Board clears Q2/H1 results with unmodified review, Certoplast JV term sheet
Board meeting (5 Nov 2026) approved the unaudited standalone and consolidated results for the quarter and half-year ended 30 September 2026, and a non-binding term sheet with Certoplast Holding GmbH for a Joint Venture in India.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,509.43 | 1,387.80 | +80.8% | 2,472.47 | +1.5% |
| Total income | 2,550.50 | 1,407.38 | +81.2% | 2,486.15 | +2.6% |
| Profit before tax | 528.20 | 129.81 | +307% | 578.48 | −8.7% |
| Profit after tax | 405.97 | 109.17 | +272% | 426.47 | −4.8% |
| Total comprehensive income | 410.62 | 106.51 | +286% | 429.70 | −4.4% |
| Basic EPS | 3.87 | 1.08 | +258% | 4.18 | −7.4% |
- Total income YoY growth
- +81.2% (year ago 1,407.38)
- Profit after tax YoY growth
- 405.97 vs 109.17, +272%
- Period
- 30-Sep-2026 ( Unaudited)
Also decided at the meeting
- Approved execution of a non-binding term sheet with Certoplast Holding GmbH for setting up a Joint Venture in India for manufacturing of tapes, subject to definitive agreements and approvals.
Auditor's review
Conclusion: Unmodified
Notes to the results
- During the quarter the Company completed its IPO, entirely an Offer for Sale of 1,55,21,350 equity shares at Rs. 419 per share; the Company received no proceeds.
- All 35,01,372 CCPS were converted into 35,01,372 equity shares of face value Re.1 each pursuant to Board resolution of 16 June 2026.
- Figures for quarter ended 30 September 2025 are balancing figures and were not subjected to review by the statutory auditors.
- New wholly owned subsidiary Kusumgar Aerospace Private Limited incorporated on 8 April 2026.
Two decisions came out of the board meeting held on 5 November 2026, which ran from 5.05 p.m. to 5.35 p.m.
Results and the auditor's view
The board approved the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026. MSKA & Associates LLP, the statutory auditors, reviewed both statements and their limited review report carries an unmodified conclusion — nothing came to their attention that caused them to believe the statements contain a material misstatement.
Standalone — quarter ended 30 September 2026 (amounts in INR millions)
- Revenue from operations: 2,399.18
- Total income: 2,447.69
- Profit before tax: 445.32
- Profit for the period: 331.58
- Diluted EPS: 3.09
Standalone — six months ended 30 September 2026
- Revenue from operations: 4,816.30
- Profit for the period: 750.19
- Basic EPS: 7.26
Consolidated — quarter ended 30 September 2026
- Revenue from operations: 2,509.43
- Total income: 2,550.50
- Profit before tax: 528.20
- Profit for the period: 405.97
- Diluted EPS: 3.79
Consolidated — six months ended 30 September 2026
- Revenue from operations: 4,981.90
- Profit for the period: 832.45
Joint venture term sheet
The board approved the execution of a non-binding term sheet with Certoplast Holding GmbH for setting up a Joint Venture in India. The company states this is subject to signing of definitive agreements, receipt of applicable statutory approvals and completion of customary conditions precedent. The term sheet is described as non-binding.
Other points from the notes to the results
- The company completed its Initial Public Offer during the quarter: an Offer for Sale of 1,55,21,350 equity shares of face value Re. 1 each at an issue price of Rs. 419 per share, and Rs. 380 per share for employees, entirely by the Selling Shareholders. The company did not receive any proceeds from the offer.
- 35,01,372 Compulsory Convertible Preference Shares were converted into 35,01,372 equity shares of face value Re. 1 each.
- Under the 'Kusumgar ESOP 2024' plan, 21,87,782 options have been granted to employees till 30 September 2026.
- Kusumgar Aerospace Private Limited, a wholly owned subsidiary, received its Certificate of Incorporation on 8 April 2026 and is engaged in manufacturing of technical textiles.
Balance sheet and cash (standalone)
- Total assets as at 30 September 2026: 10,856.09 (INR millions), against 9,933.09 as at 31 March 2026.
- Total equity: 6,738.03, against 5,928.16.
- Total current liabilities: 2,773.60, against 2,536.82.
- Net cash generated from operating activities for the six months: 340.73, against 432.98 in the corresponding period a year earlier.
Scope of the review
The auditors state they did not review the interim financial information of three subsidiaries and relied on the reports of other auditors. Those subsidiaries reflect total assets of Rs. 325.41 million as at 30 September 2026 and total revenues of Rs. 36.80 million and Rs. 74.61 million for the quarter and the period. The auditors note their conclusion is not modified in respect of this matter.
The consolidated statement covers Kusumgar Middle East FZ-LLC, Engineered Coated Fabric Private Limited and Kusumgar Advanced Materials Private Limited (formerly Kusumgar Composites Private Limited) with effect from March 27, 2026, and Kusumgar Aerospace Private Limited with effect from April 08, 2026.
Also from Kusumgar
Kusumgar Q2 FY27: revenue up 81% YoY to ₹2,509 Mn, PAT up 272%
5 Nov 2026
Board approves non-binding term sheet for proposed joint venture with Certoplast Holding GmbH
5 Nov 2026
Board meeting on November 5 to approve Q2 and H1 results
30 Oct 2026
More numbers
- Standalone revenue from operations, quarter ended 30 Sep 20262,399.18 INR millions
- Standalone profit for the period, quarter ended 30 Sep 2026331.58 INR millions
- Standalone total income, six months ended 30 Sep 20264,883.55 INR millions
- Consolidated revenue from operations, quarter ended 30 Sep 20262,509.43 INR millions
- Consolidated profit for the period, quarter ended 30 Sep 2026405.97 INR millions
- Equity shares offered for sale in the IPO1,55,21,350 Equity Shares
- IPO issue price per equity shareRs. 419 per share
- CCPS converted into equity shares35,01,372
- Total income, latest quarter2,550.50 (INR millions)
- Total income, year-ago quarter1,407.38 (INR millions)
- Total income, previous quarter2,486.15 (INR millions)
- Total comprehensive income, latest quarter410.62 (INR millions)
- Total comprehensive income, year-ago quarter106.51 (INR millions)
- Total comprehensive income, previous quarter429.70 (INR millions)
- Profit after tax, latest quarter405.97 (INR millions)
- Profit after tax, year-ago quarter109.17 (INR millions)
- Profit after tax, previous quarter426.47 (INR millions)
- Revenue from operations, latest quarter2,509.43 (INR millions)
- Revenue from operations, year-ago quarter1,387.80 (INR millions)
- Revenue from operations, previous quarter2,472.47 (INR millions)
- Profit before tax, latest quarter528.20 (INR millions)
- Profit before tax, year-ago quarter129.81 (INR millions)
- Profit before tax, previous quarter578.48 (INR millions)
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