Reading segments, other income and exceptional items in a small-cap results filing: two real Q1 FY27 filings walked through

Most guides explain “segment”, “other income” and “exceptional item” as definitions. This article instead opens two real quarterly filings from listed companies we cover, Chambal Fertilizers & Chemicals and Hindustan Copper, both for the quarter ended 30 June 2026 (Q1 FY27), and shows where each item sits, how the numbers tie together, and what the filing leaves unexplained. It is a reading guide, not a view on either company.

For the basics first, see what “unaudited, subject to limited review” means, standalone vs consolidated results and the complete guide to quarterly results.

What the rules require on the page

Quarterly results of a listed company are filed under Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Four provisions matter for the items in this article:

• Timeline and review. Quarterly results other than the last quarter are due within 45 days of the quarter end (Regulation 33(3)(a)). Unaudited results must be accompanied by the statutory auditor’s limited review report (33(3)(c)(i); for a public sector undertaking, a practising chartered accountant may do the review). Both companies below filed within that window: 30 July and 10 August 2026.
• Exceptional items. Schedule IV Part A, item F, says all items of income and expenditure arising from transactions of an exceptional nature must be disclosed. The text does not prescribe a line label or a size threshold.
• Segments. Schedule IV Part A, item L, says segment reporting must follow Ind AS 108 (or AS 17, where that applies).
• Last quarter. The last quarter’s figures are submitted with the full-year results, with a note that they are balancing figures between the audited full year and the published nine-month figures (Regulation 33(3)(e)).

Ind AS 108 itself says an operating segment is a part of the business whose results the chief operating decision maker regularly reviews to allocate resources and assess performance, and for which separate financial information exists (paragraph 5). A segment is reported separately if it meets any one of three 10 per cent tests, on revenue, profit or loss, or assets (paragraph 13). If the reported segments cover less than 75 per cent of the entity’s revenue, more segments must be added (paragraph 15). The entity must reconcile segment revenue, profit and assets to the entity’s own figures (paragraph 28).

Filing 1: Chambal Fertilizers, a multi-segment filing

Chambal’s filing, dated 30 July 2026, contains the standalone and consolidated statements, a segment table under each, and a limited review report for each from Price Waterhouse Chartered Accountants LLP.

The segment table

The company names four reportable segments, as identified by its chief operating decision maker: own manufactured fertilisers, complex fertilisers, crop protection chemicals with speciality nutrients and seeds, and others (which includes technical ammonium nitrate). Standalone figures for the quarter, in ₹ crore:

Segment	Revenue	Share of segment revenue	Result before finance costs and tax
Own manufactured fertilisers	2,859.98	56.9%	431.77
Complex fertilisers	1,736.66	34.5%	238.71
Crop protection, speciality nutrients, seeds	430.38	8.6%	108.35
Others	nil	n/a	nil
Total of segments	5,027.02	100%	778.83

(The percentage column is our arithmetic.) Three things are worth noticing:

• The “segment result” is not profit before tax. It is stated before finance costs and tax, so it is a different measure from the PBT line in the main statement.
• The 10 per cent tests are not on revenue alone. The crop protection segment is 8.6% of segment revenue but 13.9% of the combined segment result (108.35 of 778.83). Ind AS 108 uses revenue, profit or assets, and any one is enough. The filing does not say which test the company applied.
• A segment can be negative. The preceding quarter column shows complex fertilisers at (11.51), against 238.71 in the June 2026 quarter, so segment results for one segment can differ widely between adjacent quarters. The filing does not explain why.

The reconciliation: from segments to profit before tax

This is the paragraph 28 reconciliation in practice. Standalone, in ₹ crore:

Line	Q1 FY27
Total of segment results	778.83
Less: finance costs	16.77
Less: unallocable expenditure net of unallocable income	(164.53)
Profit before tax	926.59

The unallocable line is shown in brackets, so it is a net income that is added. 778.83 − 16.77 + 164.53 = 926.59, which matches the PBT in the main statement. A reader who sees a PBT well above the total of segment results should look for this line: it holds amounts the company did not assign to any segment. The filing does not describe what the 164.53 consists of.

Consolidated, the same table starts from 778.88, deducts finance costs of 16.77, adds unallocable net income of 9.71, and adds a share of net loss of a joint venture of (25.10), to reach a PBT of 746.72. The arithmetic is 778.88 − 16.77 + 9.71 − 25.10 = 746.72. In the consolidated main statement, the joint venture share appears on its own row between “profit before share of profit of a joint venture and tax” (771.82) and “profit before tax” (746.72), which is where the equity-method result sits.

Other income, standalone against consolidated

The two statements in the same filing show different other income for the quarter, in ₹ crore:

	Standalone	Consolidated
Other income, Q1 FY27	181.60	26.94
Other income, Q1 FY26	168.25	43.32
Profit before tax, Q1 FY27	926.59	746.72

On the Q1 FY27 numbers, standalone other income is 3.5% of total income and 19.6% of PBT. Consolidated other income is 0.5% of total income and 3.5% of profit before the joint venture share. The difference between the two statements’ unallocable lines (164.53 against 9.71) is of a similar size to the difference between their other income lines (181.60 against 26.94). The filing does not state the reason for the gap, and this article does not either. The practical point is that the same “other income” label can be a very different share of profit depending on which statement is read. See standalone vs consolidated results.

Exceptional items: none shown

Chambal’s statements have no exceptional items row. Profit before tax is total income less expenses directly, and notes 1 to 4 to the standalone statement cover the basis of preparation, the subsidy and pricing policy used, the balancing-figures note for the last quarter, and the board and limited review approval. None describes an exceptional item. That is what the filing reports; it is not a statement about earlier or later quarters.

What the review report adds

The consolidated review report has two paragraphs that bear on how much of the number has been looked at:

• The joint venture prepares its numbers under IFRS. The auditor reviewed the company’s conversion adjustments and relied on the joint venture’s own auditors for the rest. Its share of net loss was ₹25.10 crore for the quarter.
• Three subsidiaries’ interim information was not reviewed by their own auditors. It showed nil revenue and a profit of ₹0.04 crore, which the auditor says management told them is not material to the group.

Regulation 33(3)(h) requires at least 80 per cent of each of consolidated revenue, assets and profits to be audited, or in unaudited results limited-reviewed. The review report states neither percentage. Neither paragraph modifies the auditor’s conclusion.

Filing 2: Hindustan Copper, a single-segment filing with an exceptional items row

Hindustan Copper’s filing, dated 10 August 2026, shows the contrasting layout.

One segment, one sentence

There is no segment table. Note 2 to the standalone statement says the company is primarily in mining and processing copper ore into concentrate, with manufacturing up to continuous copper wire rods, and has grouped this as a single segment, in accordance with Ind AS 108. So a reader looking for a split of revenue or profit will not find one in this quarterly filing, and that is a legitimate outcome under the standard rather than an omission.

An exceptional items row, and where it sits

The standalone statement has the row, in ₹ crore:

Line	Q1 FY27	Q4 FY26	Q1 FY26	Year to 31 March 2026
Profit before exceptional items and tax	471.77	592.21	179.36	1,328.48
Exceptional items	nil	nil	nil	95.75
Profit before tax	471.77	592.21	179.36	1,232.73

The row sits between profit before exceptional items and profit before tax, and is deducted (1,328.48 − 95.75 = 1,232.73). For the quarter reported there is nothing in it. The full-year column holds 95.75, and because Q1 FY26 and Q4 FY26 are nil in the same table, and the year is four quarters, the amount must have been recorded in Q2 or Q3 of FY26 (our inference; the filing does not say which). The Q1 FY27 filing does not describe the item. A reader following the trend would need the filing for the quarter in which it was booked.

Other income and the “other matters” in the review report

Other income was ₹17.10 crore, 1.8% of total income of ₹953.60 crore. The auditor’s review report, though not modified, carries “other matters” paragraphs: that the company has no independent directors, so no valid audit committee could be constituted and the board approved the results, and that it has no woman director, both stated as non-compliance with provisions of the Companies Act, 2013. These are statements in the report; the article draws no conclusion from them. For how to read such paragraphs, see what the auditor’s report tells you.

A short checklist drawn from the two filings

1. Look for a segment table under the statement, not only in the main one. Absence is allowed if the company reports a single segment, and a note should say so.
2. Reconcile it yourself. Segment results, less finance costs, plus or minus the unallocated line, plus or minus the joint venture share, should equal PBT.
3. Read the unallocated line. It is where income and costs not given to a segment appear, and the filing may not say what is in it.
4. Compare other income in both the standalone and consolidated statements. The share of profit can differ widely.
5. Check whether an exceptional items row exists, and whether it is nil. Note which quarter in the year holds a full-year amount.
6. Open the review report’s other-matters paragraphs. They tell you what was not reviewed, and what the auditor relied on others for.

Basis of these figures

All figures are from the two companies’ own filings for the quarter ended 30 June 2026, as retrieved on 2 October 2026: Chambal Fertilisers and Chemicals (filed with the stock exchanges on 30 July 2026) and Hindustan Copper (10 August 2026). Percentages and sums are our arithmetic and are marked as such; the 14 August date is 30 June plus 45 days. The inference that Hindustan Copper’s exceptional item was recorded in Q2 or Q3 of FY26 is ours, from the quarterly columns. Regulatory statements are from SEBI’s Listing Regulations as amended up to 14 July 2026, and from Ind AS 108. This is an explainer on how to read a filing; it is not a view on either company, and nothing here is a forecast. Figures describe what the companies reported, and past results do not indicate future ones.