Apis India Limited borrowings rise to Rs 79.31 crore by September

Apis India reported consolidated borrowings of Rs 79.31 crore at September 30, 2026, versus Rs 60.97 crore at March 31, as trade receivables reached Rs 142.77 crore and half-year operating cash flow was an outflow of Rs 5.27 crore. The unaudited consolidated balance sheet also recorded Rs 19.97 crore of property, plant and equipment.

Why did Apis India borrowings rise by September 2026?

Apis India’s disclosed borrowings increased by Rs 18.34 crore between March 31, 2026 and September 30, 2026, but the filing does not assign the increase to a specific use. Current borrowings rose to Rs 67.52 crore from Rs 57.80 crore, while non-current borrowings increased to Rs 11.79 crore from Rs 3.17 crore. Current borrowings accounted for the larger portion of the Rs 79.31 crore total at September 30.

The half-year cash-flow statement records net short-term borrowings of Rs 9.35 crore and proceeds of Rs 10.07 crore from long-term borrowings, including current maturities of long-term borrowings. It also records repayment of Rs 1.08 crore of long-term borrowing and finance costs of Rs 3.28 crore for the half year ended September 30, 2026. These financing movements occurred during the same period as the balance-sheet increase in debt.

How did Apis India receivables and inventory change?

Apis India’s trade receivables increased by Rs 12.05 crore to Rs 142.77 crore at September 30, 2026 from Rs 130.72 crore at March 31, 2026. Inventories rose by Rs 2.09 crore to Rs 83.43 crore. Together, these two current-asset categories stood at Rs 226.20 crore, compared with Rs 212.07 crore at the March year-end.

The cash-flow statement reported a Rs 21.46 crore increase in trade receivables as a use of cash in the half year ended September 30, 2026, compared with a Rs 1.30 crore use of cash in the half year ended September 30, 2025. The cash-flow movement is larger than the Rs 12.05 crore increase between the two reported balance-sheet dates. The filing presents the cash-flow figure within its working-capital reconciliation and does not explain the difference separately.

What did Apis India operating cash flow show?

Apis India reported net cash used in operating activities of Rs 5.27 crore for the half year ended September 30, 2026, compared with net cash generated from operating activities of Rs 27.95 crore in the corresponding 2025 half year. Profit before tax rose to Rs 16.12 crore from Rs 15.16 crore, but cash generated from operations before tax payments was negative Rs 0.94 crore, versus a positive Rs 32.56 crore a year earlier.

Working-capital movements included a Rs 12.54 crore decrease in trade payables, compared with a Rs 3.96 crore decrease in the prior-year half year. The statement also records a Rs 2.09 crore inventory increase, against a Rs 14.46 crore reduction a year earlier, and tax paid of Rs 4.33 crore. Operating profit before working-capital changes was Rs 29.78 crore, up from Rs 17.67 crore, before these movements reduced cash generation.

How did Apis India assets change during the half year?

Apis India’s total assets increased to Rs 328.31 crore at September 30, 2026 from Rs 308.09 crore at March 31, 2026. Current assets grew to Rs 256.53 crore from Rs 239.06 crore, while non-current assets increased to Rs 71.78 crore from Rs 69.03 crore. Cash and cash equivalents rose to Rs 3.37 crore from Rs 54.66 lakh.

Property, plant and equipment increased by Rs 4.57 crore to Rs 19.97 crore, while right-of-use assets increased to Rs 5.55 crore from Rs 5.14 crore. The investing cash-flow statement records Rs 6.17 crore of acquisition of property, plant and equipment, including adjustments for intangible assets, capital work-in-progress, capital creditors and capital advances, against Rs 2.29 crore in the prior-year half. Investments accounted for using the equity method declined to Rs 36.46 crore from Rs 40.95 crore.

How did Apis India liabilities and equity move?

Apis India’s total equity rose by Rs 7.86 crore to Rs 206.63 crore at September 30, 2026. Equity share capital was unchanged at Rs 137.75 crore, while other equity increased to Rs 68.88 crore from Rs 61.02 crore. Total current liabilities increased to Rs 104.14 crore from Rs 100.40 crore, and non-current liabilities rose to Rs 17.54 crore from Rs 8.92 crore.

Dues to creditors other than micro enterprises and small enterprises fell to Rs 10.75 crore from Rs 23.04 crore. Dues to micro enterprises and small enterprises were Rs 89.96 lakh at September 30, compared with Rs 3.45 crore at March 31. Other financial liabilities rose to Rs 17.92 crore from Rs 10.98 crore, while current lease liabilities increased to Rs 1.69 crore from Rs 1.44 crore.

Was Apis India’s September balance sheet audited?

Apis India labelled its consolidated balance sheet at September 30, 2026 as unaudited. The company said its statutory auditor conducted a limited review of the unaudited consolidated financial results for the quarter and half year ended September 30, 2026, in accordance with Regulation 33 of the Securities and Exchange Board of India listing regulations.

The board reviewed and approved the unaudited consolidated results on November 14, 2026, according to the notes accompanying the financial statements. The results were prepared under Indian Accounting Standard 34, or Ind AS 34, for interim financial reporting. The consolidated results include the company, its subsidiaries and its share in associates’ results.

Conclusion

Apis India’s September 2026 balance sheet shows higher borrowings alongside increased receivables, inventories and property, plant and equipment. Borrowings rose to Rs 79.31 crore, trade receivables reached Rs 142.77 crore, and operating cash flow moved from an inflow of Rs 27.95 crore in the prior-year half to an outflow of Rs 5.27 crore.

The filing does not disclose a borrowing-reduction target, receivables-collection plan or scheduled operating event. The next reported balance sheet will show whether the Rs 142.77 crore receivables balance and Rs 67.52 crore current-borrowing balance decline, while the company’s reported operating cash flow returns to a positive position.