Ecos raises PPE 24% after Rs 27.39 crore first-half outlay

Ecos (India) Mobility & Hospitality Limited spent Rs 27.39 crore on property, plant and equipment in the six months ended September 30, 2026, lifting consolidated PPE to Rs 65.938 crore from Rs 53.365 crore at March 31, 2026, a rise of about 24%. Net cash from operating activities was Rs 10.952 crore during the half-year.

How much did Ecos spend on property, plant and equipment?

Ecos spent Rs 27.39 crore on purchases of property, plant and equipment during the six months ended September 30, 2026. This was Rs 9.066 crore higher than the Rs 18.324 crore reported for the six months ended September 30, 2025, an increase of about 49.5%.

The consolidated cash-flow statement also records Rs 26.60 lakh of capital expenditure towards investment property in the latest half-year. That item is separate from PPE purchases, and consolidated investment property stood at Rs 62.80 lakh on September 30, 2026, compared with Rs 37.60 lakh on March 31, 2026.

Ecos received Rs 2.667 crore from the sale of PPE and assets held for sale in the 2026 half-year, against Rs 63.40 lakh a year earlier. The latest-period PPE purchases exceeded those proceeds by Rs 24.723 crore, so asset sales represented a smaller cash inflow than the acquisition outlay.

Why did Ecos's consolidated PPE balance rise by less than cash spending?

Ecos's consolidated PPE carrying amount increased by Rs 12.573 crore, to Rs 65.938 crore at September 30, 2026 from Rs 53.365 crore at March 31, 2026. This balance-sheet change was lower than the Rs 27.39 crore cash-purchase figure because purchases and the closing carrying value are different reported measures.

The filing records Rs 13.977 crore of consolidated depreciation and amortisation expense for the six months ended September 30, 2026, compared with Rs 12.729 crore in the corresponding 2025 period. It also records Rs 1.672 crore of profit on assets discarded, compared with Rs 51.40 lakh a year earlier, as an adjustment in the operating cash-flow reconciliation.

Other non-current asset categories also increased during the half-year. Right-of-use assets rose by Rs 4.746 crore to Rs 11.592 crore, while intangible assets under development increased by Rs 5.20 lakh to Rs 2.276 crore. Total non-current assets rose to Rs 90.398 crore from Rs 71.069 crore.

The balance sheet shows that PPE remained the largest reported non-current asset category at Rs 65.938 crore on September 30, 2026. Investment property was Rs 62.80 lakh and intangible assets were Rs 1.215 crore, while total non-current assets increased by Rs 19.329 crore from the March 31, 2026 position.

How was Ecos's first-half spending reflected in cash flow?

Ecos generated Rs 10.952 crore of net cash from operating activities in the six months ended September 30, 2026, below its Rs 27.39 crore PPE purchase outlay. Net operating cash was also lower than the Rs 20.591 crore generated in the six months ended September 30, 2025.

Cash generated from operations before taxes was Rs 24.039 crore, compared with Rs 33.746 crore a year earlier, while income taxes paid were Rs 13.087 crore. The company recorded a Rs 31.938 crore increase in trade receivables and a Rs 15.722 crore increase in other assets, partly offset by a Rs 18.829 crore increase in trade payables.

Investing activities used Rs 26.846 crore of cash in the latest half-year, compared with Rs 1.208 crore in the prior-year period. In addition to PPE purchases, Ecos reported Rs 11.292 crore invested in bank deposits and other bank balances, while net mutual-fund redemptions provided Rs 9.224 crore.

Cash and cash equivalents fell by Rs 17.516 crore during the six months to Rs 6.672 crore at September 30, 2026, from Rs 24.188 crore at March 31, 2026. Net cash used in financing activities was Rs 1.622 crore, and the company also reported repayment of Rs 1.07 crore of long-term borrowings.

What else changed on Ecos's consolidated balance sheet?

Ecos reported total consolidated assets of Rs 469.511 crore at September 30, 2026, up Rs 56.018 crore from Rs 413.493 crore at March 31, 2026. Alongside the PPE increase, trade receivables rose to Rs 111.456 crore from Rs 107.021 crore and other current assets rose to Rs 35.083 crore from Rs 19.229 crore.

Current investments moved in the opposite direction, declining by Rs 29.755 crore to Rs 76.324 crore at September 30, 2026. Bank balances other than cash and cash equivalents increased to Rs 18.277 crore from Rs 6.986 crore, consistent with the cash-flow classification for deposits and other bank balances.

Total equity increased to Rs 282.669 crore from Rs 265.072 crore, while total liabilities rose to Rs 186.842 crore from Rs 148.421 crore. Non-current lease liabilities increased to Rs 10.405 crore from Rs 6.104 crore, and current lease liabilities rose to Rs 2.03 crore from Rs 1.568 crore.

Ecos reports one business segment, car-rental services, under Indian Accounting Standard 108 on segment reporting. The September 2026 results therefore do not allocate the Rs 27.39 crore PPE purchases or the Rs 65.938 crore consolidated PPE balance among separate service lines.

Conclusion

Ecos increased PPE purchases by about 49.5% year on year to Rs 27.39 crore in the September 2026 half-year, while consolidated PPE increased by Rs 12.573 crore, or about 24%, from the March 2026 balance. Operating cash generation of Rs 10.952 crore was below the PPE purchase outlay, and cash and cash equivalents closed at Rs 6.672 crore.

The filing does not disclose a future capital-spending target or a separate expansion plan. The next reported financial statements will show whether PPE, right-of-use assets, lease liabilities and operating cash flow continue to change after the Rs 2.38-per-share dividend, which shareholders approved on September 21, 2026 and Ecos said it paid in October 2026.