Ajanta Soya posts Rs 47.73 crore H1 operating cash flow

Ajanta Soya Limited generated Rs 47.73 crore of net cash from operating activities in the half year ended 30 September 2026, reversing a Rs 4.27 crore outflow a year earlier. The turnaround reflected a Rs 22.20 crore inventory release and Rs 29.82 crore inflow from trade and other payables, while current borrowings fell to nil.

How much operating cash did Ajanta Soya generate in H1?

Ajanta Soya generated Rs 47.73 crore of net operating cash in H1 2026, compared with a Rs 4.27 crore outflow in H1 2025. The Rs 52.00 crore year-on-year swing followed Rs 50.38 crore of cash generated from operations before tax, against a Rs 11.77 crore deficit in the prior-year half.

Profit before tax rose to Rs 11.83 crore in H1 2026 from Rs 9.81 crore in H1 2025. After non-cash and non-operating adjustments, operating profit before working-capital changes was Rs 14.22 crore, compared with Rs 12.27 crore a year earlier. Depreciation and amortisation added back Rs 1.62 crore, while finance costs added back were Rs 1.61 crore, down from Rs 1.86 crore in H1 2025.

Ajanta Soya paid Rs 2.50 crore in taxes and Rs 14.53 lakh for leave encashment and gratuity during H1 2026. Its cash-flow statement uses the indirect method under Indian Accounting Standard 7, or Ind AS 7, which reconciles profit with movements in non-cash items and working capital.

What drove Ajanta Soya's working-capital cash release?

Ajanta Soya recorded a Rs 36.16 crore net working-capital inflow in H1 2026, compared with a Rs 24.04 crore net outflow in H1 2025. Inventory generated Rs 22.20 crore of cash in the latest half, whereas it used Rs 17.97 crore in the comparable period.

Trade and other payables produced a Rs 29.82 crore cash inflow in H1 2026, reversing a Rs 6.58 crore outflow in H1 2025. These two movements were the largest contributors to the change in cash generation before tax, which rose by Rs 62.15 crore year on year.

The improvement was partly offset by a Rs 12.49 crore cash outflow from trade receivables, a Rs 2.95 crore outflow from loans, other financial assets and other assets, and a Rs 41.35 lakh reduction in other current liabilities. In H1 2025, trade receivables had released Rs 7.06 crore, while loans and other assets used Rs 7.36 crore. The comparison shows that inventory and payables, rather than receivables, accounted for the main H1 2026 cash reversal.

Did Ajanta Soya eliminate short-term borrowings?

Ajanta Soya reported nil current borrowings at 30 September 2026, compared with Rs 7.83 crore at 31 March 2026. Its H1 2026 cash-flow statement recorded a Rs 7.83 crore outflow under movement in short-term borrowings, matching the reduction in the balance-sheet balance.

Financing activities used Rs 9.75 crore in H1 2026. Alongside the short-term borrowing movement, Ajanta Soya paid Rs 1.59 crore of finance cost, Rs 8.72 lakh toward lease-liability principal and Rs 1.81 lakh of lease interest; unrealised foreign-exchange translation differences accounted for Rs 26.08 lakh.

The previous H1 included a Rs 2.54 crore movement that increased short-term borrowings. At the half-year date, Ajanta Soya’s total current liabilities were Rs 97.82 crore, compared with Rs 75.73 crore at 31 March 2026, while total non-current liabilities were broadly unchanged at Rs 8.54 crore from Rs 8.59 crore.

How did Ajanta Soya's cash and current assets change?

Ajanta Soya ended H1 2026 with Rs 6.57 crore in cash and cash equivalents, up from Rs 10.79 lakh at 31 March 2026. Net cash and cash equivalents increased by Rs 6.47 crore during the half, compared with a Rs 2.94 crore decline in H1 2025.

The cash-flow statement excludes pledged fixed deposits, or FDRs, from cash and cash equivalents. It records a Rs 4.87 crore decrease in pledged FDRs within investing activities, while the balance sheet separately shows bank balances other than cash equivalents rising to Rs 23.79 crore at 30 September 2026 from Rs 18.92 crore at 31 March 2026.

Current investments increased to Rs 31.77 crore from Rs 5.36 crore. During H1 2026, Ajanta Soya made Rs 150.69 crore of current-investment purchases and received Rs 124.79 crore from current-investment sales, contributing to Rs 31.52 crore of net cash used in investing activities.

Did Ajanta Soya's H1 earnings increase as well?

Ajanta Soya reported H1 2026 net profit of Rs 8.85 crore, up from Rs 7.05 crore in H1 2025. Revenue from operations increased to Rs 717.68 crore from Rs 659.01 crore, while profit before tax rose to Rs 11.83 crore from Rs 9.81 crore.

The gain in operating cash was larger than the increase in earnings because working-capital movements changed from a Rs 24.04 crore outflow to a Rs 36.16 crore inflow. Inventory on the balance sheet declined to Rs 111.97 crore at 30 September 2026 from Rs 134.17 crore at 31 March 2026, consistent with the Rs 22.20 crore inventory cash inflow reported for the half year.

Ajanta Soya said it is mainly engaged in manufacturing edible oils and therefore did not disclose separate reportable segments under Ind AS 108. Its Board approved the unaudited quarter and half-year results on 14 November 2026, and the statutory auditors issued an unmodified limited-review report.

Conclusion

Ajanta Soya’s H1 2026 filing shows a shift in cash conversion, with Rs 47.73 crore of operating cash versus a Rs 4.27 crore outflow a year earlier. Lower inventory and higher trade and other payables released cash, while the company reported nil current borrowings at 30 September 2026 after a Rs 7.83 crore financing outflow.

The filing does not disclose a cash-flow target, future borrowing plan or scheduled event after the 14 November 2026 results approval. The next reported figures will show whether inventory, receivables and trade payables maintain the H1 2026 working-capital pattern, particularly as receivables absorbed Rs 12.49 crore of cash during the half year.