Apsis Aerocom H1 cash falls Rs 21.49 crore after capex spend

Apsis Aerocom Limited reported a Rs 21.49 crore decrease in cash and cash equivalents during the half year ended September 30, 2026, after using Rs 23.33 crore in investing activities. Purchases of property, plant and equipment of Rs 13.30 crore and capital-expenditure advances of Rs 10.02 crore accounted for the outflow.

How much did Apsis Aerocom invest in H1 2026?

Apsis Aerocom used Rs 23.33 crore in investing activities in the half year ended September 30, 2026, compared with Rs 2.91 crore in the half year ended September 30, 2025. The Rs 20.42 crore increase reflected larger payments for property, plant and equipment and capital-expenditure advances. The latest investing outflow was more than eight times the Rs 2.78 crore generated from operating activities.

Purchases of property, plant and equipment were Rs 13.30 crore in H1 2026, against Rs 1.99 crore in H1 2025. Advances for capital expenditure were Rs 10.02 crore, compared with Rs 95.88 lakh a year earlier. The filing also reports no proceeds from the sale of property, plant and equipment in H1 2026, whereas such proceeds were Rs 97.20 lakh in H1 2025.

The cash-flow statement recorded a Rs 21.49 crore net decrease in cash and cash equivalents for H1 2026, reversing a Rs 18.87 lakh increase in H1 2025. The result combined the Rs 23.33 crore investing outflow, Rs 94.26 lakh financing outflow and Rs 2.78 crore operating inflow.

What drove Apsis Aerocom’s investment outflow?

Apsis Aerocom’s investment outflow was driven by machinery-related capital expenditure and related advances totalling Rs 23.33 crore. The company disclosed Rs 13.30 crore of payments for property, plant and equipment and Rs 10.02 crore of capital-expenditure advances, but did not identify the machinery, suppliers, installation sites or commissioning dates.

The expenditure occurred after Apsis Aerocom’s March 2026 initial public offering, or IPO. By September 30, 2026, the company had used Rs 19.52 crore of IPO proceeds for capital expenditure towards machinery purchases, from an original allocation of Rs 27.02 crore. The remaining balance for that object was Rs 7.50 crore.

Apsis Aerocom reported gross IPO proceeds of Rs 35.77 crore and net proceeds of Rs 30.94 crore. Its utilisation statement showed Rs 25.57 crore used across machinery purchases, general corporate purpose and IPO expenses by September 30, 2026, leaving Rs 10.20 crore to be used. The company stated that there was no deviation or variation from the objects in its prospectus dated March 16, 2026.

The IPO utilisation figures do not provide a direct reconciliation to the Rs 23.33 crore investing cash outflow. The cash-flow statement records payments made during H1 2026, while the IPO schedule reports use against offer objects and includes Rs 14.76 lakh for general corporate purpose and Rs 4.58 crore for IPO expenses.

How did capex change Apsis Aerocom’s asset mix?

Apsis Aerocom’s property, plant and equipment rose to Rs 24.61 crore at September 30, 2026, from Rs 12.30 crore at March 31, 2026. The Rs 12.31 crore increase broadly accompanied the Rs 13.30 crore cash payment for property, plant and equipment reported in H1 2026, although the filing does not provide an asset-by-asset bridge.

Long-term loans and advances increased to Rs 10.13 crore from Rs 3.44 crore over the same six months. Total non-current assets rose to Rs 35.87 crore at September 30 from Rs 16.77 crore at March 31, while current assets declined to Rs 28.46 crore from Rs 46.41 crore. Total assets increased more modestly, to Rs 64.33 crore from Rs 63.18 crore.

Trade receivables rose to Rs 6.29 crore at September 30 from Rs 4.03 crore at March 31. Inventories declined to Rs 3.68 crore from Rs 4.14 crore, while short-term loans and advances increased to Rs 3.42 crore from Rs 1.74 crore. These reported changes accompanied the movement of assets toward property, plant, equipment and long-term advances.

The statement of assets and liabilities reports cash and cash equivalents of Rs 15.07 crore at September 30, 2026, compared with Rs 36.51 crore at March 31, 2026. Separately, the cash-flow statement gives a closing balance of Rs 12.95 crore and an opening balance of Rs 34.44 crore. The filing does not provide a reconciliation between these two sets of reported cash-and-cash-equivalent balances.

Did operating cash flow cover Apsis Aerocom’s spending?

Apsis Aerocom generated Rs 2.78 crore from operating activities in H1 2026, down from Rs 3.66 crore in H1 2025, and this did not cover the Rs 23.33 crore investing outflow. Net profit after tax increased to Rs 3.97 crore from Rs 3.27 crore, while operating profit before working-capital changes was Rs 6.46 crore, compared with Rs 4.77 crore a year earlier.

Working-capital movements reduced operating cash generation. Trade receivables used Rs 2.27 crore of cash in H1 2026, compared with Rs 1.16 crore in H1 2025. Other current liabilities used Rs 99.63 lakh, trade payables used Rs 57.08 lakh and short-term provisions used Rs 2.07 crore.

Inventory movements generated Rs 46.12 lakh in H1 2026, compared with a Rs 60.71 lakh use of cash in H1 2025. Loans and advances given generated Rs 1.64 crore in the latest half year, compared with a Rs 46.03 lakh outflow in the prior-year period. The filing reports no net tax paid in either H1 2026 or H1 2025.

How did borrowings and earnings develop in H1 2026?

Apsis Aerocom used Rs 94.26 lakh in financing activities in H1 2026, compared with Rs 56.35 lakh in H1 2025. It repaid Rs 1.08 crore of long-term borrowings, received Rs 35.48 lakh from short-term borrowings and paid Rs 21.74 lakh of interest.

Long-term borrowings declined to Rs 73.19 lakh at September 30 from Rs 1.81 crore at March 31. Short-term borrowings increased to Rs 2.73 crore from Rs 2.37 crore. Finance costs increased to Rs 21.74 lakh in H1 2026 from Rs 8.79 lakh in H1 2025.

Revenue from operations was Rs 21.17 crore in H1 2026, up from Rs 13.65 crore in H1 2025 and Rs 16.99 crore in the half year ended March 31, 2026. Profit after tax of Rs 3.97 crore was above the Rs 3.27 crore reported a year earlier but below Rs 4.24 crore in the preceding half year. Apsis Aerocom stated that it operates in a single segment, so the filing provides no segment-level revenue or profitability linked to the machinery spending.

Depreciation and amortisation expense rose to Rs 99.66 lakh in H1 2026 from Rs 46.97 lakh in H1 2025. Total expenses increased to Rs 15.95 crore from Rs 9.45 crore, alongside the increase in revenue. The filing does not identify which assets accounted for the higher depreciation charge.

Conclusion

Apsis Aerocom’s H1 2026 accounts show that capital expenditure was the principal use of cash: Rs 23.33 crore left through investing activities, led by property, plant and equipment purchases and capital-expenditure advances. This coincided with a Rs 12.31 crore increase in property, plant and equipment, a Rs 6.70 crore rise in long-term loans and advances, and a Rs 21.49 crore decrease in cash and cash equivalents in the cash-flow statement.

The disclosed next item to watch is the remaining Rs 7.50 crore allocated from IPO proceeds for machinery purchases as of September 30, 2026. Apsis Aerocom had also left Rs 10.20 crore of total IPO allocations unutilised, while receivables stood at Rs 6.29 crore and operating cash generation was Rs 2.78 crore in H1 2026.