Valiant Organics September profit triples as revenue doubles

Valiant Organics Limited reported consolidated net profit of Rs 17.30 crore for the quarter ended 30 September 2026, more than three times Rs 5.66 crore a year earlier, as revenue from operations rose to Rs 304.22 crore from Rs 157.31 crore. The unaudited consolidated results were subject to a limited review.

How much profit did Valiant Organics report in the September quarter?

Valiant Organics reported consolidated net profit of Rs 17.30 crore for the quarter ended 30 September 2026, compared with Rs 5.66 crore in the quarter ended 30 September 2025. Profit before tax rose to Rs 24.78 crore from Rs 7.43 crore, while net tax expense increased to Rs 7.49 crore from Rs 1.76 crore.

The September-quarter profit was below Rs 29.26 crore in the preceding quarter ended 30 June 2026. Profit before tax also declined from Rs 36.78 crore sequentially, while the share of profit from associates fell to Rs 0.15 crore from Rs 7.23 crore. Basic and diluted earnings per share were Rs 6.18, against Rs 10.44 in June 2026 and Rs 2.02 a year earlier.

What drove Valiant Organics’ September-quarter revenue growth?

Valiant Organics generated revenue from operations of Rs 304.22 crore in the September 2026 quarter, compared with Rs 157.31 crore a year earlier and Rs 231.54 crore in the June 2026 quarter. Total income, including other income, reached Rs 305.33 crore, against Rs 157.50 crore in the September 2025 quarter.

The Speciality Chemical Division contributed Rs 218.38 crore of quarterly revenue, up from Rs 124.32 crore a year earlier and Rs 175.74 crore in June 2026. The Pharma Division contributed Rs 85.83 crore, compared with Rs 32.99 crore in September 2025 and Rs 55.80 crore in June 2026, leaving Speciality Chemicals as the larger of the two reported segments.

For the six months ended 30 September 2026, revenue from operations rose to Rs 535.76 crore from Rs 361.71 crore in the corresponding prior-year period. Speciality Chemical Division revenue was Rs 394.12 crore versus Rs 275.00 crore, while Pharma Division revenue increased to Rs 141.64 crore from Rs 86.71 crore.

Which segments contributed to Valiant Organics’ earnings?

Valiant Organics’ Speciality Chemical Division recorded segment profit before interest and tax of Rs 20.57 crore in the September 2026 quarter, compared with Rs 13.77 crore a year earlier. The Pharma Division reported segment profit of Rs 9.40 crore, reversing a segment loss of Rs 2.09 crore in the September 2025 quarter.

Combined segment profit before interest and tax was Rs 29.96 crore, compared with Rs 11.68 crore a year earlier, before finance costs of Rs 5.18 crore. In the June 2026 quarter, combined segment profit was Rs 41.91 crore, comprising Rs 25.06 crore from Speciality Chemicals and Rs 16.85 crore from Pharma.

The sequential comparison shows that Pharma segment profit declined by Rs 7.45 crore from June 2026 to September 2026, despite Pharma revenue increasing by Rs 30.03 crore. Speciality Chemical segment profit also declined by Rs 4.49 crore sequentially, even as that segment’s revenue increased by Rs 42.65 crore.

How did Valiant Organics’ costs and half-year earnings change?

Valiant Organics’ total expenses increased to Rs 280.69 crore in the September 2026 quarter from Rs 150.14 crore a year earlier and Rs 205.27 crore in June 2026. Cost of materials consumed rose to Rs 188.71 crore from Rs 96.16 crore, while other expenses increased to Rs 55.96 crore from Rs 38.37 crore.

Changes in inventories represented an expense of Rs 6.10 crore in the September quarter, compared with a credit of Rs 10.44 crore a year earlier and a credit of Rs 16.79 crore in June 2026. Employee benefit expense was Rs 13.89 crore against Rs 11.97 crore a year earlier, and depreciation, amortisation and impairment expense was Rs 10.31 crore against Rs 9.78 crore.

For the six months ended 30 September 2026, net profit was Rs 46.56 crore, compared with Rs 13.86 crore in the corresponding 2025 period. Profit before tax rose to Rs 61.56 crore from Rs 18.53 crore, while the share of profit from associates increased to Rs 7.38 crore from Rs 0.69 crore.

What do Valiant Organics’ cash flow and balance sheet show?

Valiant Organics had consolidated total assets of Rs 1,335.20 crore at 30 September 2026, compared with Rs 1,230.79 crore at 31 March 2026. Total equity rose to Rs 806.32 crore from Rs 759.37 crore, while current liabilities declined to Rs 350.25 crore from Rs 386.24 crore over the six-month period.

Cash and cash equivalents were Rs 6.52 crore at 30 September 2026, compared with Rs 1.79 crore at 31 March 2026. Trade receivables increased to Rs 320.33 crore from Rs 243.31 crore, while inventories rose to Rs 110.98 crore from Rs 91.52 crore.

Net cash flow from operating activities was Rs 22.84 crore in the six months ended 30 September 2026, compared with Rs 92.24 crore in the corresponding prior-year period. Cash generated from operations was Rs 28.03 crore after a Rs 79.61 crore increase in trade receivables and a Rs 19.45 crore increase in inventories; purchases of fixed assets including capital work-in-progress were Rs 25.29 crore.

Conclusion

Valiant Organics combined substantially higher September-quarter revenue with a more than threefold year-on-year increase in consolidated net profit. Both reported divisions increased revenue, and the Pharma Division moved from a Rs 2.09 crore segment loss a year earlier to a Rs 9.40 crore segment profit, although consolidated profit and both segment profits were lower than in June 2026.

The key matters to watch are whether the September-half increase in trade receivables to Rs 320.33 crore and inventories to Rs 110.98 crore continues to affect operating cash generation, which fell to Rs 22.84 crore from Rs 92.24 crore. The next disclosed results would also show whether the Pharma Division can sustain profitability after segment profit declined from Rs 16.85 crore in June 2026 to Rs 9.40 crore in September 2026.