Blue Pebble’s September capex exceeded operating cash inflow

Blue Pebble Limited reported Rs 1.45 crore of net operating cash inflow for the half year ended 30 September 2026, while its cash outlay for purchase and sale of property, plant and equipment was Rs 3.42 crore. Blue Pebble reported Rs 2.23 crore of net financing cash inflow and a Rs 41.99 lakh increase in cash and cash equivalents.

How much operating cash did Blue Pebble generate?

Blue Pebble generated Rs 1.45 crore of net cash from operating activities in the half year ended 30 September 2026. Cash generated from operations was Rs 2.22 crore before tax payments of Rs 77.35 lakh, according to the unaudited standalone cash-flow statement.

The operating-cash calculation began with profit before tax of Rs 3.08 crore in the cash-flow statement. Adjustments including depreciation and amortisation of Rs 57.95 lakh, finance costs of Rs 7.74 lakh and dividend income of Rs 16.71 lakh produced total adjustments of Rs 48.97 lakh, taking cash flow before working-capital changes to Rs 3.55 crore.

Working-capital changes reduced that Rs 3.55 crore pre-working-capital amount by Rs 1.33 crore. The statement records a Rs 3.16 crore increase in trade receivables, a Rs 51.35 lakh reduction in stock in trade and a Rs 3.52 crore increase in other current assets among the movements affecting operating cash.

The standalone profit-and-loss statement reported profit before tax of Rs 3.06 crore for the same half year, compared with Rs 3.08 crore in the cash-flow statement. Blue Pebble’s filing does not provide a reconciliation for the Rs 2 lakh difference between the two displayed pre-tax profit figures.

What did Blue Pebble spend on property, plant and equipment?

Blue Pebble reported Rs 3.42 crore of cash used under the purchase and sale of property, plant and equipment line for the half year ended 30 September 2026. The cash-flow statement does not provide a project-wise or asset-category breakdown of that reported investing outlay.

Dividend received of Rs 16.71 lakh partly offset the property, plant and equipment outlay, leaving net cash used in investing activities of Rs 3.26 crore. The September-half investing section does not show reported amounts for purchases or sales of investments, purchase of a subsidiary, or fixed-deposit movements.

Property, plant and equipment on the standalone balance sheet rose to Rs 5.99 crore at 30 September 2026 from Rs 3.15 crore at 31 March 2026. That Rs 2.83 crore balance-sheet increase differs from the Rs 3.42 crore cash-flow line, and the filing does not separate additions, disposals, depreciation or other accounting movements that could explain the difference.

How was Blue Pebble’s investing outflow funded?

Blue Pebble’s Rs 2.23 crore of net financing cash inflow helped fund the Rs 3.26 crore net investing outflow in the September 2026 half. Operating cash generation of Rs 1.45 crore was Rs 1.97 crore below the Rs 3.42 crore property, plant and equipment cash outlay.

The financing section includes Rs 1.85 crore in the long-term borrowing line, Rs 45.07 lakh in the short-term borrowing line and Rs 7.74 lakh of interest paid. The filing presents these as proceeds or repayments and does not identify gross borrowing raised, repayment amounts or the maturity terms behind the net cash movements.

The standalone balance sheet reported long-term borrowings of Rs 1.85 crore at 30 September 2026, while short-term borrowings were Rs 45.07 lakh. Long-term provisions were Rs 8.51 lakh at 30 September 2026, compared with Rs 19.53 lakh at 31 March 2026; these closing balances are not a direct reconciliation to financing cash flows.

Did Blue Pebble’s cash balance increase after the spending?

Blue Pebble reported a Rs 41.99 lakh net increase in cash and cash equivalents during the half year ended 30 September 2026. The cash-flow statement shows opening cash and cash equivalents of Rs 6.94 crore and closing cash and cash equivalents of Rs 7.37 crore.

The statement’s three reported category totals were Rs 1.45 crore from operating activities, Rs 3.26 crore used in investing activities and Rs 2.23 crore from financing activities. Their combined movement corresponds to the reported Rs 41.99 lakh increase, subject to the displayed rounding in the statement.

The standalone balance sheet reported cash and cash balances of Rs 7.36 crore at 30 September 2026, compared with Rs 6.94 crore at 31 March 2026. This is Rs 1 lakh below the Rs 7.37 crore cash-and-cash-equivalents closing figure in the cash-flow statement, and Blue Pebble did not provide a reconciliation.

What changed in Blue Pebble’s working-capital balances?

Blue Pebble’s trade receivables increased to Rs 13.54 crore at 30 September 2026 from Rs 10.37 crore at 31 March 2026. The Rs 3.16 crore rise aligns with the cash-flow statement’s Rs 3.16 crore use of cash from the increase in trade receivables.

Inventories declined to Rs 1.98 crore at 30 September 2026 from Rs 2.49 crore at 31 March 2026. The cash-flow statement records a Rs 51.35 lakh decrease in stock in trade, making inventory a cash release while receivables absorbed cash in the same six-month period.

Other current assets rose to Rs 8.82 crore from Rs 5.30 crore over the two balance-sheet dates. The cash-flow statement records a Rs 3.52 crore increase in other current assets, while short-term loans and advances were Rs 40.93 lakh at 30 September 2026 compared with Rs 6.03 lakh at 31 March 2026.

How does the September half compare with the prior year?

Blue Pebble’s operating cash flow changed to an inflow of Rs 1.45 crore in the September 2026 half from an outflow of Rs 4.06 crore for the year ended 31 March 2026. Over the same reported periods, net investing cash used rose to Rs 3.26 crore from Rs 1.25 crore and financing moved to an inflow of Rs 2.23 crore from an outflow of Rs 20.40 lakh.

Revenue from operations was Rs 30.02 crore in the half year ended 30 September 2026, compared with Rs 11.14 crore in the half year ended 31 March 2026 and Rs 10.50 crore in the half year ended 30 September 2025. Profit for the September 2026 half was Rs 2.29 crore, against a loss of Rs 26.42 lakh in the March 2026 half and profit of Rs 75.27 lakh in the September 2025 half.

The filing identifies Digital Promotion and Environmental Branding, Design and Build, and Railway Civil Construction Work as Blue Pebble’s three segments. It reports total segment assets of Rs 42.07 crore at 30 September 2026 versus Rs 32.36 crore at 31 March 2026, but does not provide a numerical September-half revenue split among the three named segments.

Conclusion

Blue Pebble’s September 2026 cash flow shows that property, plant and equipment spending was larger than cash generated from operations. Financing inflows covered much of the resulting gap, allowing the company to report a modest rise in cash and cash equivalents despite Rs 3.26 crore of net investing cash use.

The next filing can show whether operating cash continues to support investment spending as trade receivables stood at Rs 13.54 crore and property, plant and equipment at Rs 5.99 crore on 30 September 2026. It may also clarify the Rs 1 lakh difference between the cash-flow statement’s Rs 7.37 crore closing cash figure and the balance sheet’s Rs 7.36 crore cash balance.