Balaji Amines spends Rs 157.92 crore on six-month capex

Balaji Amines Limited spent Rs 157.92 crore on property, plant, equipment and capital work-in-progress in the half year ended September 30, 2026, while consolidated cash and cash equivalents fell Rs 21.31 crore to Rs 52.62 crore. Operating cash inflow of Rs 54.46 crore and Rs 64.60 crore of non-current borrowing proceeds partly funded the period’s outflows.

How much did Balaji Amines spend on capital expenditure?

Balaji Amines spent Rs 157.92 crore on purchases of property, plant and equipment, including capital work-in-progress, in the six months ended September 30, 2026. The direct asset-purchase outflow was lower than Rs 184.30 crore in the corresponding six months ended September 30, 2025, a reduction of Rs 26.38 crore.

Property, plant and equipment on the consolidated balance sheet rose to Rs 1,159.59 crore at September 30, 2026 from Rs 1,034.72 crore at March 31, 2026. Capital work-in-progress, or CWIP, was Rs 513.19 crore, compared with Rs 512.03 crore at March 31. Recorded property, plant and equipment therefore increased Rs 124.87 crore over six months, while CWIP increased Rs 1.16 crore.

What drove Balaji Amines’ investing cash flow?

Balaji Amines used Rs 66.55 crore in net investing activities in the half year ended September 30, 2026, compared with Rs 115.12 crore in the year-earlier half. The lower net outflow reflected cash-flow movements in capital advances, capital creditors and term deposits alongside the Rs 157.92 crore spent on property, plant and equipment including CWIP.

The cash-flow line for advances towards capital purchases was a Rs 201.01 crore inflow in the latest half year, against a Rs 17.18 crore outflow in the prior-year period. In the opposite direction, the change in capital creditors used Rs 142.48 crore of cash, compared with a Rs 20.27 crore source of cash a year earlier. The filing does not identify individual projects or allocate this expenditure to a facility.

Term-deposit movements provided Rs 26.59 crore, down from Rs 57.64 crore in the half year ended September 30, 2025. Balaji Amines also received Rs 5.63 crore of interest and Rs 61.50 lakh from sale of property, plant and equipment. No acquisition of right-of-use assets was reported for the six months ended September 30, 2026.

Why did Balaji Amines’ cash balance decline?

Balaji Amines’ cash and cash equivalents declined Rs 21.31 crore during the half year because Rs 66.55 crore of investing outflows and Rs 9.22 crore of financing outflows exceeded the Rs 54.46 crore operating cash inflow. Cash and cash equivalents were Rs 52.62 crore at September 30, 2026, down from Rs 73.93 crore at March 31, 2026.

Net cash from operating activities rose from Rs 22.21 crore in the six months ended September 30, 2025 to Rs 54.46 crore in the latest period. Cash generated from operations before direct taxes increased to Rs 80.46 crore from Rs 37.71 crore, while direct taxes paid rose to Rs 26 crore from Rs 15.50 crore. Consolidated profit before tax was Rs 195.50 crore, against Rs 100.64 crore a year earlier.

Working-capital movements absorbed some of that operating cash. Inventories increased by Rs 34.70 crore, trade receivables by Rs 42.94 crore and other current assets by Rs 32.81 crore in the latest half year. Trade payables used Rs 14.78 crore, whereas they provided Rs 1.65 crore in the prior-year half.

How did Balaji Amines finance its six-month spending?

Balaji Amines received Rs 64.60 crore from non-current borrowings in the six months ended September 30, 2026 and reported no repayment of non-current borrowings during the period. It also reported a net repayment of Rs 36.36 crore in current borrowings, compared with a net Rs 21.97 crore increase in current borrowings in the corresponding 2025 half year.

Non-current borrowings on the consolidated balance sheet rose to Rs 120.43 crore at September 30, 2026 from Rs 64.83 crore at March 31, 2026. Balaji Amines paid Rs 35.64 crore in dividends in both half-year periods and paid Rs 1.77 crore of interest in the latest period, compared with Rs 1.67 crore a year earlier. Payments for lease principal and lease interest together were Rs 4.30 lakh.

The financing cash outflow narrowed to Rs 9.22 crore from Rs 16.90 crore despite the unchanged dividend payment. Non-current borrowing proceeds exceeded the net reduction in current borrowings, dividend and interest payments. The filing does not disclose the use of the non-current borrowing proceeds or a maturity schedule for the borrowing balance.

What do Balaji Amines’ assets and operating results show?

Balaji Amines reported total consolidated assets of Rs 2,731.05 crore at September 30, 2026, compared with Rs 2,742.54 crore at March 31, 2026. The increase in property, plant and equipment was accompanied by a reduction in other non-current assets to Rs 30.77 crore from Rs 231.89 crore and in other bank balances to Rs 175.11 crore from Rs 197.43 crore.

The Amines & Speciality Chemicals segment generated Rs 917.09 crore of the group’s Rs 933.43 crore revenue from operations in the six months ended September 30, 2026. Its segment profit before tax was Rs 192.05 crore, up from Rs 94.41 crore in the previous-year half. The Hotel Division reported Rs 15.16 crore of revenue and Rs 2.03 crore of segment profit before tax; the filing does not provide a segment-level capital-expenditure split.

Conclusion

Balaji Amines’ first-half disclosures show Rs 157.92 crore of asset purchases alongside improved operating cash flow of Rs 54.46 crore and Rs 64.60 crore of non-current borrowing proceeds. Cash still declined to Rs 52.62 crore because investing outflows, dividend payments and the net repayment of current borrowings exceeded the operating cash inflow.

The next filing will show whether CWIP, which stood at Rs 513.19 crore on September 30, 2026, moves into commissioned property, plant and equipment. It will also clarify whether the Rs 120.43 crore non-current borrowing balance, inventories of Rs 281.82 crore and receivables of Rs 388.80 crore continue to shape cash flows through the remaining financial year.