by Rs 5.44 crore to Rs 20.57 crore. Investments were Rs 32.76 crore at 30 September 2026, compared with Rs 26.09 crore at the March year-end, and cash and cash equivalents were Rs 76.05 lakh versus Rs 48.85 lakh.

Valiant Laboratories’ long-term borrowings fell to Rs 19.65 crore from Rs 28.09 crore, while current borrowings increased to Rs 17.18 crore from Rs 13.82 crore. Combined borrowings therefore declined to Rs 36.83 crore from Rs 41.90 crore; trade creditors other than micro and small enterprises declined to Rs 73.62 crore from Rs 91.09 crore.

What did Valiant Laboratories’ cash flow show?

Valiant Laboratories generated net cash from operating activities of Rs 18.67 crore in the half year ended 30 September 2026, compared with net operating cash used of Rs 7.04 crore in the corresponding 2025 period. Operating profit before working-capital changes was Rs 34.92 crore, compared with Rs 3.92 crore, and income taxes paid were Rs 3.32 crore against Rs 96.16 lakh.

Valiant Laboratories’ cash-flow statement showed a Rs 29.24 crore increase in trade receivables as a use of cash, whereas the prior-year period recorded a Rs 16.24 crore decrease. It also showed a Rs 25.06 crore reduction in inventories as a cash source, compared with a Rs 23.02 crore inventory increase in the earlier half year; these working-capital movements are reported separately from the balance-sheet snapshots.

Valiant Laboratories used Rs 11.35 crore in investing activities, compared with Rs 7.73 crore in the prior-year half. Purchases of property, plant and equipment, including capital advances, were Rs 4.78 crore versus Rs 19.04 crore, while purchases or redemptions of investments produced a Rs 6.67 crore outflow against Rs 43.55 crore.

Valiant Laboratories used Rs 7.05 crore in financing activities, compared with an inflow of Rs 12.97 crore a year earlier. The comparative financing cash flow included Rs 81.01 crore of right-issue proceeds, while the latest period included a net Rs 8.86 crore repayment of long-term borrowings and a Rs 3.80 crore net increase in short-term borrowings.

Conclusion

Valiant Laboratories’ audited first-half results show operating revenue rising from Rs 93.02 crore to Rs 232.06 crore and net profit increasing from Rs 2.02 crore to Rs 21.52 crore. Operating cash flow also changed from a Rs 7.04 crore outflow to a Rs 18.67 crore inflow, while receivables increased to Rs 129.35 crore at 30 September 2026.

The filing does not disclose a management revenue target, capacity plan or scheduled operating milestone after the 2 November 2026 approval. The next results disclosure will show whether receivables, inventory of Rs 20.57 crore and combined borrowings of Rs 36.83 crore change alongside the higher operating scale reported for the six-month period.