Glen Industries more than doubles work-in-progress to Rs 55.54 crore

Glen Industries Limited more than doubled consolidated capital work-in-progress to Rs 55.54 crore at September 30, 2026 from Rs 22.69 crore at March 31, 2026, as its half-year cash flow recorded Rs 33.81 crore of purchases of property, plant, equipment and intangible assets. Net operating cash was Rs 28.56 crore and net borrowing proceeds were Rs 8.61 crore.

How much did Glen Industries’ capital work-in-progress increase?

Glen Industries’ capital work-in-progress rose by Rs 32.84 crore in the half year ended September 30, 2026, reaching Rs 55.54 crore from Rs 22.69 crore at March 31, 2026. The balance was also above Rs 7.65 crore at September 30, 2025, showing a larger accumulation of unfinished capital projects over both comparison periods.

Capital work-in-progress was a material part of Glen Industries’ non-current assets at September 30, 2026. Property, plant and equipment stood at Rs 94.43 crore, down from Rs 97.59 crore at March 31, 2026, while intangible assets were unchanged at Rs 10.04 lakh. The fall in completed property, plant and equipment alongside the Rs 32.84 crore increase in work-in-progress indicates that some additions remained under construction at the reporting date.

The consolidated balance sheet does not identify individual projects, locations, expected completion dates or capacity associated with the Rs 55.54 crore work-in-progress balance. It reports the accounting category and closing balance only. The filing therefore establishes the scale of unfinished capital assets without disclosing a project-level budget, commissioning schedule or expected return.

What did Glen Industries spend on investing activities?

Glen Industries used Rs 33.20 crore in net investing activities in the half year ended September 30, 2026, compared with Rs 10.28 crore used in the half year ended September 30, 2025. Purchases of property, plant, equipment and intangible assets were Rs 33.81 crore, compared with Rs 10.89 crore a year earlier, an increase of Rs 22.92 crore.

Glen Industries also paid Rs 12.63 lakh as an advance for the purchase of capital goods in the latest half year. Interest income received was Rs 73.66 lakh, partly offsetting the investing outflow. There were no proceeds from sales of property, plant and equipment in the latest period, whereas the corresponding 2025 half included Rs 6.59 lakh of such proceeds.

The Rs 33.81 crore cash purchase line and the Rs 32.84 crore increase in capital work-in-progress measure different items. The cash-flow statement records purchases of property, plant, equipment and intangible assets during the half year, while the balance sheet reports the closing carrying amount of unfinished projects. Glen Industries does not provide a reconciliation between the two figures.

How did Glen Industries fund its capital spending?

Glen Industries generated Rs 28.56 crore of net cash from operating activities in the half year ended September 30, 2026, compared with an operating cash outflow of Rs 36.49 crore in the corresponding 2025 half year. Operating cash generation was close to the Rs 33.81 crore of purchases of property, plant, equipment and intangible assets recorded in the latest period.

Working-capital movements contributed to the operating cash result. Inventories used Rs 10.44 crore of cash, compared with Rs 5.25 crore a year earlier, while trade receivables released Rs 4.26 crore, against a Rs 1.32 crore use in the prior-year half. Other current assets, including initial public offering proceeds as fixed deposits, released Rs 16 crore, compared with a Rs 45 crore use in the comparable period.

Glen Industries reported Rs 8.61 crore of net borrowing proceeds in the latest half, reversing net repayments of Rs 17.53 crore in the corresponding 2025 half. Finance costs paid were Rs 4.29 crore, compared with Rs 4.82 crore a year earlier. The cash-flow statement does not allocate particular borrowings to individual capital projects, but it records operating cash generation and incremental borrowings alongside the investment outflow.

What happened to Glen Industries’ borrowings and cash balance?

Glen Industries’ combined long-term and short-term borrowings were Rs 129.34 crore at September 30, 2026, compared with Rs 120.73 crore at March 31, 2026. Long-term borrowings increased to Rs 29.29 crore from Rs 22.68 crore, while short-term borrowings rose to Rs 100.05 crore from Rs 98.05 crore.

Cash and cash equivalents were Rs 19.72 lakh at September 30, 2026, down from Rs 51.77 lakh at the beginning of the financial year. They comprised Rs 11.45 lakh of cash in hand and Rs 8.27 lakh of bank balances, with no fixed deposits having an original maturity of less than three months. The consolidated cash-flow statement recorded a Rs 32.05 lakh net decrease during the half year.

Glen Industries separately reported Rs 18.45 crore under cash and bank balance on the consolidated balance sheet at September 30, 2026, compared with Rs 33.80 crore at March 31, 2026. This balance-sheet caption differs from the Rs 19.72 lakh cash-and-cash-equivalents total in the cash-flow statement. The filing presents both measures but does not provide a detailed reconciliation between the disclosed classifications.

How did Glen Industries’ operating performance change during the investment period?

Glen Industries recorded consolidated revenue from operations of Rs 115.30 crore in the half year ended September 30, 2026, up from Rs 95.56 crore in the half year ended September 30, 2025. Profit for the period increased to Rs 10.91 crore from Rs 8.31 crore, while profit before tax rose to Rs 14.30 crore from Rs 11.13 crore.

The September 2026 half also improved sequentially from the half year ended March 31, 2026, when revenue from operations was Rs 107.57 crore and profit for the period was Rs 8.20 crore. Finance costs declined to Rs 4.29 crore from Rs 4.53 crore sequentially and from Rs 4.82 crore a year earlier, despite higher reported borrowings at September 30, 2026.

Inventory was Rs 88.86 crore at September 30, 2026, up from Rs 78.42 crore at March 31, 2026 and Rs 64.84 crore at September 30, 2025. That increase is consistent with the Rs 10.44 crore inventory-related operating cash outflow in the latest half. The filing shows higher revenue, operating cash generation, inventory and capital work-in-progress, without assigning a specific operating use to the unfinished capital assets.

Conclusion

Glen Industries ended September 30, 2026 with Rs 55.54 crore of capital work-in-progress after recording Rs 33.81 crore of purchases of property, plant, equipment and intangible assets during the half year. Operating activities generated Rs 28.56 crore, net borrowings provided Rs 8.61 crore and cash and cash equivalents closed at Rs 19.72 lakh. The disclosures show that unfinished capital assets increased while completed property, plant and equipment declined.

The next financial statements will show whether Glen Industries transfers the Rs 55.54 crore work-in-progress balance into completed property, plant and equipment and how its Rs 129.34 crore of borrowings change. The filing discloses no project completion target, project budget or commissioning date, leaving subsequent balance sheets and cash-flow statements to indicate the timing and funding of the projects.