B.R.Goyal deploys Rs 3.27 crore warrant proceeds fully

B.R.Goyal Infrastructure Limited deployed the full Rs 3.27 crore received upfront from its preferential warrant issue for working-capital requirements by September 30, 2026, with no unutilised balance or reported deviation. A further Rs 9.82 crore can be received only if holders exercise the remaining conversion amount within 18 months of allotment.

How much warrant money did B.R.Goyal use by September 30, 2026?

B.R.Goyal used Rs 3.27 crore, equal to all warrant proceeds received by September 30, 2026, for working capital. The auditor’s utilisation certificate records Rs 3.27 crore received, Rs 3.27 crore utilised and nil unutilised against the stated purpose of meeting working-capital requirements.

The original allocation was Rs 13.09 crore, which was also the total issue size, but this was not all cash received at the reporting date. Of the planned issue size, 25% was collected upfront and 75%, or Rs 9.82 crore, remains subject to warrant holders choosing conversion within the permitted period.

The certificate says there was no deviation or variation in the use of funds through September 30, 2026. It bases the original object on the notice of B.R.Goyal’s shareholders’ meeting dated May 30, 2026, and therefore confirms use of the funds actually collected rather than use of the entire Rs 13.09 crore potential issue size.

What were the terms of B.R.Goyal’s preferential warrants?

B.R.Goyal issued 11 lakh convertible equity share warrants on a preferential basis to non-promoter investors during the half year ended September 30, 2026. Each warrant carried an issue price of Rs 119, comprising an initial subscription of Rs 29.75, or 25%, and a balance exercise amount of Rs 89.25, or 75%.

Each warrant entitles its holder to receive one fully paid-up equity share after payment of the balance consideration. The resulting share would have a face value of Rs 10 and a premium of Rs 109, according to B.R.Goyal’s explanatory note to the half-year financial results.

The warrants are exercisable within 18 months from their allotment date under applicable Securities and Exchange Board of India Issue of Capital and Disclosure Requirements regulations. The filing does not disclose an allotment date, expected exercise date or the number of warrants that holders are expected to convert.

B.R.Goyal’s consolidated balance sheet showed Rs 3.27 crore under money received against share warrants at September 30, 2026, compared with nil at March 31, 2026. Its consolidated cash-flow statement also recorded Rs 3.27 crore as money received against share warrants within financing activities for the half year.

How did the warrant proceeds fit B.R.Goyal’s working-capital movements?

B.R.Goyal reported Rs 22.27 crore of net cash from operating activities after tax in the half year ended September 30, 2026. The utilisation certificate identifies working capital as the destination for the Rs 3.27 crore warrant proceeds, but it does not assign the funds to individual inventory, receivable, advance or other current-asset balances.

Consolidated inventories declined by Rs 26.06 crore to Rs 123.48 crore at September 30, 2026, from Rs 149.54 crore at March 31, 2026. Over the same period, trade receivables increased by Rs 0.81 crore to Rs 51.47 crore and short-term loans and advances rose by Rs 19.94 crore to Rs 59.35 crore.

Other current assets increased by Rs 9.23 crore to Rs 46.35 crore from Rs 37.12 crore. These balance-sheet changes show the broader working-capital context, but the certificate does not establish a direct link between the warrant money and any one of these movements.

In financing cash flows, B.R.Goyal reported net cash inflow of Rs 2.36 crore for the half year. That included Rs 4.02 crore of net borrowing proceeds and the Rs 3.27 crore warrant receipt, offset by Rs 4.34 crore of interest paid and Rs 0.60 crore of dividends paid.

What did B.R.Goyal report for the half year ended September 2026?

B.R.Goyal reported consolidated revenue from operations of Rs 549.71 crore for the half year ended September 30, 2026, compared with Rs 342.11 crore in the corresponding half year of 2025. Consolidated profit after tax increased to Rs 21.83 crore from Rs 16.05 crore, while total income rose to Rs 551.38 crore from Rs 343.68 crore.

Total consolidated expenses increased to Rs 523.82 crore from Rs 321.49 crore in the year-earlier half year. Cost of materials consumed rose to Rs 79.74 crore from Rs 41.79 crore, and operating and other expenses increased to Rs 392.10 crore from Rs 305.21 crore.

Consolidated profit before tax was Rs 27.57 crore, up from Rs 22.19 crore a year earlier. B.R.Goyal said Accounting Standard 17 segment reporting was not applicable because 100% of its revenue came from a single segment, so the results do not break out the revenue increase or working-capital demand by business line.

On a standalone basis, B.R.Goyal reported revenue from operations of Rs 531.27 crore for the half year, compared with Rs 328.50 crore a year earlier. Standalone profit after tax rose to Rs 21.53 crore from Rs 16.12 crore, and B.R.Goyal paid a final dividend of Rs 0.25 per share for financial year 2025-26 during the period.

Conclusion

B.R.Goyal fully used the Rs 3.27 crore collected as the upfront portion of its preferential warrant issue for the stated working-capital purpose by September 30, 2026. The auditor’s certificate reported nil unutilised proceeds and no variation from the object, while consolidated revenue and profit after tax increased from the corresponding half year of 2025.

The next disclosed event is the expiry of the 18-month warrant exercise period from allotment. Whether holders convert all, some or none of the 11 lakh warrants will determine whether B.R.Goyal receives up to the remaining Rs 9.82 crore and issues the corresponding equity shares.