Amal Ltd reported consolidated revenue of Rs 131.23 crore for Q2 FY27, compared to Rs 54 crore in the year-ago period. The bottom line was bolstered by significant GST-related incentives under the Gujarat Industrial Policy 2015. Management has cautioned investors that the current period results are not directly comparable to the previous year due to these one-time financial benefits, which shifted the 'other income' component.
Amal Ltd Reports Q2 Growth Driven by GST Incentives
Consolidated revenue stood at Rs 131.23 crore for Q2 FY27, while profit for the period reached Rs 6.16 crore.
Reader Takeaway: Strong top-line growth is supported by government incentives; however, year-on-year comparability is distorted by non-operating income.
What just happened
Amal Ltd has released its financial results for the quarter ended September 30, 2026. The company reported a significant increase in consolidated revenue to Rs 131.23 crore, up from Rs 54.00 crore in the same quarter last year. Consolidated profit for the quarter was reported at Rs 6.16 crore, a slight increase from Rs 6.06 crore reported in Q2 FY26.
Why this matters
The financial results are heavily influenced by the recognition of GST incentives under the Gujarat Industrial Policy 2015. Specifically, the company recorded Rs 1.70 crore in 'other income' for the quarter and Rs 7.31 crore for the six-month period ending September 30, 2026. This accounting treatment makes it difficult to assess organic growth compared to the previous fiscal year, as the incentives form a distinct portion of the total profit.
Governance and Audit
The financial statements were approved by the Board of Directors on October 16, 2026, following a recommendation from the Audit Committee. The company’s statutory auditors, Deloitte Haskins & Sells LLP, have conducted a limited review and provided an unmodified report, signaling no major accounting concerns.
What to track next
Investors should monitor future quarters to see if the standalone operational momentum—which shows improvement independent of the incentive scheme—can be sustained as the impact of these one-time gains normalizes.