Monarch Surve. H1FY26 Results (BSE: 544453)
Signal: Steady quarter
The read
The core business delivered a clear H1FY26 inflection, with standalone revenue up 38.2% YoY and PAT up 55.0%, while the immediate consolidation drag is the newly acquired Australian subsidiary's ₹129 lakh loss; the next thesis test is whether its ₹155 lakh revenue scales without extending the group-level earnings gap.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹100.91 Cr | N/A | N/A |
| Net profit | ₹15.82 Cr | N/A | |
| EPS | ₹13.29 | N/A |
P&L walk
Consolidated revenue was ₹10,091.05 lakh and PAT ₹1,581.89 lakh for H1FY26; the newly acquired subsidiary contributed ₹155 lakh of revenue but a ₹129 lakh loss, leaving group earnings below standalone PAT of ₹2,011.21 lakh.
Segments
The company reports a single engineering services and survey segment; the main divergence is basis-related, with standalone PAT of ₹2,011.21 lakh versus consolidated PAT of ₹1,581.89 lakh after the newly acquired subsidiary contributed ₹155 lakh revenue and a ₹129 lakh loss.
Key positives
- Standalone revenue reached ₹9,935.98 lakh, up 38.2% YoY, while standalone PAT reached ₹2,011.21 lakh, up 55.0% YoY.
- Standalone basic EPS increased 55.0% YoY from ₹9.17 to ₹14.21, tracking PAT without a dilution gap.
- Standalone operating cash flow was positive at ₹1,688.09 lakh despite trade receivables of ₹7,712.51 lakh.
- The asset base expanded to ₹5,856.43 lakh of standalone PPE and intangibles from ₹4,908.33 lakh at March 31, 2026.
Key concerns
- Consolidated PAT of ₹1,581.89 lakh was ₹429.32 lakh below standalone PAT of ₹2,011.21 lakh because the newly acquired subsidiary reported a ₹129 lakh loss on ₹155 lakh revenue.
- Employee benefits expense rose 41.5% YoY to ₹2,215.38 lakh, faster than standalone revenue growth of 38.2%.
- Finance cost increased 63.5% YoY from ₹98.51 lakh to ₹161.06 lakh, although the absolute amount remained ₹161.06 lakh.
- Trade receivables stood at ₹7,712.51 lakh against standalone H1 revenue of ₹9,935.98 lakh, making collections a key working-capital monitor.
Research and educational content only. Not investment advice.