Arisinfra borrowings rise to Rs 224.74 crore in September

Arisinfra Solutions Limited reported consolidated borrowings of Rs 224.74 crore at September 30, 2026, compared with Rs 54.78 crore at March 31, 2026, while other bank balances increased to Rs 185.75 crore and net operating cash flow turned positive at Rs 60.14 crore for the half year.

How much did Arisinfra’s borrowings increase?

Arisinfra’s consolidated borrowings increased by Rs 169.96 crore between March 31, 2026 and September 30, 2026. Current borrowings rose to Rs 173.92 crore from Rs 54.78 crore, and the group also reported Rs 50.82 crore of non-current borrowings at September 30, compared with no non-current borrowings at the preceding year-end.

The increase was concentrated in short-term funding, with current borrowings rising by Rs 119.14 crore over the six months. Non-current liabilities, including the newly reported borrowings, increased to Rs 66.52 crore from Rs 20.95 crore, although that broader category also includes lease liabilities, other financial liabilities and employee-benefit provisions.

Arisinfra’s filing does not assign the closing borrowing balance to individual operating or investing uses. It does, however, record Rs 58.67 crore of proceeds from non-convertible debentures, Rs 107.19 crore of net proceeds from short-term borrowings and Rs 5.95 crore of proceeds from long-term borrowings during the half year ended September 30, 2026.

Why did Arisinfra’s cash and bank balances move differently?

Arisinfra’s cash and cash equivalents declined by Rs 28.32 crore to Rs 73.08 crore, while bank balances other than cash equivalents rose by Rs 167.90 crore to Rs 185.75 crore. Together, the two balance-sheet categories were Rs 258.83 crore at September 30, compared with Rs 119.25 crore at March 31, showing a shift toward bank-held balances that are classified separately from cash equivalents.

The cash-flow statement records an Rs 182.48 crore increase in other bank balances during the half year as an investing cash outflow. Its reconciliation of closing cash equivalents includes Rs 72.94 crore in current accounts, fixed deposits with original maturities of less than three months of Rs 10.8 lakh, and cash in hand of Rs 39 lakh.

Arisinfra also said that unutilised initial public offering, or IPO, proceeds were temporarily invested in fixed deposits, term deposits and bank accounts at September 30. The IPO-utilisation schedule shows Rs 11 lakh of unutilised proceeds, after utilisation of Rs 203.19 crore for repayment or prepayment of certain borrowings and Rs 176.97 crore for the holding company’s working-capital requirements.

The higher bank-balance category cannot be treated as entirely unspent IPO money from the disclosed figures alone. The group’s cash-flow statement also includes investing flows for customer and vendor trade deposits, purchases of intangible assets and the increase in other bank balances, while the balance sheet includes multiple cash, deposit and financial-asset classifications.

Did Arisinfra generate operating cash in the half year?

Arisinfra generated net cash inflow from operating activities of Rs 60.14 crore in the half year ended September 30, 2026, reversing an operating cash outflow in the corresponding half year ended September 30, 2025. Profit before income tax increased to Rs 56.86 crore from Rs 25.07 crore over the same periods.

Working-capital movements remained significant despite the positive operating cash result. Trade receivables increased by Rs 50.87 crore during the 2026 half year and other current assets increased by Rs 31.15 crore, while a Rs 30.98 crore increase in trade payables and a Rs 68.64 crore increase in other current liabilities partly offset those cash uses.

Revenue from operations rose to Rs 598.53 crore in the six months ended September 30, 2026 from Rs 453.27 crore a year earlier. Consolidated profit for the period increased to Rs 42.86 crore from Rs 20.37 crore, while finance costs declined to Rs 14.36 crore from Rs 16.29 crore despite the higher closing borrowing balance.

The closing balance-sheet figures show the same expansion in working capital. Trade receivables were Rs 460.86 crore at September 30, compared with Rs 409.98 crore at March 31, while trade payables other than dues to micro and small enterprises rose to Rs 197.87 crore from Rs 167.70 crore.

What financing and investing flows affected Arisinfra’s liquidity?

Arisinfra’s financing cash flows included Rs 60 crore paid to acquire non-controlling interests, Rs 3 crore of repayment of loans from related parties and Rs 2.27 crore of principal lease payments in the half year ended September 30, 2026. The group also paid Rs 12.64 crore of finance costs, so gross borrowing proceeds do not directly explain the closing debt position.

The financing statement further shows Rs 7 lakh of proceeds from employee stock options. There were no proceeds from an issue of equity shares in the 2026 half year, whereas the corresponding 2025 half year included Rs 499.59 crore from equity-share issuance.

Investing cash flows included a Rs 35 crore payment for customer trade deposits, Rs 13 crore paid for vendor trade deposits and Rs 33.65 crore received from vendor trade deposits. Arisinfra also paid Rs 7.88 crore for other intangible assets and intangible assets under development, while property, plant and equipment increased to Rs 11.24 crore at September 30 from Rs 6.70 crore at March 31.

Other intangible assets rose to Rs 65.44 crore from Rs 87 lakh at March 31, while intangible assets under development fell from Rs 56.85 crore to nil. The balance-sheet presentation indicates a change in the classification of those intangible-asset balances, but the filing does not provide a separate narrative explanation for each movement.

What does Arisinfra’s September balance sheet show?

Arisinfra’s September balance sheet shows higher borrowings, higher bank balances outside cash equivalents and positive operating cash flow alongside larger receivables and payables. Total assets were Rs 1,266.64 crore at September 30, compared with Rs 1,041.41 crore at March 31, based on the consolidated statement of assets and liabilities.

Equity attributable to owners of the parent was Rs 720.87 crore at September 30, and non-controlling interests were Rs 16.26 crore. Total liabilities were Rs 529.52 crore, compared with Rs 200.44 crore at March 31, reflecting increases in borrowings, trade payables, other financial liabilities, tax liabilities and other current liabilities.

Arisinfra operates in one reportable segment, trading of construction materials, under Indian Accounting Standard 108 on operating segments. The unaudited consolidated results cover the holding company, seven subsidiaries and one associate, and were reviewed by the audit committee and approved by the board on November 3, 2026.

Conclusion

Arisinfra’s first-half balance sheet combines a Rs 169.96 crore increase in consolidated borrowings with a Rs 167.90 crore rise in bank balances outside cash equivalents. Operating cash flow moved to a Rs 60.14 crore inflow as revenue reached Rs 598.53 crore and profit for the period rose to Rs 42.86 crore, but receivables also increased to Rs 460.86 crore.

The next disclosure should show how borrowings, receivables and bank balances develop after September 30, 2026. Arisinfra has disclosed that Rs 11 lakh of unutilised IPO proceeds remained temporarily invested in bank instruments, while Rs 1.10 crore remaining from lower-than-estimated share-issue expenses is to be used in the future after Rs 16.31 crore was applied to general corporate purposes.