B.N. Rathi Securities cash falls to Rs 49.23 lakh in H1

B.N. Rathi Securities Limited ended the half year on September 30, 2026 with cash and cash equivalents of Rs 49.23 lakh, down from Rs 67.03 crore at March 31, after reporting a Rs 70.32 crore net deployment in bank deposits. Net operating cash generation of Rs 6.57 crore did not offset investing and financing outflows.

How did B.N. Rathi Securities' cash balance change?

B.N. Rathi Securities' cash and cash equivalents decreased by Rs 66.53 crore during the half year ended September 30, 2026, from Rs 67.03 crore at the beginning of the year to Rs 49.23 lakh at period-end. The standalone cash-flow statement reports a net decrease of Rs 66.53 crore, compared with a net increase of Rs 34.96 crore for the year ended March 31, 2026.

The half-year movement reflected Rs 6.57 crore generated from operating activities, Rs 70.42 crore used in investing activities and Rs 2.68 crore used in financing activities. The March 2026 comparator covers 12 months rather than six months, so the reported Rs 11.34 crore operating inflow and Rs 26.28 crore investing inflow in that period are not directly comparable with the September 2026 half-year figures.

The closing cash balance is presented separately from bank balances other than cash and cash equivalents. B.N. Rathi Securities reported other bank balances of Rs 12.68 lakh at September 30, 2026, compared with Rs 15.12 crore at March 31, 2026, on its standalone balance sheet. That classification means the cash-flow statement does not treat all bank-held funds as cash and cash equivalents.

What drove B.N. Rathi Securities' investing outflow?

B.N. Rathi Securities' principal investing outflow was Rs 70.32 crore under investment or redemption of bank deposits for the half year ended September 30, 2026. The negative amount reported in the cash-flow statement denotes a net outflow in that line, and it was close to the total investing cash outflow of Rs 70.42 crore for the period.

The investing section also records Rs 2.68 crore used for current investments and Rs 1.02 crore used for non-current investments. These outflows were partly offset by Rs 4.31 crore of interest received. The statement also includes a dividend-received entry of Rs 1.50 lakh, shown as a negative amount, while the total investing cash-flow line remains a Rs 70.42 crore outflow.

For the year ended March 31, 2026, B.N. Rathi Securities reported a Rs 26.28 crore net cash inflow from investing activities, rather than an outflow. Its bank-deposit line in that full-year statement showed Rs 1.67 crore, presented as a positive amount, contrasting with the Rs 70.32 crore negative amount in the September 2026 half-year statement.

The filing does not provide deposit maturities, interest rates, counterparties or a schedule for redemption. It therefore supports the conclusion that reported cash was deployed into bank deposits, but does not establish when those deposits may return to cash and cash equivalents.

How much operating cash did B.N. Rathi Securities generate?

B.N. Rathi Securities generated net operating cash flow of Rs 6.57 crore in the half year ended September 30, 2026. The figure followed profit before tax of Rs 8.61 crore and Rs 5.15 crore of cash generated before working-capital changes, as reported in the standalone cash-flow statement.

Working-capital changes produced net cash generation before tax of Rs 7.89 crore. A Rs 14.99 crore decrease in other bank balances and a Rs 11.62 crore decrease in other current financial assets offset, among other movements, a Rs 15.72 crore decrease in other current financial liabilities and a Rs 7.96 crore increase in trade receivables.

B.N. Rathi Securities paid income taxes of Rs 1.32 crore, reducing the pre-tax operating cash amount of Rs 7.89 crore to the reported Rs 6.57 crore net operating inflow. Interest income of Rs 4.41 crore was deducted in the reconciliation from profit before tax, while interest received of Rs 4.31 crore was recorded within investing cash flows.

The full-year operating cash inflow was Rs 11.34 crore in the year ended March 31, 2026. Although the time periods differ, the September 2026 half-year operating inflow had already reached about 58% of the preceding full-year figure, before the effect of any second-half cash movements.

Which financing cash flows did B.N. Rathi Securities report?

B.N. Rathi Securities used Rs 2.68 crore in financing activities in the half year ended September 30, 2026. Dividend payments were Rs 2.09 crore, interest paid was Rs 54.34 lakh, lease-liability principal payments were Rs 4.63 lakh, and interest paid on lease liabilities was Rs 23,000.

The financing cash outflow was broadly in line with the Rs 2.66 crore outflow reported for the year ended March 31, 2026. That earlier year included Rs 25 lakh of proceeds from issue of shares, including premium, while the September 2026 half-year cash-flow statement does not report share-issue proceeds.

The dividend payment was the largest financing item in both periods, at Rs 2.09 crore in the six months to September 2026 and Rs 2.08 crore in the year to March 2026. The September half-year figure was therefore slightly higher than the prior full-year dividend cash payment disclosed in the statement.

What does B.N. Rathi Securities' revised filing say?

B.N. Rathi Securities submitted revised standalone unaudited financial results on November 12, 2026 after identifying clerical or typographical errors in the version filed earlier. The company said the corrections did not affect its financial figures or profitability and asked the exchange to replace the previous standalone submission.

The revised cash-flow statement covers the half year ended September 30, 2026 and is standalone, not consolidated. B.N. Rathi Securities said all other disclosures in the November 12 board-meeting outcome, including the consolidated unaudited financial results, would remain unchanged.

M. Anandam & Co. reviewed the standalone results under the Standard on Review Engagements 2410. Its November 12, 2026 report said nothing had come to its attention that caused it to believe the unaudited standalone statement did not disclose the information required under the applicable listing regulations, while noting that a review provides less assurance than an audit.

Conclusion

B.N. Rathi Securities' reported cash and cash equivalents fell to Rs 49.23 lakh at September 30, 2026 because a Rs 70.32 crore bank-deposit deployment and Rs 2.68 crore financing outflow exceeded the Rs 6.57 crore operating cash inflow. The period differed from the year ended March 2026, when investing activities generated a reported Rs 26.28 crore net inflow and cash rose by Rs 34.96 crore.

The next standalone disclosure can show whether bank deposits are redeemed, renewed or expanded after the September 2026 deployment. Readers can also watch the next reported movement in trade receivables, which increased by Rs 7.96 crore in the half year, and other current financial liabilities, which decreased by Rs 15.72 crore, because both items affected operating cash flow in the filing.