Most company results come out soon after the period they cover. These results are a little different. They cover a year that ended before the company was even listed on the stock exchange.
Utkal Speciality Industries India Limited sent the audited numbers to the National Stock Exchange of India in a letter dated October 7, 2026. Let us go through them step by step, starting with the meeting that approved them.
A Short Board Meeting
The Board of Directors met on October 7, 2026. The meeting started at 4:30 PM and ended at 4:45 PM, so it lasted just 15 minutes. In it, the Board considered and approved the audited financial results for the half year and the financial year that ended on March 31, 2026.
Audited means that an outside accountant has checked the numbers. Here, the statutory auditor is AKA HSB & Associates, Chartered Accountants. The company says the auditor has given an unmodified opinion. This is the cleanest type of audit opinion. It means the auditor has not raised any objection to the way the numbers are shown.
Why These Numbers Come Late
The company's shares began trading on the SME Emerge platform of the National Stock Exchange from June 17, 2026. The results are for a period that ended on March 31, 2026, which is before this listing. The company says that is why it is submitting them to the exchange now, under Regulation 33(3)(j) of the SEBI listing rules.
The notes attached to the results add one more date. They say the results were first reviewed by the Audit Committee and approved by the Board at a meeting held on June 13, 2026.
Now, on to the numbers. All amounts in the results are in ₹ lakh. One lakh is 100,000, and 100 lakh makes one crore.
The Full Year at a Glance
| Item (₹ lakh) | FY 2025-26 | FY 2024-25 | Change |
|---|---|---|---|
| Revenue from operations (net) | 5,528.75 | 4,861.96 | Up about 13.7% |
| Total income | 5,644.83 | 5,027.94 | Up about 12.3% |
| Total expenses | 4,665.95 | 4,149.05 | Up about 12.5% |
| Profit before tax | 978.88 | 878.89 | Up about 11.4% |
| Profit for the year | 729.80 | 668.23 | Up about 9.2% |
The profit of ₹729.80 lakh is about ₹7.30 crore. The net revenue of ₹5,528.75 lakh is about ₹55.29 crore. The percentages in the last column are worked out from the figures in the filing.
Tax took a share before the final profit. The company shows a current tax of ₹238.93 lakh and a deferred tax of ₹10.15 lakh for the year. Deferred tax is tax that is accounted for now but will be settled in a later period.
Two Revenue Numbers
The results show revenue in two steps. The gross revenue from operations is ₹6,455.82 lakh. From this, the company subtracts ₹927.07 lakh of duties, taxes and levies, which leaves the net revenue of ₹5,528.75 lakh. The net figure is the one used for the rest of the calculations.
The company also earned ₹116.09 lakh as other income, compared with ₹165.98 lakh the year before. This is why total income grew a little slower than net revenue.
Where the Money Went
Total expenses were ₹4,665.95 lakh. Here is how the main costs moved:
- Cost of materials consumed: ₹4,370.81 lakh, against ₹4,048.21 lakh a year earlier.
- Employee benefits: ₹135.60 lakh, against ₹113.22 lakh. This is the fastest-growing cost, up about 19.8%.
- Finance costs: ₹156.23 lakh, against ₹161.33 lakh. This is the only major cost that came down. Finance cost is the interest a company pays on its borrowings.
- Depreciation: ₹53.65 lakh, against ₹52.38 lakh. Depreciation is the amount set aside for the wear and tear of machines and other assets.
- Other expenses: ₹198.96 lakh, against ₹176.40 lakh.
One more line needs a word of explanation. The results show a minus figure of ₹249.30 lakh for changes in inventories of finished goods and work in progress. In simple terms, this means stock of goods rose during the year, and the value of that increase is adjusted against the cost of materials. In the year before, the same line was minus ₹402.49 lakh.
The Year Split Into Two Halves
The results also show the numbers for each half of the year. The second half, ended March 2026, was the stronger one:
| Item (₹ lakh) | Half year ended Mar 2026 | Half year ended Sep 2025 | Half year ended Mar 2025 |
|---|---|---|---|
| Net revenue | 3,066.72 | 2,462.03 | 2,498.70 |
| Other income | 4.10 | 111.99 | 12.67 |
| Profit before tax | 524.96 | 453.92 | 516.74 |
| Profit for the period | 390.12 | 339.68 | 349.73 |
Net revenue in the March 2026 half was about 24.6% higher than in the half before it. Profit was about 14.9% higher. Look at the other income line, too. It was ₹111.99 lakh in the first half but only ₹4.10 lakh in the second half. Even so, the second-half profit was higher.
The notes explain how these half-year figures were made. The figures for the half years ended March 2025 and March 2026 are balancing figures. They are the difference between the audited full-year numbers and the published numbers for the first half of that year.
Profit Went Up, but Earnings Per Share Went Down
Earnings per share (EPS) is the profit that belongs to each share. For FY 2025-26, both the basic and the diluted EPS are ₹5.10. For FY 2024-25, they were ₹6.16. So the profit grew, but the profit per share is lower.
The cash flow statement offers one more fact on this subject. For the earlier year, it shows ₹500 lakh coming in through share capital. For FY 2025-26, there is no such entry.
A Look at the Balance Sheet
The results also include the company's balance sheet as on March 31, 2026. Total assets and total liabilities are both ₹4,978.77 lakh, up from ₹4,404.41 lakh a year earlier.
- Share capital stayed at ₹1,430.00 lakh. Reserves and surplus rose from ₹733.68 lakh to ₹1,463.48 lakh. The rise is ₹729.80 lakh, the same as the profit for the year.
- Borrowings came down. Long-term borrowings are ₹547.01 lakh (₹610.07 lakh a year earlier) and short-term borrowings are ₹1,083.66 lakh (₹1,126.58 lakh). Together they are ₹1,630.67 lakh, against ₹1,736.65 lakh.
- Inventories are ₹2,817.54 lakh, against ₹2,450.46 lakh. This is about 57% of all assets.
- Trade receivables, which is money that customers still have to pay, are ₹352.04 lakh, against ₹294.79 lakh.
- Property, plant and equipment are ₹1,398.42 lakh, against ₹1,354.93 lakh.
- Cash and cash equivalents are ₹6.12 lakh, against ₹5.61 lakh.
Where the Cash Came From and Went
The cash flow statement shows how actual cash moved during FY 2025-26:
- Operations: the business brought in ₹161.67 lakh of cash, against ₹286.72 lakh the year before. The statement shows that ₹367.07 lakh was tied up in higher inventories.
- Investing: ₹98.11 lakh went out. Of this, ₹97.14 lakh was spent on new equipment.
- Financing: ₹63.05 lakh went out, which is shown as a reduction in long-term borrowings.
After all this, cash rose by just ₹0.51 lakh, from ₹5.61 lakh to ₹6.12 lakh.
What the Notes Say
- The results follow the Accounting Standards of Section 133 of the Companies Act, 2013 (known as IGAAP).
- Ind AS, a more detailed set of accounting rules, is not applicable because the company is listed on the NSE Emerge SME platform.
- There are no exceptional items in the period.
- Figures for the previous year have been regrouped and reclassified, where needed, to match the current presentation.