Citizen Solar work-in-progress rises to Rs 112.58 crore

Citizen Solar Limited reported capital work-in-progress of Rs 112.58 crore as at September 30, 2026, up Rs 33.25 crore from March 31, 2026, while non-current borrowings rose Rs 25.72 crore to Rs 99.61 crore. The half-year balance sheet shows a larger amount of capital still under development alongside higher long-term funding.

What changed in Citizen Solar’s capital work-in-progress?

Citizen Solar’s capital work-in-progress rose to Rs 112.58 crore at September 30, 2026, from Rs 79.33 crore at March 31, 2026. Capital work-in-progress is separately reported within non-current assets, meaning the amount had not been included in completed property, plant and equipment at the reporting date. The Rs 33.25 crore increase was the largest movement among the separately shown non-current asset lines.

Property, plant and equipment moved in the other direction, declining to Rs 41.89 crore from Rs 42.23 crore over the same six-month comparison. Other intangible assets also fell to Rs 52.38 lakh from Rs 70.74 lakh. Together, the increase in work-in-progress more than offset those declines and helped lift total non-current assets to Rs 155.65 crore from Rs 126.06 crore.

Other financial assets declined to Rs 65.40 lakh at September 30 from Rs 1.49 crore at March 31, while loans shown under non-current financial assets fell from Rs 2.30 crore to nil. These changes were smaller than the increase in work-in-progress and did not prevent total non-current assets rising by Rs 29.59 crore.

The balance sheet does not identify the individual assets or projects within the Rs 112.58 crore work-in-progress balance, set an expected completion date, or give a project-level spending plan. It does, however, identify Citizen Solar’s sole business segment as manufacturing of solar panels, providing the disclosed operating context for its asset base.

How did Citizen Solar’s borrowings change?

Citizen Solar’s non-current borrowings increased to Rs 99.61 crore at September 30, 2026 from Rs 73.90 crore at March 31, 2026. The Rs 25.72 crore rise occurred alongside the Rs 33.25 crore build-up in capital work-in-progress. The filing does not allocate those borrowings to particular assets, so it does not establish that the debt was used solely for the work-in-progress balance.

Current borrowings declined to Rs 28.61 crore from Rs 32.00 crore during the same period. On a combined basis, disclosed current and non-current borrowings were Rs 128.22 crore at September 30, compared with Rs 105.89 crore at March 31, an increase of Rs 22.33 crore. The mix therefore shifted toward longer-dated borrowings even as short-term borrowings reduced.

Total non-current liabilities reached Rs 101.51 crore from Rs 75.51 crore. Besides borrowings, the September 2026 figure included provisions of Rs 82.82 lakh and net deferred-tax liabilities of Rs 1.01 crore, compared with Rs 70.57 lakh and Rs 90.90 lakh respectively in March. This shows that the change in non-current liabilities was principally associated with the reported rise in borrowings, although the other two lines also increased.

Which other balance-sheet lines moved with Citizen Solar’s expansion?

Citizen Solar’s total assets increased to Rs 219.92 crore at September 30, 2026 from Rs 177.45 crore at March 31, 2026. The Rs 42.47 crore increase reflected both the Rs 29.59 crore expansion in non-current assets and a Rs 12.87 crore increase in current assets. Capital work-in-progress accounted for most of the reported non-current asset increase.

Inventories rose to Rs 32.89 crore from Rs 9.79 crore, while trade receivables were Rs 6.91 crore at September 30 compared with Rs 10.63 crore at March 31. Other current assets declined to Rs 21.46 crore from Rs 29.39 crore. These movements show that the increase in current assets was driven by inventories despite lower receivables and other current assets.

Bank balances other than cash and cash equivalents rose to Rs 2.94 crore from Rs 1.51 crore. Cash and cash equivalents were Rs 7.96 lakh at September 30, 2026, according to the balance sheet and cash-flow statement, while other current financial assets were Rs 1 lakh compared with nil at March 31.

Total equity increased to Rs 57.43 crore from Rs 41.88 crore, with equity share capital unchanged at Rs 14.04 crore and other equity rising to Rs 43.39 crore from Rs 27.84 crore. Total current liabilities were Rs 60.98 crore, up Rs 92.02 lakh from Rs 60.06 crore. The September balance sheet therefore records changes on both the funding side, through equity and liabilities, and the asset side, through work-in-progress and inventory.

What reporting basis applies to Citizen Solar’s comparison?

Citizen Solar presented the September 30, 2026 balance sheet alongside March 31, 2026, after accounting for the amalgamation of Citizen Solar Private Limited with Citizen Solar. The National Company Law Tribunal sanctioned the scheme on March 19, 2026, with April 1, 2023 as its appointed date. The company stated that the March 31, 2026 financial position had already been prepared and published after giving effect to the amalgamation.

Citizen Solar also said comparative financial results for the quarter and half year ended September 30, 2025 were restated wherever applicable under the scheme. The financial results were approved by the board on November 2, 2026, and Citizen Solar stated that it operates in one segment, manufacturing solar panels. For the balance-sheet comparison central to the Rs 112.58 crore work-in-progress figure, the two dates supplied are September 30, 2026 and March 31, 2026.

Conclusion

Citizen Solar’s September 2026 balance sheet records a Rs 33.25 crore increase in capital work-in-progress to Rs 112.58 crore, accompanied by a Rs 25.72 crore increase in non-current borrowings to Rs 99.61 crore. Total assets rose to Rs 219.92 crore, while combined borrowings reached Rs 128.22 crore and equity increased to Rs 57.43 crore.

The next reported balance sheet will show whether Citizen Solar transfers any of the Rs 112.58 crore work-in-progress into property, plant and equipment, which stood at Rs 41.89 crore at September 30. The filing does not disclose asset completion timing, project-level allocation of borrowings, or a capital-expenditure target, leaving those matters unresolved in the November 2, 2026 announcement.