DP Wires short-term borrowings rise to Rs 36.65 crore

DP Wires Limited reported short-term borrowings of Rs 36.65 crore at September 30, 2026, compared with Rs 1.95 crore at March 31, 2026, while inventories and trade receivables increased by a combined Rs 29.16 crore. DP Wires also reported Rs 18.70 crore of net cash used in operating activities for the six-month period.

Why did DP Wires’ short-term borrowings rise?

DP Wires’ short-term borrowings rose by Rs 34.70 crore in the six months to September 30, 2026, reaching Rs 36.65 crore from Rs 1.95 crore at March 31, 2026. The balance sheet presents the amount within current financial liabilities, placing it among obligations due within the current-liability classification.

The rise coincided with an expansion in current assets, which increased by Rs 35.22 crore to Rs 182.67 crore at September 30 from Rs 147.46 crore at March 31. Inventories increased by Rs 19.83 crore to Rs 30.54 crore, while trade receivables increased by Rs 9.33 crore to Rs 71.24 crore. These two balance-sheet items accounted for most of the current-asset increase.

Cash and cash equivalents declined by Rs 10.86 crore to Rs 18.62 crore at September 30, from Rs 29.48 crore at the March year-end. DP Wires also reported current investments of Rs 12.79 crore at September 30 and other current assets of Rs 47.33 crore, down from Rs 53.49 crore at March 31.

How did working capital affect DP Wires’ operating cash flow?

DP Wires used Rs 18.70 crore in operating activities during the period ended September 30, 2026, compared with net cash generated from operations of Rs 28.09 crore in the year ended March 31, 2026. The cash-flow statement records a Rs 19.83 crore increase in inventories and a Rs 19.33 crore increase in trade receivables during the September period.

Operating profit before working-capital changes was Rs 7.11 crore for the six months ended September 30, 2026. After the reported working-capital movements, cash generated from operations was negative Rs 15.34 crore; direct taxes paid were Rs 3.36 crore, resulting in net cash used in operating activities of Rs 18.70 crore.

Some liability movements partly offset the asset-related cash outflow. The cash-flow statement shows a Rs 6.15 crore increase in trade payables, a Rs 48.27 lakh increase in other current liabilities and a Rs 10.42 crore increase in short-term provisions. Those offsets did not fully cover the Rs 39.16 crore combined cash movement reported for inventories and receivables.

DP Wires also reported Rs 27.65 crore of net cash used in investing activities in the period ended September 30, 2026. The disclosed movements included Rs 19.81 crore related to investments and Rs 2.43 crore spent on property, plant and equipment; the filing does not specify the lenders, interest rates, repayment terms or use of the short-term borrowings.

What changed in DP Wires’ liabilities and funding structure?

DP Wires’ total current liabilities increased by Rs 45.14 crore to Rs 67.05 crore at September 30, 2026, from Rs 21.92 crore at March 31, 2026. The Rs 34.70 crore increase in short-term borrowings was the largest disclosed movement within that total.

Other current liabilities rose by Rs 10.42 crore to Rs 25.84 crore at September 30, while trade payables rose by Rs 50.27 lakh to Rs 2.39 crore. Current provisions were Rs 1.45 crore, compared with Rs 1.78 crore at March 31, and current tax liabilities were Rs 75.21 lakh, compared with Rs 87.12 lakh.

Non-current liabilities increased to Rs 2.09 crore at September 30, 2026, from Rs 62.18 lakh at March 31, 2026. Non-current financial liabilities were Rs 1.70 crore, compared with Rs 22.48 lakh, while long-term provisions remained Rs 10.12 lakh at both dates.

Total liabilities were Rs 69.15 crore at September 30, 2026, compared with Rs 22.54 crore at March 31, while total equity increased to Rs 275.28 crore from Rs 266.02 crore. Total assets increased by Rs 55.86 crore to Rs 344.42 crore, matching the reported growth in both assets and liabilities over the six-month period.

Which assets and business results changed by September 2026?

DP Wires’ non-current assets increased by Rs 20.65 crore to Rs 161.75 crore at September 30, 2026, from Rs 141.10 crore at March 31. Loans classified as non-current financial assets increased by Rs 19.81 crore to Rs 129.72 crore, while property, plant and equipment increased by Rs 1.49 crore to Rs 9.12 crore.

Investment property was unchanged at Rs 13.99 crore at both reporting dates. Other non-current assets declined by Rs 60.00 lakh to Rs 5.45 crore, and other non-current financial assets declined by Rs 6.04 lakh to Rs 2.50 crore. The asset increase therefore extended beyond inventory and receivables to non-current loans.

DP Wires reported profit after tax of Rs 9.04 crore for the half year ended September 30, 2026, compared with Rs 4.79 crore for the corresponding period ended September 30, 2025. Profit before tax was Rs 12.47 crore, compared with Rs 6.57 crore, while total income was Rs 262.04 crore versus Rs 261.05 crore in the corresponding prior period.

Wire Division revenue was Rs 161.81 crore in the half year ended September 30, 2026, compared with Rs 185.25 crore in the corresponding period a year earlier. Others (trading) revenue increased to Rs 91.44 crore from Rs 70.49 crore, while Electric Energy through Wind Mill Division revenue was Rs 57.93 lakh against Rs 81.69 lakh. For the September quarter, profit after tax was Rs 4.50 crore, compared with Rs 4.74 crore in the June quarter.

Conclusion

DP Wires’ September 2026 balance sheet shows a material increase in near-term funding alongside larger working-capital balances. Short-term borrowings rose to Rs 36.65 crore as inventories reached Rs 30.54 crore and trade receivables reached Rs 71.24 crore, while the company recorded Rs 18.70 crore of operating cash outflow for the six-month period.

The next reported balance sheet and cash-flow statement will show whether the September inventory, receivable and borrowing balances reduce or continue to expand. The November 5, 2026 filing does not disclose a borrowing repayment schedule, lender details, interest rates or a working-capital target, leaving those items unresolved in the current disclosure.