KESARKesar India Ltd.
Kesar India Q2 FY27 Results: Consolidated Net Profit ₹29.54 Crore on Total Income of ₹99.47 Crore
- Earnings
- Real estate
Reviewed byKeshav SehgalBlacklitt Research
Kesar India (NSE: KESAR) reported, for the quarter ended 30 Sep 2026, consolidated total income of ₹99.47 crore and net profit of ₹29.54 crore, and standalone total income of ₹42.12 crore and net profit of ₹18.17 crore, it said in a filing on 05 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹99.47 crore, up 540.1% YoY and down 43.5% QoQ
- Net profit and EPS: ₹29.54 crore (₹28.72 crore attributable to parent); basic EPS ₹9.44
- Finance costs: ₹3.14 crore, 3.2% of total income
Standalone
The company on its own, without its subsidiaries
- Total income: ₹42.12 crore, up 171.7% YoY and 216.0% QoQ
- Net profit and EPS: ₹18.17 crore; basic EPS ₹5.96
- Other income: Negative ₹3.56 crore, -8.5% of total income
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 99.47 | 15.54 | +540.1% | 176.17 | -43.5% | |
| Revenue from operations | 99.88 | 15.28 | +553.7% | 171.00 | -41.6% |
| Other income | -0.41 | 0.26 | n/a | 5.16 | n/a |
| 29.54 | 0.87 | n/a | 16.16 | +82.8% | |
| Profit before tax | 36.77 | 1.49 | n/a | 17.25 | +113.2% |
| Finance costs | 3.14 | 0.86 | +266.5% | 1.20 | +161.3% |
| Depreciation | 1.13 | 0.78 | +46.0% | 1.01 | +12.5% |
| Tax expense | 7.23 | 0.62 | n/a | 1.09 | +561.5% |
| Net profit margin | 29.70% | 5.61% | +24.08 pp | 9.17% | +20.53 pp |
| EPS, basic (₹) | 9.44 | 0.35 | n/a | 5.48 | +72.3% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated total income is far above the year-ago quarter but below the June quarter. Total income of ₹99.47 crore compares with ₹15.54 crore in Q2 FY26 and ₹176.17 crore in Q1 FY27, and revenue from operations fell 41.6% from the June quarter.
Net profit rose 82.8% from the June quarter while total income fell 43.5%. Profit before tax of ₹36.77 crore carried tax of ₹7.23 crore, a 19.7% charge, against a tax of ₹1.09 crore in the June quarter. Profit attributable to the parent is ₹28.72 crore, against ₹16.77 crore in the June quarter, and basic EPS is ₹9.44.
Finance costs rose to ₹3.14 crore from ₹1.20 crore in the June quarter and ₹0.86 crore a year earlier. They are 3.2% of total income this quarter. Consolidated other income was negative at ₹0.41 crore, against ₹5.16 crore in the June quarter.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 42.12 | 15.50 | +171.7% | 13.33 | +216.0% | |
| Revenue from operations | 45.67 | 15.24 | +199.7% | 8.46 | +440.2% |
| Other income | -3.56 | 0.26 | n/a | 4.87 | n/a |
| 18.17 | 0.99 | n/a | 0.21 | n/a | |
| Profit before tax | 23.15 | 1.61 | n/a | 1.21 | n/a |
| Finance costs | 1.89 | 0.86 | +121.0% | 0.63 | +198.4% |
| Depreciation | 0.91 | 0.78 | +17.9% | 0.89 | +2.6% |
| Tax expense | 4.97 | 0.62 | +706.8% | 1.00 | +396.2% |
| Net profit margin | 43.15% | 6.39% | +36.76 pp | 1.54% | +41.60 pp |
| EPS, basic (₹) | 5.96 | 0.40 | n/a | 0.07 | n/a |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone revenue from operations rose to ₹45.67 crore from ₹8.46 crore in the June quarter. The notes say that, on fulfilment of the performance obligations for the second tranche, ₹29.76 crore of the Godrej Skyline Developers land sale was recognised as revenue in September 2026, out of remaining consideration of ₹31.76 crore. That recognised amount, ₹29.76 crore, is 65.2% of standalone revenue from operations for the quarter. The notes say the balance of ₹2.00 crore will be recognised when the third tranche conditions are fulfilled.
The notes attribute the negative standalone other income to a change in the terms of interest-free advances to a subsidiary or associate, from a five-year term loan to a loan repayable on demand, together with the derecognition of a deemed investment and the notional interest income booked on it. They put the impact on other income at a negative ₹4.45 crore. Other income of minus ₹3.56 crore is minus 15.4% of profit before tax of ₹23.15 crore.
Standalone profit before tax of ₹23.15 crore carried tax of ₹4.97 crore, a 21.5% charge, and net profit of ₹18.17 crore against ₹0.21 crore in the June quarter. Standalone finance costs were ₹1.89 crore, 4.5% of total income. Consolidated net profit of ₹29.54 crore is ₹11.37 crore above the standalone figure.
Inference
The filing says the company has land advances of ₹194.82 crore classified under other current assets, pending execution of final sale deeds and transfer of legal ownership, and that any statutory deduction will be made at execution. The auditor draws attention to this classification.
The filing says that from 1 Jul 2026 interest-free loans to subsidiaries and associates became repayable on demand, and that interest income was not recognised on the discounted value of those loans in the period. The auditor draws attention to this change.
During the half year, 39,60,909 fully convertible warrants were converted into equity shares, and no warrants remain outstanding as at 30 Sep 2026. Corporate social responsibility spend for the half year was ₹7.00 lakh against ₹52.00 lakh required, with ₹45.00 lakh yet to be spent. The filing does not say when the ₹2.00 crore balance of the Godrej Skyline consideration or the land advances will be realised, or whether any dividend is planned.
Filed with BSE on . Reference: Original filing (PDF)
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