Narmada Macplast Drip Irrigation Systems Ltd reported a 23.06% year-on-year increase in net profit for the second quarter of fiscal year 2027 (Q2FY27). The company logged a profit after tax of ₹50.10 lakh, up from ₹40.71 lakh in the corresponding quarter last year.

Revenue from operations stood at ₹324.91 lakh in Q2FY27, marking a 3.81% growth compared to ₹313.00 lakh in Q2FY26. On a sequential basis, revenue declined by 11.88% from ₹368.73 lakh in the previous quarter (Q1FY27). The company did not report any other income during the period.

Financial Performance Overview

The company’s total income matched its operating revenue due to the absence of other income streams. Total expenses for the quarter were ₹262.23 lakh, resulting in a profit before tax of ₹62.69 lakh. This represents a 13.71% increase in PBT compared to the prior year’s ₹55.13 lakh.

Key financial metrics for the quarter ended September 30, 2026, are detailed below:

Expense Structure and Margins

Purchases of stock-in-trade remained the dominant cost component, accounting for ₹253.70 lakh of total expenses. Employee benefits expense rose significantly to ₹2.42 lakh in Q2FY27 from ₹0.98 lakh in Q2FY26. Other expenses decreased to ₹6.02 lakh from ₹16.27 lakh in the preceding quarter, aiding margin stability despite the sequential dip in revenue.

The effective tax rate for the quarter was approximately 20.06%, with current tax expenses standing at ₹12.58 lakh. No deferred tax liabilities or assets were reported for the period.

What the Numbers Show

A divergence between revenue and profitability trends is evident when comparing quarterly performance. While revenue fell by 11.88% sequentially from Q1FY27 to Q2FY27, net profit increased by 11.14% over the same period. This suggests that the reduction in other expenses, which dropped by 63% from ₹16.27 lakh to ₹6.02 lakh, offset the lower top-line performance. Additionally, trade receivables decreased to ₹1,275.37 lakh as on September 30, 2026, from ₹1,355.17 lakh as on March 31, 2026, indicating improved collection efficiency during the half-year.

Narmada Macplast Drip Irrigation Systems Ltd concluded its 34th Annual General Meeting on September 30, 2026, via video conferencing. The meeting focused on adopting financial statements for FY26 and securing the continuity of its leadership team through director re-appointments.

Key resolutions passed

Shareholders voted on four primary items of business, covering both ordinary and special resolutions. The audited financial statements for the fiscal year ended March 31, 2026, along with the Directors' and Auditors' reports, were adopted. The board's operational performance during the period was reviewed by the Chairman before these documents were taken as read.

The meeting also addressed governance continuity through specific re-appointments:

• Jiten Vaghasia was re-appointed as a Director retiring by rotation under Section 152(6) of the Companies Act, 2013.
• Vrajlal Vaghasia was re-appointed as Managing Director, including his remuneration package, via a special resolution.
• Jiten Vaghasia was also re-appointed as Whole-time Director, including his remuneration, via a separate special resolution.

Voting mechanism and scrutiny

The company utilized electronic voting facilities provided by National Securities Depository Limited (NSDL) to facilitate remote participation. The voting window opened on September 27, 2026, at 9:00 am and closed on September 29, 2026, at 5:00 pm. The record date for determining eligible shareholders was set as September 23, 2026.

Bharat Prajapati, a practicing Company Secretary, served as the scrutinizer for the e-voting and poll processes. The Chairman confirmed that the combined voting results would be declared to the stock exchange and posted on the company website in compliance with statutory requirements.