Board approves two sets of unaudited results; limited review reports taken on record
Board approved unaudited standalone and consolidated results for the quarter ended June 30, 2026 and the quarter and half year ended September 30, 2026, and took the auditors' limited review reports on record.
By ScoutQuest · · 2 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3,152.75 | 3,246.63 | −2.9% | 4,528.69 | −30.4% |
| Total income | 3,197.80 | 3,319.65 | −3.7% | 4,693.45 | −31.9% |
| Profit before tax | 141.13 | (72.75) | — | 526.57 | −73.2% |
| Profit after tax | 97.03 | (54.00) | — | 385.52 | −74.8% |
| Total comprehensive income | 97.59 | (53.59) | — | 387.57 | −74.8% |
| Basic EPS | 0.63 | (0.21) | — | 1.98 | −68.2% |
- Profit after tax (prev qtr)
- 385.52 (−74.8%)
- Period
- June 30, 2026 (Unaudited)
Auditor's review
Conclusion: Unmodified
Notes to the results
- Holding Company retired as partner of Simola Tiles LLP under MOU dated September 05, 2026; Simola Tiles LLP ceased to be a subsidiary of the Group.
- Depreciation method changed from diminishing balance to straight line effective April 01, 2026; otherwise depreciation higher by ₹ 112.40 Millions and net profit lower by ₹ 84.70 Millions for the quarter.
- Exceptional item: additional gratuity provision of ₹ 7.74 Millions under New Labour Codes for the year ended March 31, 2026.
- Shares listed on NSE/BSE on September 29, 2026 via IPO of 47,839,255 shares at ₹ 148; comparative quarters not subjected to limited review.
What the board decided
The board met on October 19, 2026 from 04:00 P.M. to 08:00 P.M. (IST) and approved two sets of unaudited financial results — standalone and consolidated — for the quarter ended June 30, 2026, and for the quarter and half year ended September 30, 2026. It also took on record the statutory auditors' limited review reports on both sets.
What the auditor said
- The review reports state that nothing came to their attention that would suggest the statements fail the prescribed disclosure requirements or contain a material misstatement.
- A review is narrower in scope than an audit, so no audit opinion is expressed.
- For the consolidated review, the auditor relied on the reports of other auditors for one subsidiary, two associates and three joint ventures.
The numbers as printed (amounts in ₹ Millions)
- Standalone, quarter ended June 30, 2026: Revenue from operations 2,962.91; Profit for the quarter 147.18.
- Consolidated, quarter ended June 30, 2026: Revenue from operations 3,152.75; Profit for the quarter 97.03.
Business and structure points
- The business falls under a single operating segment: manufacturing and selling of tiles and related products.
- After the quarter end, pursuant to a memorandum of understanding dated September 05, 2026, the company retired as a partner of Simola Tiles LLP and the incoming partners were admitted as partners; with effect from the effective date the LLP has ceased to be a subsidiary.
- The company completed its initial public offering and its shares were listed on NSE and BSE on September 29, 2026, at an issue price of ₹ 148 per equity share, including 21,621,621 fresh equity shares. These are the first quarterly results after listing, so the corresponding prior-period figures were not subjected to limited review.
Accounting change to note
Effective April 1, 2026, the company changed its method of depreciation from the diminishing balance method to the straight line method. Had the previous method continued, the depreciation charge for the quarter ended June 30, 2026 would have been higher by ₹ 104.59 Millions and net profit would have been lower by ₹ 78.27 Millions on a standalone basis.
Points a reader may want to follow
- Consolidated Profit for the quarter (97.03) is lower than standalone Profit for the quarter (147.18), reflecting the subsidiaries, associates and joint ventures.
- One subsidiary's interim results were reviewed by other auditors; the auditor's conclusion was not modified for that reliance.
- The depreciation method change is an accounting estimate change applied from April 1, 2026, so part of the year-on-year movement in reported profit arises from accounting rather than operations.
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More numbers
- Standalone Revenue from operations, quarter ended June 30, 20262,962.91 ₹ Millions
- Standalone Profit for the quarter, quarter ended June 30, 2026147.18 ₹ Millions
- Consolidated Revenue from operations, quarter ended June 30, 20263,152.75 ₹ Millions
- Consolidated Profit for the quarter, quarter ended June 30, 202697.03 ₹ Millions
- IPO issue price per equity share₹ 148 per equity share
- Fresh issue of equity shares in the IPO21,621,621
- Additional depreciation had the old method continued (standalone)₹ 104.59 Millions
- Lower net profit had the old depreciation method continued (standalone)₹ 78.27 Millions
- Total income, latest quarter3,197.80 (₹ Millions)
- Total income, year-ago quarter3,319.65 (₹ Millions)
- Total income, previous quarter4,693.45 (₹ Millions)
- Total comprehensive income, latest quarter97.59 (₹ Millions)
- Total comprehensive income, year-ago quarter(53.59) (₹ Millions)
- Total comprehensive income, previous quarter387.57 (₹ Millions)
- Profit after tax, latest quarter97.03 (₹ Millions)
- Profit after tax, year-ago quarter(54.00) (₹ Millions)
- Profit after tax, previous quarter385.52 (₹ Millions)
- Revenue from operations, latest quarter3,152.75 (₹ Millions)
- Revenue from operations, year-ago quarter3,246.63 (₹ Millions)
- Revenue from operations, previous quarter4,528.69 (₹ Millions)
- Profit before tax, latest quarter141.13 (₹ Millions)
- Profit before tax, year-ago quarter(72.75) (₹ Millions)
- Profit before tax, previous quarter526.57 (₹ Millions)
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