Bondada operating cash outflow reaches Rs 118.67 crore in half year

Bondada Engineering Limited reported net cash used in operating activities of Rs 118.67 crore in Apr'26-Sep'26, compared with Rs 42.88 crore in Apr'25-Sep'25, as trade receivables absorbed Rs 243.88 crore. Bondada received Rs 251.03 crore from borrowings during the half year while profit before tax rose to Rs 148.37 crore.

Why did Bondada report an operating cash outflow?

Bondada reported an operating cash outflow because working-capital movements outweighed its Rs 165.93 crore operating profit before working-capital changes in Apr'26-Sep'26. Cash generated from operations was negative Rs 118.67 crore, against negative Rs 37.83 crore in Apr'25-Sep'25; no tax payment is shown for the current half year, leaving net operating cash used at the same Rs 118.67 crore.

Profit before tax increased by Rs 23.72 crore to Rs 148.37 crore from Rs 124.65 crore a year earlier. Operating profit before working-capital changes increased by Rs 19.50 crore from Rs 146.43 crore, after adjustments including Rs 20.54 crore of finance costs, Rs 4.98 crore of depreciation and amortisation, and Rs 10.35 crore of interest income.

The comparison shows that reported profit increased while operating cash flow deteriorated by Rs 75.79 crore. The filing records positive profit before tax in both half years, but the current-period changes in receivables, payables and other balances turned the operating cash result further negative.

How did working capital affect Bondada's cash?

Trade receivables were Bondada's largest identified operating cash use, absorbing Rs 243.88 crore in Apr'26-Sep'26, compared with Rs 175.42 crore in Apr'25-Sep'25. Consolidated trade receivables stood at Rs 1,035.19 crore on 30-Sep-2026, up from Rs 791.91 crore on 31-Mar-2026.

Trade payables used Rs 94.54 crore in the current half year, compared with a Rs 159.05 crore cash inflow in Apr'25-Sep'25. The reversal was partly offset by a Rs 92.22 crore increase in other financial liabilities, while other liabilities used Rs 66.83 crore and other financial assets used Rs 11.03 crore.

Inventory absorbed Rs 18.26 crore, substantially less than the Rs 147.49 crore absorbed in the prior-year half. Other assets released Rs 54.87 crore, compared with a Rs 78.53 crore release a year earlier, and provisions supplied Rs 2.86 crore; these offsets did not offset the larger receivable movement and the change in trade payables.

Revenue from operations increased by Rs 198.69 crore year on year to Rs 1,415.36 crore, while the receivables cash outflow increased by Rs 68.46 crore. The filing does not provide a receivable ageing schedule, customer-level receivable balances, or a collection timetable for the Rs 1,035.19 crore closing trade-receivables balance.

How did Bondada fund its cash requirements?

Bondada funded part of its operating and investing cash requirements through Rs 251.03 crore of proceeds from borrowings in Apr'26-Sep'26. Net financing cash inflow was Rs 222.96 crore, compared with Rs 62.11 crore in Apr'25-Sep'25, when borrowing proceeds were Rs 39.83 crore and equity-related proceeds were Rs 41.29 crore.

The current-half financing inflow was reduced by Rs 20.03 crore of finance costs, Rs 4.69 crore of lease-principal repayments, Rs 0.51 crore of lease-interest repayments, and Rs 2.85 crore of dividend payments. Bondada reported Rs 0.02 crore of proceeds from share capital in Apr'26-Sep'26, making borrowings the principal disclosed source of financing inflow.

Consolidated borrowings totalled Rs 575.88 crore at 30-Sep-2026, up from Rs 275.15 crore at 31-Mar-2026. Non-current borrowings rose to Rs 94.38 crore from Rs 15.69 crore, while current borrowings increased to Rs 481.51 crore from Rs 259.47 crore.

Investing activities used a further Rs 146.94 crore in Apr'26-Sep'26, compared with an inflow of Rs 9.08 crore in the prior-year half. The current-period uses included Rs 84.81 crore for movement in capital work-in-progress and advances for capital assets, Rs 34.99 crore for bank deposits or margin money, and Rs 30.76 crore for property, plant and equipment.

Did Bondada's revenue and profit rise despite the cash outflow?

Bondada's revenue and profit rose in Apr'26-Sep'26 despite the negative operating cash flow. Revenue from operations reached Rs 1,415.36 crore from Rs 1,216.67 crore a year earlier, while profit after tax increased to Rs 111.40 crore from Rs 94.03 crore.

Engineering, procurement and construction, or EPC, remained the largest segment, with revenue of Rs 1,232.98 crore in Apr'26-Sep'26 compared with Rs 1,056.80 crore in Apr'25-Sep'25. Services revenue rose to Rs 87.11 crore from Rs 68.40 crore, and products revenue increased to Rs 95.27 crore from Rs 91.47 crore.

EPC segment results increased to Rs 139.67 crore from Rs 123.46 crore, while services results rose to Rs 9.48 crore from Rs 7.41 crore and products results to Rs 8.09 crore from Rs 7.57 crore. Total segment results increased to Rs 157.24 crore from Rs 138.45 crore; after Rs 20.54 crore of finance costs and Rs 11.67 crore of other unallocable income, profit before tax was Rs 148.37 crore.

EPC segment assets were Rs 2,049.13 crore at 30-Sep-2026, compared with Rs 1,765.50 crore at 31-Mar-2026, while EPC liabilities rose to Rs 1,386.54 crore from Rs 1,146.68 crore. The segment figures show that the revenue expansion coincided with higher asset and liability balances during the half year.

Conclusion

Bondada's Apr'26-Sep'26 results combine higher revenue, segment results and profit with a deeper Rs 118.67 crore operating cash outflow. The Rs 243.88 crore receivables cash use and Rs 94.54 crore trade-payables movement outweighed Rs 165.93 crore of operating profit before working-capital changes, while Rs 251.03 crore of borrowing proceeds supported funding needs.

The unresolved matters in the filing are the collection timing for Rs 1,035.19 crore of trade receivables, the repayment profile of Rs 575.88 crore of borrowings, and the future cash requirement for capital work-in-progress and deposits. Bondada does not disclose a receivable-collection target, borrowing-repayment timetable, or future capital-spending plan in the half-year results.