Aadi Industries Limited negative net worth widens to Rs 7.1463 crore

Aadi Industries Limited reported negative total equity of Rs 7.1463 crore at September 30, 2026, compared with negative Rs 7.0418 crore at March 31, 2026, after a Rs 10.46 lakh half-year loss. Aadi Industries’ borrowings rose to Rs 9.5149 crore while total assets declined to Rs 2.4346 crore.

How did Aadi Industries’ equity position change?

Aadi Industries’ total equity became more negative by Rs 10.45 lakh between March 31 and September 30, 2026. Equity share capital was unchanged at Rs 10 crore, while other equity moved to negative Rs 17.1463 crore from negative Rs 17.0418 crore, resulting in the reported total-equity deficit of Rs 7.1463 crore.

The movement in other equity was broadly consistent with the Rs 10.46 lakh net loss reported for the half year ended September 30, 2026. The results recorded no exceptional items, tax expense or other comprehensive income for the half year, leaving total comprehensive loss at Rs 10.46 lakh.

The balance sheet reconciles because liabilities exceeded assets while equity was negative. At September 30, 2026, Aadi Industries had Rs 2.4346 crore of assets and Rs 9.5809 crore of current liabilities, compared with Rs 2.5828 crore of assets and Rs 9.6246 crore of current liabilities at March 31, 2026. The filing classifies all listed liabilities as current.

What assets and liabilities changed during the period?

Aadi Industries’ asset base fell by Rs 14.82 lakh over the six months to September 30, 2026, principally because trade receivables declined by Rs 21 lakh to Rs 2.1902 crore. This reduction was partly offset by cash and cash equivalents rising by Rs 2.52 lakh to Rs 12.34 lakh and other current assets increasing by Rs 3.72 lakh to Rs 11.56 lakh.

Property, plant and equipment decreased to Rs 54,000 at September 30, 2026, from Rs 61,000 at March 31, 2026, a Rs 7,000 reduction. Current assets were Rs 2.4292 crore of the Rs 2.4346 crore total assets at the reporting date, with the balance represented by non-current assets.

Borrowings increased by Rs 1.85 lakh to Rs 9.5149 crore, even as total current liabilities decreased by Rs 4.37 lakh. Trade payables other than those due to micro, small and medium enterprises, or MSME, fell to Rs 2.73 lakh from Rs 6.54 lakh, provisions declined to Rs 3.87 lakh from Rs 5.53 lakh, and MSME dues were nil compared with Rs 75,000.

The comparison shows a change in the composition of the balance sheet rather than an expansion in assets. Receivables were lower and cash was higher at September 30, 2026, but the Rs 2.4346 crore asset total remained below the Rs 9.5149 crore borrowing balance reported on the same date.

Why was operating cash flow positive despite the loss?

Aadi Industries generated Rs 68,000 of net cash from operating activities for the period labelled “Year ended Sep 30, 2026” in its cash-flow statement, despite a loss before tax of Rs 10.46 lakh. The principal offset was the Rs 21 lakh decrease in trade receivables, which exceeded the Rs 10.38 lakh operating loss before working-capital changes.

Other working-capital movements reduced that benefit. Other current assets increased by Rs 3.73 lakh, trade payables fell by Rs 4.56 lakh, and other current liabilities decreased by Rs 1.66 lakh. Cash generated from operations was therefore Rs 68,000, and the filing reported no tax paid or refunded for the period.

The filing’s comparison with the year ended March 31, 2026 shows a material reversal in receivable movements and operating cash flow. In that earlier period, trade receivables increased by Rs 2.3887 crore and operating cash flow was negative Rs 2.4786 crore; in the period ended September 30, 2026, receivables declined by Rs 21 lakh and operating cash flow was positive Rs 68,000.

Net cash flow for the period ended September 30, 2026 was Rs 2.52 lakh, including Rs 1.84 lakh of proceeds from borrowings and no investing cash flow. Closing cash and cash equivalents were Rs 12.34 lakh, comprising Rs 2.18 lakh in bank current accounts and Rs 10.15 lakh of cash on hand.

What did Aadi Industries report for the half year?

Aadi Industries recorded revenue from operations of Rs 15.34 lakh for the half year ended September 30, 2026, compared with no revenue reported for the corresponding half year ended September 30, 2025. Total expenditure rose to Rs 25.79 lakh from Rs 6.90 lakh, resulting in a net loss of Rs 10.46 lakh versus a Rs 6.90 lakh loss a year earlier.

Other expenditure was Rs 21.72 lakh in the 2026 half year, compared with Rs 4.48 lakh in the prior-year half year, while employee-benefit expense rose to Rs 4 lakh from Rs 2.31 lakh. Depreciation and amortisation declined to Rs 7,000 from Rs 11,000, and the filing recorded no finance cost in either half year.

For the quarter ended September 30, 2026, revenue was Rs 15.34 lakh and net loss was Rs 4.78 lakh. The quarterly loss was narrower than the Rs 5.68 lakh loss in the June 2026 quarter but wider than the Rs 2.70 lakh loss in the September 2025 quarter. Basic and diluted loss per share for the half year was Rs 0.10, compared with Rs 0.07 a year earlier.

The board approved the unaudited quarterly and half-year results on November 13, 2026. RAK CHAMPS & CO LLP stated in its limited review that nothing had come to its attention to suggest the unaudited results failed to make required disclosures under applicable listing regulations or contained a material misstatement.

Conclusion

Aadi Industries’ half-year loss increased the accumulated deficit, while the reduction in receivables supplied enough working-capital cash to offset the operating loss before such movements. The balance sheet also showed that the decline in receivables and increase in cash did not prevent total assets from falling during the six-month period.

The unresolved matters disclosed in the filing are the company’s negative equity, its borrowing balance and the sustainability of cash generated from receivable collections. Future results can show whether revenue beyond the Rs 15.34 lakh reported in the September 2026 quarter, receivables, liabilities and accumulated losses change.