Vashishtha Luxury Fashion profit rises to Rs 2.18 crore

Vashishtha Luxury Fashion Limited reported consolidated profit of Rs 2.18 crore for the half year ended September 30, 2026, up from Rs 89.54 lakh in the preceding half year, as total income rose to Rs 9.37 crore while total expenses declined to Rs 6.62 crore. The results were approved on November 14, 2026.

How did Vashishtha’s half-year profit change?

Vashishtha’s consolidated profit for the September 2026 half year was Rs 2.18 crore, compared with Rs 89.54 lakh for the half year ended March 31, 2026, an increase of about 144%. Profit attributable to equity shareholders was also Rs 2.18 crore, while profit attributable to non-controlling interest was Rs 16,000. The filing reports basic and diluted earnings per equity share of Rs 9.26, against Rs 4.50 in the immediately preceding half year.

The comparison was also favourable against the half year ended September 30, 2025, when Vashishtha reported profit of Rs 1.11 crore and earnings per share of Rs 4.72. Profit before tax rose to Rs 2.75 crore in September 2026 from Rs 1.40 crore in March 2026 and Rs 1.53 crore a year earlier. There were no exceptional or extraordinary items reported in the consolidated statement.

What drove Vashishtha’s increase in total income?

Vashishtha’s total income increased by Rs 1.24 crore from the March 2026 half year to Rs 9.37 crore in the September 2026 half year. Revenue from operations increased by Rs 23.68 lakh to Rs 7.74 crore, a comparatively modest change beside the Rs 99.88 lakh increase in other income to Rs 1.63 crore. Thus, other income accounted for most of the sequential increase in total income.

Against the corresponding half year of 2025, operating revenue increased by Rs 94.48 lakh from Rs 6.79 crore. Other income increased by Rs 1.41 crore from Rs 22.04 lakh, lifting total income by Rs 2.35 crore from Rs 7.01 crore. The statement does not give a line-item explanation for the composition or source of other income, so the filing does not establish whether that increase will recur.

Vashishtha describes its business as exports of high-end fashion garments and hand and machine embroidery. Management states that this is its only reportable segment under Accounting Standard 17, or AS-17, on segment reporting. The filing therefore provides no revenue, profit or asset split across garment exports, hand embroidery and machine embroidery.

How did Vashishtha’s expenses affect the result?

Vashishtha’s total expenses fell by Rs 11.54 lakh sequentially to Rs 6.62 crore, even as operating revenue rose by Rs 23.68 lakh. Cost of materials consumed declined by Rs 17.14 lakh to Rs 3.49 crore, other expenses declined by Rs 16.15 lakh to Rs 1.36 crore, and finance costs fell by Rs 1.39 lakh to Rs 65,000. These reductions more than offset higher depreciation and amortisation expense of Rs 18.12 lakh, up from Rs 14.21 lakh.

The cost comparison with the year-earlier half was different. Total expenses rose from Rs 5.48 crore in September 2025 to Rs 6.62 crore in September 2026, while total income rose more sharply from Rs 7.01 crore to Rs 9.37 crore. Materials consumed increased by Rs 47.33 lakh year on year, depreciation rose by Rs 5.76 lakh and other expenses increased by Rs 35.90 lakh.

Vashishtha recorded current tax of Rs 58.98 lakh for the September 2026 half year, compared with Rs 46.32 lakh in the March 2026 half year. The reported gap between profit before tax of Rs 2.75 crore and profit after tax of Rs 2.18 crore was Rs 56.58 lakh, reflecting the combined effect of current and deferred tax in the statement. The filing lists a deferred-tax credit, but its printed presentation does not provide a clear formatted value.

What do Vashishtha’s balance sheet and cash flows show?

Vashishtha’s consolidated total assets were Rs 19.68 crore at September 30, 2026, compared with Rs 17.74 crore at March 31, 2026. Total equity rose by Rs 2.18 crore to Rs 17.36 crore, consistent with the half-year profit, while cash and cash equivalents edged up by Rs 3.66 lakh to Rs 6.08 crore. Property, plant and equipment increased by Rs 86.65 lakh to Rs 4.70 crore.

Working-capital items increased during the period. Trade receivables rose by Rs 95.31 lakh to Rs 3.68 crore, inventories rose by Rs 12.59 lakh to Rs 1.14 crore and other current assets increased by Rs 1.27 crore to Rs 4.02 crore. On the liability side, total current liabilities declined by Rs 24.39 lakh to Rs 2.04 crore, although dues to suppliers other than micro and small enterprises increased to Rs 64.57 lakh from Rs 7.52 lakh.

Net cash used in operating activities was Rs 22.88 lakh for the September 2026 half year, compared with an outflow of Rs 1.60 crore for the year ended March 31, 2026. Cash generated in operations was Rs 36.11 lakh before net income taxes paid of Rs 58.98 lakh. The operating cash flow was affected by increases in receivables of Rs 95.31 lakh and other current assets of Rs 1.27 crore.

Was Vashishtha’s half-year result audited?

Vashishtha’s September 2026 consolidated result was subject to a limited review, not a full audit, by SMNK & Co., Chartered Accountants. The Board approved and took the results on record on November 14, 2026, after review and recommendation by the Audit Committee on the same date. The results were prepared under AS-25, the interim financial reporting standard prescribed under the Companies Act, 2013.

The reviewer said nothing had come to its attention that caused it to believe the consolidated statement did not disclose the information required under Regulation 33 of the Securities and Exchange Board of India listing rules, or that it contained a material misstatement. A limited review provides moderate assurance and is primarily based on inquiries and analytical procedures; the reviewer expressly stated that it had not performed an audit.

Conclusion

The half-year result reflects a wider profit outcome than the movement in operating revenue alone would indicate: revenue increased by Rs 23.68 lakh sequentially, while other income increased by Rs 99.88 lakh and expenses fell by Rs 11.54 lakh. Against the year-earlier half, total income rose by Rs 2.35 crore and profit increased by Rs 1.07 crore.

The next point to watch is whether operating cash conversion improves as receivables stood at Rs 3.68 crore and other current assets at Rs 4.02 crore at September 30, 2026, while operating cash flow remained negative at Rs 22.88 lakh. The filing also does not specify the source of the Rs 1.63 crore in other income, making its movement relevant to future earnings comparisons.