Visaman Global Sales Limited revenue rises 39%, profit falls 35%

Visaman Global Sales Limited reported standalone revenue from operations of Rs 151.32 crore for the half-year ended 30 September 2026, up 39% year on year, but net profit fell 35% to Rs 1.85 crore as total expenses increased 42% to Rs 149.99 crore.

Why did Visaman Global Sales profit fall despite higher revenue?

Visaman Global Sales profit fell because its Rs 44.49 crore increase in total expenses exceeded its Rs 42.16 crore increase in revenue from operations in the half-year ended 30 September 2026. Profit before tax declined to Rs 2.82 crore from Rs 3.84 crore in the half-year ended 30 September 2025, despite revenue growth.

Net profit was Rs 1.85 crore, compared with Rs 2.87 crore a year earlier, while basic earnings per share fell to Rs 0.87 from Rs 1.95. Total revenue, which includes other income, rose to Rs 152.81 crore from Rs 109.34 crore; other income increased to Rs 1.49 crore from Rs 17.70 lakh.

The reported figures show a narrowing between sales and costs. Profit before tax represented about 1.8% of total revenue in the latest half-year, versus about 3.5% in the corresponding 2025 period, while net profit was about 1.2% of total revenue versus about 2.6% a year earlier.

Which costs changed most for Visaman Global Sales?

Visaman Global Sales recorded a 53% rise in cost of materials consumed to Rs 110.51 crore from Rs 72.26 crore, exceeding the 39% rise in operating revenue. Finance costs increased to Rs 3.58 crore from Rs 3.00 crore, and employee-benefit expenses rose to Rs 89.69 lakh from Rs 78.52 lakh.

Purchases of stock-in-trade declined to Rs 23.75 crore from Rs 46.85 crore, but inventory movements changed direction across the two periods. Changes in finished-goods inventory were an expense of Rs 4.26 crore, compared with a negative Rs 8.44 crore a year earlier, while changes in work-in-progress and stock-in-trade were an expense of Rs 4.77 crore against a negative Rs 12.23 crore.

Other expenses fell to Rs 1.36 crore from Rs 2.47 crore and depreciation increased to Rs 86.12 lakh from Rs 79.06 lakh. The filing identifies a single primary business segment, so it does not provide segment-level sales, cost or profitability data for the half-year ended 30 September 2026.

What do Visaman Global Sales assets and liabilities show?

Visaman Global Sales trade receivables rose to Rs 31.19 crore at 30 September 2026 from Rs 16.11 crore at 31 March 2026, an increase of Rs 15.08 crore. Inventories rose to Rs 87.96 crore from Rs 83.16 crore, while short-term loans and advances increased to Rs 48.44 crore from Rs 33.13 crore.

Total borrowings increased to Rs 90.43 crore at 30 September 2026 from Rs 79.10 crore at the preceding year-end. Long-term borrowings rose to Rs 19.04 crore from Rs 6.71 crore, whereas short-term borrowings decreased to Rs 71.39 crore from Rs 72.39 crore; trade payables increased to Rs 17.64 crore from Rs 3.37 crore.

Capital work in progress rose to Rs 14.52 crore from Rs 8.26 crore, while property, plant and equipment declined to Rs 9.95 crore from Rs 10.56 crore. Total assets increased to Rs 198.71 crore from Rs 167.55 crore, and shareholders’ funds, including Rs 3.45 crore received against share warrants, rose to Rs 84.18 crore from Rs 82.33 crore.

How did working capital and funding affect Visaman Global Sales cash flow?

Visaman Global Sales reported net cash used in operating activities of Rs 1.40 crore for the half-year ended 30 September 2026, after recording profit before tax of Rs 2.82 crore. Working-capital movements resulted in a Rs 6.73 crore outflow before tax payments, and tax paid was Rs 2.06 crore.

Higher trade receivables used Rs 15.16 crore of cash and higher short-term loans and advances used Rs 15.31 crore, while inventories used Rs 4.79 crore. These movements were partly offset by a Rs 14.27 crore increase in trade payables and a Rs 10.29 crore reduction in other current assets.

Investing activities used Rs 6.61 crore, including Rs 6.50 crore for fixed-asset purchases, while financing activities generated Rs 8.75 crore. Long-term borrowings contributed Rs 12.33 crore and interest on loans used Rs 3.58 crore; closing cash and cash equivalents were Rs 1.39 crore, compared with Rs 65.37 lakh at 31 March 2026.

Visaman Global Sales had utilised Rs 15.92 crore of Rs 16.05 crore of initial public offering proceeds by 30 September 2026, leaving Rs 12.96 lakh for capital expenditure on its manufacturing facility. The company stated that the unutilised amount would be used for that stated object, after changing the planned facility site through a shareholder postal ballot approved on 21 December 2024.

The company also disclosed Rs 48.20 crore raised through a preferential issue during the year ended 31 March 2026. Of 42 lakh warrants issued to promoters, 19 lakh had converted into equity shares and 23 lakh remained outstanding at 30 September 2026; the filing says Rs 10.35 crore of balance consideration is receivable upon conversion, subject to the issue terms.

Conclusion

Visaman Global Sales delivered higher standalone sales in the half-year ended 30 September 2026, but the reported cost increase was larger in absolute terms than the revenue gain, reducing profit before tax and net profit. The balance sheet and cash-flow statement also show higher receivables, inventory, advances, trade payables and long-term borrowings during the six-month period.

The next disclosed matters to watch are utilisation of the remaining Rs 12.96 lakh of IPO capital-expenditure proceeds and progress at the relocated manufacturing-facility site. Investors can also monitor whether the 23 lakh outstanding warrants convert, because the company says their conversion could bring Rs 10.35 crore of remaining consideration under the issue terms.