Elixir Capital working-capital balances rise sharply in September

Elixir Capital Limited reported a larger consolidated working-capital base at September 30, 2026, with inventories at Rs 80.9562 crore, trade receivables at Rs 15.681 crore and trade payables at Rs 62.90 crore. Current assets rose Rs 33.5466 crore from March 31, while current liabilities increased Rs 22.5596 crore.

What changed in Elixir Capital’s working capital by September?

Elixir Capital’s consolidated current assets rose to Rs 128.1312 crore at September 30, 2026, from Rs 94.5846 crore at March 31, 2026, while current liabilities rose to Rs 69.6049 crore from Rs 47.0453 crore. On the broad measure of current assets less current liabilities, net current assets increased Rs 10.987 crore to Rs 58.5263 crore over the six-month period.

The increase in current assets was concentrated in inventories, trade receivables and cash and cash equivalents. These three reported balances totalled Rs 126.1274 crore at September 30, compared with Rs 89.7727 crore at March 31, accounting for most of the Rs 33.5466 crore increase in current assets. The statement was approved by Elixir Capital’s board on November 6, 2026.

How much did Elixir Capital’s inventory and cash increase?

Elixir Capital’s inventories increased Rs 15.9075 crore to Rs 80.9562 crore at September 30, 2026, from Rs 65.0487 crore at March 31, 2026. This was the largest absolute increase among the separately reported current-asset lines and represented nearly half of the total current-assets increase of Rs 33.5466 crore.

Cash and cash equivalents increased Rs 10.6436 crore to Rs 29.4902 crore, from Rs 18.8466 crore at the March year-end. The half-year cash-flow statement reports the same Rs 10.6436 crore net increase in cash and cash equivalents. Bank balances other than cash equivalents were Rs 0.032 crore at September 30, compared with Rs 0.0292 crore at March 31.

Elixir Capital also reported loans of Rs 0.9589 crore at September 30, up from Rs 0.773 crore at March 31, and current tax assets of Rs 0.3833 crore, up from Rs 0.3103 crore. Other financial assets within current assets declined to Rs 0.6296 crore from Rs 4.4041 crore. Those movements partly offset the increases in inventory, receivables and cash.

Why did Elixir Capital’s trade receivables rise?

Elixir Capital’s trade receivables rose Rs 10.8046 crore to Rs 15.681 crore at September 30, 2026, from Rs 4.8764 crore at March 31, 2026. The filing provides the balance-sheet movement but does not disclose a receivables ageing schedule, overdue balances, customer concentration or a specific reason for the increase.

The receivables increase occurred in a half year when consolidated total income was Rs 40.7961 crore, compared with Rs 23.2721 crore in the half year ended September 30, 2025. For the three months ended September 30, 2026, total income was Rs 20.1752 crore, up from Rs 11.1797 crore a year earlier but below Rs 20.6209 crore in the June 2026 quarter.

Consolidated net profit after tax and minority interest was Rs 11.8948 crore for the half year ended September 30, 2026, compared with Rs 4.4339 crore a year earlier. The September-quarter amount was Rs 5.7596 crore, compared with Rs 6.1352 crore in the preceding June quarter and Rs 1.7079 crore in the September 2025 quarter. Elixir Capital does not link the reported income or profit movements to the timing of receivable collections.

How did Elixir Capital’s trade payables and funding move?

Elixir Capital’s trade payables increased Rs 22.4057 crore to Rs 62.90 crore at September 30, 2026, from Rs 40.4943 crore at March 31, 2026. This increase was close to the Rs 22.5596 crore rise in total current liabilities, indicating that trade payables accounted for most of the movement in the reported current-liability balance.

Trade payables represented about 90% of current liabilities at September 30, based on Rs 62.90 crore of payables against Rs 69.6049 crore of current liabilities. At March 31, trade payables of Rs 40.4943 crore represented about 86% of current liabilities of Rs 47.0453 crore. Non-current provisions also rose to Rs 1.2974 crore from Rs 0.8166 crore.

The half-year cash-flow statement records Rs 22.4057 crore of net short-term borrowings received or repaid and Rs 1.4964 crore of interest and finance charges paid. Net cash flow from financing activities was Rs 19.9296 crore for the half year ended September 30, 2026. The supplied balance-sheet presentation does not show a separately legible closing amount for current borrowings, so the cash-flow movement cannot be treated as an ending borrowing balance.

What does Elixir Capital’s broader balance sheet show?

Elixir Capital’s total assets increased to Rs 169.4133 crore at September 30, 2026, from Rs 131.1186 crore at March 31, 2026. Non-current assets rose Rs 4.7481 crore to Rs 41.2821 crore, while current assets rose Rs 33.5466 crore to Rs 128.1312 crore, making current assets the larger contributor to the total-assets change.

Within non-current assets, investments were Rs 23.1138 crore at September 30, compared with Rs 20.5133 crore at March 31, and other financial assets were Rs 14.5054 crore compared with Rs 10.0172 crore. Deferred tax assets declined to Rs 0.3017 crore from Rs 2.7389 crore. Elixir Capital stated that all activities of the company and its subsidiaries relate to capital markets, so segment reporting was not applicable.

The independent auditor reviewed the unaudited consolidated results for the period from April 1, 2026 to September 30, 2026. Its review conclusion stated that nothing had come to its attention to indicate that the statement had not disclosed the required information or contained a material misstatement. The report also noted that the auditor’s review provides moderate assurance and is less extensive than an audit.

Conclusion

Elixir Capital’s September 30 consolidated balance sheet shows a substantial expansion in working-capital balances since March. Inventory increased Rs 15.9075 crore, trade receivables increased Rs 10.8046 crore and trade payables increased Rs 22.4057 crore. Current assets rose more than current liabilities, increasing broad net current assets by Rs 10.987 crore to Rs 58.5263 crore.

The next results will show whether inventory, receivables, trade payables and short-term financing continue to move at similar rates. Elixir Capital’s filing does not provide receivables or payables ageing information, and it says quarterly results are not indicative of full-year performance, leaving the composition and timing of these working-capital balances unresolved.