Ampvolts posts Rs 13.84 crore operating cash outflow in half year

Ampvolts Limited recorded a Rs 13.84 crore net operating cash outflow in the half year ended September 30, 2026, although it reported Rs 2.52 crore profit before tax, because working-capital movements consumed cash. Trade receivables rose Rs 6.31 crore and other current and non-current assets absorbed Rs 15.97 crore.

Why did Ampvolts report an operating cash outflow despite profit?

Ampvolts moved from Rs 2.52 crore of profit before tax to a Rs 13.84 crore operating cash outflow because changes in working capital exceeded cash generated before those movements. Operating cash flow before working-capital changes was Rs 7.90 crore for the half year ended September 30, 2026, after adjustments including Rs 2.91 crore of depreciation and amortisation and Rs 2.68 crore of interest expense.

The largest operating cash use was the Rs 15.97 crore increase in other current and non-current assets, followed by Rs 6.31 crore tied up in trade receivables and Rs 1.41 crore in inventories. Those outflows were partly offset by a Rs 1.63 crore increase in trade payables and Rs 38.23 lakh higher other current and financial liabilities. Net income taxes paid were Rs 5.98 lakh.

The latest operating cash outflow was lower than the Rs 21.99 crore outflow reported for the year ended March 31, 2026. However, the latest cash-flow statement covers six months whereas the earlier figure covers 12 months, and the filing provides no cash-flow statement for the half year ended September 30, 2025.

Which balance-sheet movements used Ampvolts cash?

Ampvolts' other current assets increased by Rs 11.74 crore to Rs 27.88 crore at September 30, 2026, from Rs 16.14 crore at March 31, 2026. That movement is distinct from the Rs 15.97 crore cash-flow line for other current and non-current assets, which combines several asset categories and cannot be matched solely to other current assets.

Trade receivables rose to Rs 26.16 crore from Rs 19.85 crore over the same six-month period, matching the Rs 6.31 crore cash use in the cash-flow statement. Inventories increased to Rs 7.85 crore from Rs 6.44 crore, also matching the reported Rs 1.41 crore outflow. These balance-sheet changes accompanied Rs 30.74 crore of revenue from operations in the September 2026 half year.

Other financial assets within current assets increased to Rs 5.85 crore at September 30 from Rs 1.48 crore at March 31. In contrast, non-current other financial assets declined to Rs 8.78 crore from Rs 12.27 crore. The filing does not disclose the counterparties, composition or collection timing underlying the aggregate Rs 15.97 crore increase in other current and non-current assets.

How did Ampvolts' revenue and profit change in the September half year?

Ampvolts reported Rs 30.74 crore of revenue from operations in the half year ended September 30, 2026, compared with Rs 2.47 crore in the corresponding prior-year half. Profit before tax turned to Rs 2.52 crore from a Rs 17.62 lakh loss, while profit after tax was Rs 2.25 crore against a Rs 10.99 lakh loss a year earlier.

Sale of services generated Rs 18.01 crore of half-year revenue, ahead of Rs 12.74 crore from sale of products. In the half year ended September 30, 2025, services generated Rs 2.41 crore and products generated Rs 6.20 lakh, meaning services remained the larger segment in the latest period while both activities reported higher revenue.

Segment results before unallocable expenses totalled Rs 10.52 crore, comprising Rs 9.75 crore from services and Rs 77.04 lakh from products. Unallocable expenses were Rs 8.47 crore, including Rs 3.10 crore of finance costs and Rs 2.91 crore of depreciation and amortisation, leaving the Rs 2.52 crore profit before tax.

What happened to Ampvolts' cash, deposits and borrowings?

Ampvolts ended September 30, 2026 with cash and cash equivalents of Rs 78,000, down from Rs 16.54 lakh at March 31, 2026. The half-year net decrease was Rs 15.76 lakh, and the closing balance comprised Rs 75,000 in a bank current account and Rs 3,000 in cash in hand.

Bank balances other than cash equivalents fell from Rs 15.44 crore at March 31 to nil at September 30. The cash-flow statement records Rs 15.44 crore from investment or redemption of bank fixed deposits, helping produce Rs 16.08 crore of net cash from investing activities despite Rs 1.26 crore spent on property, plant, equipment and capital work in progress.

Financing activities used Rs 2.40 crore in the September half, compared with Rs 35.98 crore generated in the year ended March 31, 2026. Ampvolts reported net repayment of short-term borrowings of Rs 13.15 crore and net proceeds from long-term borrowings of Rs 11.26 crore; non-current borrowings reached Rs 34.59 crore while current borrowings were Rs 12.89 crore at September 30.

Conclusion

Ampvolts' half-year figures show a divergence between reported earnings and operating cash generation. Revenue of Rs 30.74 crore and profit before tax of Rs 2.52 crore were accompanied by a Rs 13.84 crore operating cash outflow as receivables, inventory and other assets required more cash than operations generated before working-capital movements.

The next result should show whether the Rs 26.16 crore receivables balance and Rs 27.88 crore of other current assets change after September 30, 2026. The filing leaves the composition and timing of recovery of the Rs 15.97 crore other current and non-current asset movement unresolved, and it does not disclose a working-capital target or collection plan.