GRE Renew Enertech reports Rs 7.593 crore H1 cash outflow

GRE Renew Enertech Limited reported net operating cash outflow of Rs 7.593 crore for the half year ended September 30, 2026, despite consolidated profit after tax of Rs 9.0628 crore, as trade receivables increased by Rs 70.3953 crore to Rs 80.1939 crore. The company also spent Rs 33.4533 crore on fixed assets during the period.

Why did GRE Renew Enertech report negative operating cash flow?

GRE Renew Enertech reported negative operating cash flow because working-capital movements exceeded the Rs 13.4499 crore generated from operations before those changes in the half year ended September 30, 2026. The indirect-method cash-flow statement begins with profit before tax of Rs 11.9193 crore, adds depreciation of Rs 95.72 lakh and finance charges of Rs 70.38 lakh, and deducts interest and dividend income of Rs 13.04 lakh.

The largest working-capital outflow was a Rs 70.3953 crore increase in sundry debtors. GRE Renew Enertech also recorded a Rs 3.9979 crore increase in short-term loans and advances and a Rs 3.2640 crore increase in other current assets. An Rs 80.65 lakh reduction in inventory partly offset those uses of cash, as did a Rs 57.4493 crore increase in sundry creditors.

Cash generated from operations after working-capital changes was negative Rs 6.1689 crore. After taxes paid of Rs 1.4241 crore, GRE Renew Enertech recorded net cash used in operating activities of Rs 7.593 crore, compared with an operating cash inflow of Rs 27.76 lakh in the half year ended September 30, 2025.

The difference between reported profit and operating cash flow was therefore driven by balance-sheet movements rather than a loss. Consolidated profit after tax increased from Rs 3.9998 crore in the September 2025 half year to Rs 9.0628 crore in the September 2026 half year, while operating cash flow moved from a positive Rs 27.76 lakh to a negative Rs 7.593 crore.

How much did GRE Renew Enertech’s receivables and payables increase?

GRE Renew Enertech’s trade receivables rose to Rs 80.1939 crore at September 30, 2026 from Rs 9.7986 crore at March 31, 2026. The Rs 70.3953 crore increase corresponds with the cash-flow statement’s increase in sundry debtors during the six-month period.

Trade payables to creditors other than micro enterprises and small enterprises increased to Rs 65.2998 crore from Rs 9.9185 crore. Amounts due to micro enterprises and small enterprises rose to Rs 1.9117 crore from Rs 54.38 lakh. The cash-flow statement records the aggregate creditor movement as a Rs 57.4493 crore increase, which partly financed the expansion in receivables.

Inventories declined by Rs 80.66 lakh, from Rs 11.5296 crore at March 31, 2026 to Rs 10.7230 crore at September 30, 2026. Other current assets increased from Rs 80.39 lakh to Rs 4.0679 crore, broadly consistent with the Rs 3.2640 crore operating cash outflow shown for that account.

How did GRE Renew Enertech finance asset investment?

GRE Renew Enertech spent Rs 33.4533 crore on fixed assets in the September 2026 half year and recorded net cash used in investing activities of Rs 31.5504 crore. The investing section also includes Rs 1.7725 crore from non-current investments, Rs 12.29 lakh of interest income and Rs 75,000 of dividend income.

Property, plant and equipment stood at Rs 51.6324 crore at September 30, 2026, compared with Rs 15.1605 crore at March 31, 2026. Capital work-in-progress declined to Rs 5.1812 crore from Rs 9.6768 crore. The filing does not identify the individual assets included in the fixed-asset purchase line or reconcile each movement between property, plant and equipment and capital work-in-progress.

Financing activities generated Rs 15.9492 crore of cash during the half year. GRE Renew Enertech recorded Rs 10.6483 crore of proceeds from long-term loans and Rs 6.0047 crore from short-term loans, offset by Rs 70.38 lakh of interest and finance charges.

Long-term borrowings rose to Rs 11.8731 crore from Rs 1.2248 crore, while short-term borrowings rose to Rs 6.5832 crore from Rs 57.86 lakh. Cash and cash equivalents declined by Rs 23.1942 crore, from an opening balance of Rs 30.7857 crore to Rs 7.5915 crore. The balance sheet reports cash and cash equivalents of Rs 7.5968 crore, including fixed deposits of Rs 53,000 that are excluded from the cash-flow closing cash-equivalent balance.

Which GRE Renew Enertech segments generated first-half revenue?

GRE Renew Enertech’s Solar engineering, procurement and construction, or Solar EPC, segment generated Rs 128.9193 crore of revenue in the half year ended September 30, 2026. This was the largest of the three reportable segments and increased from Rs 39.3047 crore in the corresponding half year ended September 30, 2025.

Sale of power generated Rs 3.3332 crore of revenue, compared with Rs 82.44 lakh a year earlier. The other segment generated Rs 6.4356 crore, compared with Rs 3.6754 crore. Consolidated revenue from operations reached Rs 138.6881 crore, up from Rs 43.8044 crore in the September 2025 half year.

Solar EPC reported segment profit before tax and interest of Rs 14.0157 crore. Sale of power reported Rs 1.9669 crore, while the other segment recorded a loss of Rs 12.34 lakh. Unallocated activities recorded a loss before interest of Rs 2.9990 crore, compared with a loss of Rs 2.4818 crore in the prior-year half.

After interest charges, Solar EPC reported profit before tax of Rs 14.0157 crore and sale of power reported Rs 1.5043 crore. Other businesses recorded a loss of Rs 12.34 lakh and unallocated activities recorded a loss of Rs 3.4773 crore. These segment results produced consolidated profit before tax of Rs 11.9193 crore, compared with Rs 5.3921 crore a year earlier.

Conclusion

GRE Renew Enertech’s September 2026 half-year statement shows higher revenue and profit alongside substantially higher receivables, creditor balances and fixed-asset spending. Revenue from operations rose to Rs 138.6881 crore and profit after tax reached Rs 9.0628 crore, but receivables absorbed Rs 70.3953 crore of cash and contributed to the Rs 7.593 crore operating cash outflow.

The next disclosed execution item is the 7.20 megawatt alternating-current, or 9.99 megawatt direct-current, ground-mounted solar power plant funded through the initial public offering. GRE Renew Enertech said the full Rs 29.8541 crore allocated to the plant had been utilised by September 30, 2026, after variations approved by the board on May 23, 2026 and shareholders on June 24, 2026; the filing does not disclose a commissioning date.