A. K. Capital borrowings fall Rs 238 crore by September

A. K. Capital Services Limited cut consolidated borrowings other than debt securities by Rs 238.22 crore to Rs 1,875.51 crore at 30 September 2026, while debt securities increased Rs 147.76 crore to Rs 1,122.41 crore. The two funding lines combined fell Rs 90.46 crore from 31 March 2026.

How did A. K. Capital’s funding balances change?

A. K. Capital reduced the combined reported balance of debt securities and other borrowings to Rs 2,997.92 crore at 30 September 2026 from Rs 3,088.38 crore at 31 March 2026. Borrowings other than debt securities declined by more than the increase in debt securities, resulting in a Rs 90.46 crore reduction across the two funding categories.

Borrowings other than debt securities were Rs 1,875.51 crore at 30 September, compared with Rs 2,113.73 crore at the preceding financial year-end. Debt securities rose to Rs 1,122.41 crore from Rs 974.65 crore over the same period. The filing records the balance-sheet movement but does not state a specific reason for the shift between these categories.

A. K. Capital’s total financial liabilities fell to Rs 3,040.36 crore from Rs 3,132.68 crore, a reduction of Rs 92.32 crore. Other financial liabilities declined to Rs 37.59 crore from Rs 39.89 crore, while deposits increased marginally to Rs 81.64 lakh from Rs 79.95 lakh.

What do A. K. Capital’s reported debt ratios show?

A. K. Capital reported a debt-equity ratio of 2.57 times at 30 September 2026, down from 2.73 times at 31 March 2026 and 3.09 times a year earlier. Its total-debts-to-total-assets ratio was 0.71 times, unchanged from 30 June 2026 but below 0.73 times at the March 2026 year-end and 0.75 times at 30 September 2025.

The ratio changes accompanied a rise in total equity to Rs 1,167.65 crore from Rs 1,131.73 crore at 31 March 2026. Other equity increased by Rs 34.39 crore to Rs 1,074.20 crore, non-controlling interest rose by Rs 1.53 crore to Rs 86.85 crore, and equity share capital remained Rs 6.60 crore.

For the half year ended 30 September 2026, interest service coverage was 1.72 times, compared with 1.61 times in the corresponding prior-year half. Debt service coverage was 0.30 times versus 0.41 times, while finance costs declined to Rs 112.90 crore from Rs 120.04 crore.

Which cash flows accompanied the funding movement?

A. K. Capital generated Rs 1,158.90 crore from investing activities in the half year ended 30 September 2026, led by Rs 1,159.38 crore of net proceeds from sale of investments. In the half year ended 30 September 2025, investing activities used Rs 33.22 crore, including a Rs 33.67 crore net payment for investments.

The investment-sale inflow exceeded Rs 761.54 crore used in operating activities and Rs 137.40 crore used in financing activities. Operating cash use widened from Rs 44.38 crore a year earlier, with loans increasing by Rs 97.43 crore and trade receivables plus other financial assets increasing by Rs 716.88 crore during the current half year.

Financing activities moved from a Rs 75.50 crore inflow in the prior-year half to a Rs 137.40 crore outflow in the current period. The 2026 financing cash flow included a Rs 190.61 crore net repayment of short-term borrowings, Rs 24.39 crore in dividends paid and Rs 19.00 crore in interest paid, partly offset by Rs 99.82 crore of net proceeds from long-term borrowings after repayments.

Cash and cash equivalents consequently rose by Rs 259.97 crore during the half year to Rs 321.69 crore at 30 September 2026. In the corresponding 2025 half year, cash and cash equivalents declined by Rs 2.10 crore to Rs 26.98 crore.

How did A. K. Capital’s assets change during the half year?

A. K. Capital’s total assets declined by Rs 55.60 crore to Rs 4,228.17 crore at 30 September 2026, from Rs 4,283.77 crore at 31 March 2026. Total financial assets fell by Rs 66.40 crore to Rs 4,132.58 crore, while total non-financial assets increased by Rs 10.80 crore to Rs 95.59 crore.

Investments declined by Rs 1,157.16 crore to Rs 1,276.87 crore, alongside the Rs 1,159.38 crore net proceeds from sale of investments reported in cash flow. This was offset in part by a Rs 736.24 crore increase in other financial assets to Rs 1,542.94 crore and a Rs 96.45 crore increase in loans to Rs 984.57 crore.

Total liabilities decreased by Rs 91.52 crore to Rs 3,060.51 crore, while total equity increased by Rs 35.92 crore to Rs 1,167.65 crore. A. K. Capital also reported net profit of Rs 60.05 crore for the half year, compared with Rs 54.82 crore in the corresponding period of 2025.

What commercial-paper exposure did A. K. Capital disclose?

A. K. Capital disclosed Rs 212 crore of outstanding borrowings from commercial papers at 30 September 2026, of which Rs 118 crore was listed on BSE Limited. The filing does not provide a maturity schedule for the outstanding Rs 212 crore balance, so the timing of future redemption or refinancing is not stated.

The company separately reported a Rs 20 crore commercial-paper issue raised through private placement on 23 September 2026 and listed on BSE from 24 September 2026. It also disclosed a Rs 5 crore issue raised on 11 February 2026 and redeemed on 20 August 2026; both issues were reported with no deviation in the use of proceeds.

For those two listed commercial-paper issues, A. K. Capital said aggregate net proceeds realised were Rs 24.06 crore because the papers were issued at a discount. It certified that the proceeds were fully utilised for the purposes stated in the respective offer documents or private-placement memoranda.

Conclusion

A. K. Capital’s September 2026 consolidated statements show a lower combined balance of debt securities and other borrowings, with investment-sale proceeds contributing to a Rs 259.97 crore increase in cash. The reduction in other borrowings exceeded the rise in debt securities, while total financial liabilities fell Rs 92.32 crore and total equity increased Rs 35.92 crore.

The next disclosed cash item to watch is the interim dividend of Rs 18 per equity share declared on 12 November 2026, which A. K. Capital said will result in a Rs 11.88 crore cash outflow. The outstanding Rs 212 crore commercial-paper balance, including Rs 118 crore listed on BSE, also remains relevant because the filing does not disclose its maturity profile.