Anzen borrowings rise to Rs 5,518.968 crore after refinancing

Anzen India Energy Yield Plus Trust reported consolidated borrowings of Rs 5,518.968 crore at 30 September 2026, up Rs 536.214 crore from 31 March 2026. Anzen received Rs 1,509.786 crore from term-loan refinancing during the six months, while repayments, debt redemption, interest and distributions contributed to cash and cash equivalents falling to Rs 41.03 crore.

What were Anzen’s borrowings at 30 September 2026?

Anzen’s consolidated borrowings were Rs 5,518.968 crore at 30 September 2026. The balance comprised Rs 5,380.094 crore of non-current borrowings and Rs 138.874 crore of current borrowings, according to the unaudited consolidated statement of assets and liabilities.

Total borrowings increased from Rs 4,982.754 crore at 31 March 2026 to Rs 5,518.968 crore at 30 September 2026. Non-current borrowings rose by Rs 1,135.184 crore from Rs 4,244.91 crore, while current borrowings fell by Rs 598.97 crore from Rs 737.844 crore, shifting a greater share of debt into the non-current category.

The increase was larger over the year. Total borrowings were Rs 1,891.903 crore at 30 September 2025, comprising Rs 1,428.867 crore of non-current borrowings and Rs 463.036 crore of current borrowings. By 30 September 2026, total borrowings had increased by Rs 3,627.065 crore, with non-current debt accounting for most of the movement.

How did Anzen refinance and repay debt in the half year?

Anzen received Rs 1,509.786 crore from refinancing of term loans in the six months ended 30 September 2026. The same cash-flow statement records Rs 655.708 crore of term-loan repayments and Rs 301.938 crore of repayments of secured non-convertible debentures, which are debt instruments that do not convert into equity.

Anzen also recorded Rs 1,200 crore of debenture redemption during the six-month period. The refinancing inflow, debt repayments and redemption were separate financing movements, so the Rs 536.214 crore increase in closing borrowings does not represent the refinancing proceeds alone.

Net cash used in financing activities was Rs 1,117.521 crore for the six months ended 30 September 2026, compared with Rs 194.366 crore used in the corresponding 2025 period. Financing outflows included Rs 7.193 crore of debt issue expenses, Rs 4.517 crore of lease payments and Rs 3.066 crore of dividend paid to minority holders.

Why did Anzen’s cash and cash equivalents decline?

Anzen’s cash and cash equivalents declined to Rs 41.03 crore at 30 September 2026 from Rs 636.013 crore at 31 March 2026. The cash-flow statement reports a net decrease of Rs 602.09 crore during the six months, after including Rs 7.107 crore of cash and cash equivalents acquired.

Operating activities generated Rs 478.704 crore of net cash in the six months ended 30 September 2026, compared with Rs 188.297 crore in the corresponding 2025 period. Investing activities produced a further Rs 36.727 crore, but the Rs 1,117.521 crore financing outflow exceeded those two cash inflows combined.

Anzen held other financial assets alongside cash equivalents at 30 September 2026. Investments were Rs 420.865 crore, up from Rs 206.83 crore at 31 March 2026, while bank balances other than cash equivalents were Rs 138.183 crore, compared with Rs 103.87 crore at the end of March.

Mutual-fund transactions were substantial but broadly offsetting in the half year. Anzen invested Rs 1,962.981 crore in mutual funds and received Rs 1,966.652 crore from sales of mutual-fund investments, while fixed-deposit investments were Rs 94.05 crore and fixed-deposit maturities generated Rs 156.371 crore.

How did Anzen’s debt ratios and finance costs change?

Anzen’s debt-equity ratio was 1.91 times at 30 September 2026, compared with 2.45 times at 31 March 2026 and 1.30 times at 30 September 2025. Equity attributable to owners of the parent rose to Rs 2,887.177 crore at 30 September 2026 from Rs 2,034.545 crore at 31 March 2026.

Total debts to total assets was 0.61 at both 30 September 2026 and 31 March 2026, versus 0.55 a year earlier. Total assets rose to Rs 8,990.814 crore at 30 September 2026 from Rs 7,319.469 crore at 31 March 2026, including property, plant and equipment of Rs 7,767.716 crore.

The asset-cover ratio was 1.63 times at 30 September 2026, compared with 1.46 times at 31 March 2026 and 1.81 times a year earlier. Debt service coverage was 1.78 times for the six months ended 30 September 2026, down from 2.12 times in the corresponding 2025 period, while interest service coverage was 2.27 times against 2.29 times.

Finance costs increased to Rs 215.104 crore in the six months ended 30 September 2026 from Rs 79.965 crore a year earlier. Earnings before finance cost, depreciation and tax increased to Rs 435.907 crore from Rs 181.517 crore, while the disclosed earnings before interest, tax, depreciation and amortisation margin was 82.08%, compared with 84.37%.

What else changed in Anzen’s balance sheet?

Anzen’s total equity increased to Rs 2,973.72 crore at 30 September 2026 from Rs 2,105.414 crore at 31 March 2026. Unit capital rose by Rs 1,003.973 crore to Rs 3,655.792 crore after the issue of 80.34 million units during the six months.

Non-current liabilities totalled Rs 5,747.006 crore at 30 September 2026, up from Rs 4,387.869 crore at 31 March 2026. Apart from borrowings, the balance included Rs 300.209 crore of deferred tax liabilities, compared with Rs 77.868 crore at March-end, and Rs 59.612 crore of lease liabilities.

Current liabilities were Rs 1,270.088 crore at 30 September 2026, compared with Rs 926.186 crore at 31 March 2026. Current tax liabilities increased to Rs 270.088 crore from Rs 17.14 crore, while other financial liabilities rose to Rs 46.985 crore from Rs 25.292 crore.

Conclusion

Anzen finished the six months ended 30 September 2026 with Rs 5,518.968 crore of borrowings, Rs 536.214 crore above the 31 March balance. The period combined Rs 1,509.786 crore of term-loan refinancing proceeds with repayments and debenture redemption, while financing cash outflows exceeded operating and investing inflows and reduced cash equivalents to Rs 41.03 crore.

The key item to watch is how the reported refinancing, repayments and Rs 1,200 crore debenture redemption affect Anzen’s future debt mix and finance costs. The filing reports a Rs 5,380.094 crore non-current borrowing balance and finance costs of Rs 215.104 crore for the half year, but does not set out a future refinancing target or maturity timetable.