Chemkart JNPA project CWIP reaches Rs 9.5695 crore in H1 FY27

Chemkart India Limited’s JNPA Special Economic Zone manufacturing project remained under construction at September 30, 2026, with consolidated capital work-in-progress, or CWIP, of Rs 9.5695 crore. That was up from Rs 4.8677 crore at March 31, 2026, while Chemkart continued to target commissioning during 2027, subject to execution, equipment delivery and regulatory approvals.

What is the current status of Chemkart’s JNPA SEZ project?

Chemkart’s JNPA Special Economic Zone project is under construction and has not started commercial operations. Its wholly owned subsidiary, Easy Raw Materials Private Limited, is developing the greenfield facility on a 4,120 square metre plot in Maharashtra that has been leased for 60 years.

The October 2026 investor presentation reported reinforcement and shuttering for columns progressing from the second slab towards the third floor, alongside concrete curing. Work was also under way on the pre-engineered building warehouse, including erection of columns, beams, sub-beams, purlins and bracing, while compound-wall blockwork continued.

Chemkart reported 55 personnel deployed across project supervision and construction teams at the site. Management said civil and steel-structure work was being pursued in parallel with engineering, utility and operational-readiness requirements, with civil and structural completion, equipment installation, validation and approvals still to follow.

How much has Chemkart invested and allocated to the facility?

Chemkart reported Rs 9.5695 crore of consolidated CWIP at September 30, 2026, compared with Rs 4.8677 crore at March 31, 2026. The Rs 4.7028 crore increase reflects capital being added while the facility remained pre-commercial.

Chemkart had allocated Rs 34.6833 crore from its July 2025 initial public offering, or IPO, for establishment of the manufacturing facility through Easy Raw Materials Private Limited. Of this allocation, Rs 9.6839 crore had been utilised by September 30, 2026, leaving Rs 24.9994 crore unutilised for the stated manufacturing purpose.

CWIP and IPO utilisation measure different items: CWIP is the consolidated accounting balance for capital work, whereas IPO utilisation tracks proceeds applied to the manufacturing object. Chemkart’s IPO raised Rs 64.48 crore through a fresh issue of 26 lakh equity shares at Rs 248 each, and the shares listed on the BSE SME Platform on July 14, 2025.

What capabilities is Chemkart planning at JNPA?

Chemkart plans for the JNPA facility to add value-added processing, product development and export-oriented contract development and manufacturing, or CDMO, to its business-to-business ingredients distribution platform. The planned site infrastructure includes manufacturing, quality control, warehousing, packaging and export functions.

Management identified customisation, granulation, micronisation and blending among the intended processing and application capabilities, with packaging and export-oriented services envisaged later. These activities remain prospective because the facility had not been commissioned at September 30, 2026, and the presentation makes them subject to commercial and regulatory readiness.

Chemkart’s disclosed group structure assigns distinct roles to its businesses. Its distribution relationships and sourcing capabilities provide the existing commercial base, Vinstar Biotech supports research and development and application-led innovation, and Easy Raw Materials Private Limited is being developed for manufacturing and CDMO operations.

The Vision 2030 roadmap also refers to microencapsulation, liposomal delivery systems and beadlets, based on customer demand and technical validation. Chemkart did not disclose committed export revenue, plant capacity or a fixed commissioning date, and said timing, investment and capacity deployment depend on demand, execution progress, approvals and financial discipline.

How does construction compare with Chemkart’s current business performance?

Chemkart’s consolidated revenue from operations rose 99.4% to Rs 205.8729 crore in H1 FY27 from Rs 103.2256 crore in H1 FY26, while the JNPA project continued to absorb capital. Revenue was also 84.5% higher than Rs 111.6035 crore in the half year ended March 31, 2026.

Consolidated profit before tax increased to Rs 30.1138 crore in H1 FY27 from Rs 13.8083 crore in H1 FY26, and profit after tax attributable to the group rose to Rs 22.559 crore from Rs 10.1526 crore. Chemkart said its consolidated profit-after-tax margin was approximately 11.0% in H1 FY27, compared with 9.8% a year earlier.

The higher operating scale also increased working-capital deployment. Trade receivables rose to Rs 89.4983 crore at September 30, 2026 from Rs 49.9763 crore at March 31, 2026, while inventory increased to Rs 43.7682 crore from Rs 34.7261 crore.

Consolidated operating cash flow was negative Rs 18.7047 crore in H1 FY27, despite reported profitability. Management attributed the outflow primarily to increased receivables, inventories and other working-capital deployment, and said it was focused on collections, inventory efficiency and conversion of earnings into cash.

When does Chemkart expect the JNPA facility to be commissioned?

Chemkart is targeting a 2027 commissioning milestone for the JNPA facility, rather than providing a fixed operating start date. Management said the target is aligned with its Vision 2030 roadmap and depends on project execution, equipment delivery and applicable regulatory requirements.

For H2 FY27, Chemkart identified disciplined JNPA execution, working-capital management, customer service and commercialisation planning for differentiated technologies as priorities. The disclosed construction sequence requires civil and structural completion before equipment installation, validation and receipt of the necessary operational approvals.

Chemkart’s consolidated total assets increased to Rs 218.5169 crore at September 30, 2026 from Rs 157.0753 crore at March 31, 2026. Consolidated net worth rose to Rs 152.2796 crore from Rs 129.7298 crore over the same period, while management also acknowledged the need to improve cash conversion and prudently manage project delivery and capital commitments.

Conclusion

Chemkart’s update places the JNPA project in a construction and capital-deployment phase rather than a revenue-producing phase. Consolidated CWIP rose by Rs 4.7028 crore to Rs 9.5695 crore between March 31 and September 30, 2026, as work continued on the structure, warehouse and boundary infrastructure alongside a 99.4% increase in consolidated H1 FY27 revenue.

The next disclosed milestones are completion of civil and structural work, equipment installation, validation and operating approvals. Chemkart is targeting 2027 commissioning, but management says the timing remains conditional on execution progress, equipment delivery and regulatory requirements, while working-capital control and commercialisation planning remain H2 FY27 priorities.