Devson Catalyst Limited cash hits Rs 41.09 crore after IPO

Devson Catalyst Limited reported cash and cash equivalents of Rs 41.09 crore at September 30, 2026, up from Rs 2.17 crore at March 31, 2026, after its initial public offering. The unaudited half-year cash-flow statement recorded Rs 33.48 crore of net financing inflow, including Rs 35.08 crore of net share-capital proceeds.

How did Devson Catalyst’s cash change after the IPO?

Devson Catalyst’s cash and cash equivalents increased to Rs 41.09 crore at September 30, 2026 from Rs 2.17 crore at March 31, 2026. Its equity shares were listed on BSE SME, the small and medium enterprises platform of BSE Limited, on July 16, 2026. Total current assets rose to Rs 67.57 crore from Rs 28.64 crore over the same period.

The cash-flow statement records a Rs 38.93 crore net increase in cash and cash equivalents for the half year ended September 30, 2026. Cash on hand was Rs 4.25 lakh, bank balances were Rs 6.05 crore and deposits with maturities of more than three months and less than 12 months were Rs 35 crore. Bank deposits therefore accounted for most of the reported closing cash balance.

The filing contains a difference in its opening-cash disclosures for March 31, 2026. The cash-flow statement and balance sheet report Rs 2.17 crore, while the cash-component note totals Rs 2.16 crore. The closing balance of Rs 41.09 crore is reported consistently in the balance sheet, cash-flow statement and cash-component note.

What funded Devson Catalyst’s cash increase?

Devson Catalyst funded most of the cash increase through financing activities, which generated Rs 33.48 crore in the half year ended September 30, 2026. The largest item was Rs 35.08 crore of proceeds from issuing share capital, net of initial public offering-related expenses. Operating activities added Rs 6.37 crore, while investing activities used Rs 92.53 lakh.

Operating cash flow followed Rs 9.80 crore of profit before tax for the six-month period. A Rs 1.27 crore inventory increase consumed cash, while a Rs 1.38 crore reduction in trade receivables released cash. Direct taxes paid of Rs 3.17 crore reduced cash generated from operations of Rs 9.53 crore to net operating cash flow of Rs 6.37 crore.

Investment cash outflow included Rs 93.43 lakh spent on property, plant and equipment, including capital work in progress. This was lower than the Rs 5.29 crore spent on those assets in the year ended March 31, 2026. At September 30, 2026, property, plant and equipment stood at Rs 11.81 crore, capital work in progress at Rs 72.07 lakh and intangible assets under development at Rs 21.44 lakh.

How did Devson Catalyst’s debt and equity change?

Devson Catalyst’s shareholders’ funds increased to Rs 76.09 crore at September 30, 2026 from Rs 33.50 crore at March 31, 2026, while both long-term and short-term borrowings declined. Share capital rose to Rs 13.59 crore from Rs 10.25 crore, and reserves and surplus increased to Rs 62.50 crore from Rs 23.25 crore.

Long-term borrowings fell by Rs 12.70 lakh to Rs 76.55 lakh at September 30, 2026 from Rs 89.25 lakh at March 31, 2026. Short-term borrowings declined by Rs 1.35 crore to Rs 25.40 lakh from Rs 1.61 crore. The financing cash-flow statement identifies Rs 12.70 lakh of long-term borrowing repayments and a Rs 1.35 crore reduction in short-term borrowings during the half year.

Current liabilities declined to Rs 3.77 crore from Rs 6.86 crore. Trade payables to micro and small enterprises fell to Rs 49.60 lakh from Rs 1.39 crore, while payables to other creditors decreased to Rs 1.19 crore from Rs 1.90 crore. Devson Catalyst reported total equity and liabilities of Rs 81.20 crore at September 30, 2026, compared with Rs 41.63 crore at March 31, 2026.

What has Devson Catalyst spent the IPO proceeds on?

Devson Catalyst raised Rs 39.39 crore of gross fresh-issue proceeds through its initial public offering, which included a fresh issue of 33.38 lakh equity shares and an offer for sale of 2.50 lakh shares at Rs 118 each. The offer for sale was by selling shareholders, while the fresh issue generated net proceeds of Rs 35.08 crore after issue-related expenses.

As of September 30, 2026, Devson Catalyst had used Rs 9.21 crore of gross fresh-issue proceeds and reported Rs 30.18 crore as unutilised. The disclosed utilisation included Rs 4.14 crore for long-term working-capital requirements and Rs 1.07 crore for setting up a new manufacturing unit, alongside offer-related expenses. The company reports one segment, manufacturing of catalysts.

The prospectus allocation includes Rs 17.40 crore for capital expenditure on the new manufacturing unit, Rs 12 crore for long-term working capital and Rs 5.69 crore for general corporate purposes. At September 30, 2026, Rs 16.33 crore of the manufacturing-unit allocation, Rs 7.86 crore of the working-capital allocation and Rs 5.69 crore for general corporate purposes remained unutilised.

Conclusion

Devson Catalyst’s September 2026 balance sheet shows the effect of IPO funding: cash and cash equivalents increased by Rs 38.93 crore to Rs 41.09 crore, shareholders’ funds rose by Rs 42.59 crore to Rs 76.09 crore and short-term borrowings decreased by Rs 1.35 crore. The company also generated Rs 6.37 crore of operating cash flow, while spending Rs 93.43 lakh on property, plant and equipment.

The next disclosures to watch are the use of the Rs 30.18 crore of unutilised gross IPO proceeds, especially Rs 16.33 crore allocated to a new manufacturing unit and Rs 7.86 crore earmarked for long-term working capital. Devson Catalyst disclosed these intended uses as of September 30, 2026, but did not disclose a completion date for the new unit or a spending timetable for the remaining balance.