ACML consolidated loans rise 19% as borrowings increase 23%

Arihant Capital Markets Limited (ACML) reported consolidated loans of Rs 354.24 crore at September 30, 2026, up 19% from Rs 298.50 crore at March 31, 2026. The Rs 55.75 crore increase came alongside a 23% rise in borrowings to Rs 263.81 crore, while operating cash outflow narrowed to Rs 20.03 crore from Rs 103.82 crore a year earlier.

How much did ACML’s loan book grow?

ACML’s consolidated loans increased by Rs 55.75 crore, or about 19%, during the six months ended September 30, 2026. Loans stood at Rs 354.24 crore at the September reporting date, compared with Rs 298.50 crore at March 31, 2026, according to the unaudited consolidated balance sheet.

The loan increase exceeded the movement in securities for trade, which rose by Rs 20.60 crore to Rs 106.75 crore over the same six months. Trade receivables fell by Rs 8.20 crore to Rs 90.13 crore, while cash and cash equivalents declined by Rs 0.65 crore to Rs 28.45 crore and bank balances other than cash equivalents fell by Rs 14.60 crore to Rs 465.54 crore.

ACML’s total consolidated assets rose by Rs 42.67 crore, or about 4%, to Rs 1,140.84 crore at September 30 from Rs 1,098.18 crore at March 31. Financial assets accounted for Rs 1,097.07 crore of the September total, while non-financial assets were Rs 43.78 crore, placing the loan growth within a balance sheet that also recorded lower liquidity and receivable balances.

How did ACML fund the loan expansion?

ACML reported borrowings other than debt securities of Rs 263.81 crore at September 30, 2026, up Rs 48.60 crore, or about 23%, from Rs 215.21 crore at March 31. The increase in borrowings was Rs 7.15 crore lower than the Rs 55.75 crore increase in loans during the half year.

The consolidated cash-flow statement records a Rs 48.60 crore increase in borrowings for the half year ended September 30, 2026. It also records Rs 16.50 crore of repayment of debt securities, while the balance-sheet value of debt securities declined to Rs 7.43 crore from Rs 23.93 crore at March 31. Financing activities generated Rs 17.38 crore of net cash after Rs 14.71 crore of interest paid.

Other funding-related balances moved in different directions during the six months. Trade payables to creditors other than micro and small enterprises fell by Rs 31.67 crore to Rs 318.33 crore, while other financial liabilities increased by Rs 5.38 crore to Rs 58.44 crore. Total liabilities excluding equity were Rs 657.45 crore at September 30, compared with Rs 657.20 crore at March 31.

What happened to ACML’s operating cash flow?

ACML used Rs 20.03 crore in operating activities during the half year ended September 30, 2026, compared with an outflow of Rs 103.82 crore in the half year ended September 30, 2025. The operating outflow narrowed by Rs 83.79 crore year on year.

Loans used Rs 55.75 crore of cash in the latest half year, compared with Rs 141.31 crore in the prior-year period. The latest period also included a Rs 31.84 crore reduction in trade payables, whereas trade payables had generated Rs 17.92 crore of cash in the comparable period. Cash generated from operations before net income-tax payments was negative Rs 9.63 crore, compared with negative Rs 96.81 crore a year earlier.

Net income tax paid was Rs 10.40 crore in the latest half year, up from Rs 7.01 crore in the prior-year period. Investing activities generated Rs 1.99 crore, compared with an outflow of Rs 6.04 crore a year earlier, including Rs 2.65 crore from the purchase or sale of investments line item. The combined cash-flow movements left cash and cash equivalents at Rs 28.45 crore at September 30, down from Rs 29.10 crore at the start of the period.

How did ACML’s segments perform in the half year?

ACML’s financing activities recorded segment assets of Rs 56.16 crore at September 30, 2026, up from Rs 29.00 crore at March 31. However, financing segment revenue was Rs 2.71 crore for the half year ended September 30, 2026, down from Rs 2.97 crore in the corresponding 2025 period.

Financing activities reported segment profit before finance costs, exceptional items and tax of Rs 1.47 crore for the six months, compared with Rs 2.31 crore a year earlier. Broking and related activities generated Rs 152.61 crore of half-year segment revenue, up from Rs 106.21 crore, and reported segment profit before finance costs, exceptional items and tax of Rs 68.23 crore, compared with Rs 40.63 crore.

At the consolidated level, finance cost rose to Rs 14.79 crore for the half year from Rs 10.17 crore in the corresponding 2025 period. Interest income increased to Rs 46.18 crore from Rs 38.43 crore, while consolidated profit before tax rose to Rs 56.08 crore from Rs 33.25 crore and net profit increased to Rs 42.39 crore from Rs 25.79 crore.

What corporate approval remains pending for ACML?

ACML’s composite scheme of arrangement remains subject to statutory and regulatory approvals after its board approved the proposal on August 26, 2025. The scheme involves Arihant Financial Services Limited, Arihant Elite Financial Solutions Limited, Arihant Investment Banking Services Limited, Arihant Money Marvel Wealth Management Limited and their respective shareholders.

The approvals disclosed by ACML include those of the National Company Law Tribunal under Sections 230 and 232 of the Companies Act, 2013. The September 30, 2026 consolidated results include subsidiaries including Arihant Financial Services Limited and Arihant Elite Financial Solutions Limited, plus associate Electrum Capital Private Limited, in which the group holds 29.53%.

Conclusion

ACML expanded consolidated loans by Rs 55.75 crore in six months while borrowings rose by Rs 48.60 crore. Operating cash flow remained negative, but the outflow was Rs 83.79 crore lower than in the comparable prior-year half, alongside an increase in consolidated profit before tax to Rs 56.08 crore.

The next disclosed matter to watch is the composite scheme of arrangement approved on August 26, 2025, which still requires statutory and regulatory clearances, including National Company Law Tribunal approval. Subsequent filings can also show whether loans, borrowings, debt securities and financing-segment profit continue to move in the same direction after September 30, 2026.