Greencrest loans reach Rs 111.10 crore as cash outflow persists

Greencrest Financial Services Limited reported loans and advances of Rs 111.10 crore at September 30, 2026, compared with Rs 94.19 crore a year earlier, while net cash used in operating activities was Rs 6.35 crore for the six months ended on that date. The balance-sheet increase coincided with Rs 2.84 crore of short-term borrowings in financing cash flow.

How much did Greencrest’s loans and advances increase?

Greencrest’s loans and advances increased by Rs 16.90 crore year on year to Rs 111.10 crore at September 30, 2026, from Rs 94.19 crore at September 30, 2025. The loans and advances line was the largest financial asset reported in the September 2026 balance sheet, ahead of other financial assets of Rs 20.06 crore and trade receivables of Rs 7.04 crore.

Total financial assets rose to Rs 138.39 crore at September 30, 2026 from Rs 95.18 crore a year earlier. Total assets increased to Rs 140.13 crore from Rs 107.87 crore, while non-financial assets declined to Rs 1.73 crore from Rs 12.69 crore. Inventories accounted for much of that reduction, falling to Rs 1.52 crore from Rs 12.60 crore.

The cash-flow statement records a Rs 4.86 crore increase in loans and advances during the six months ended September 30, 2026, compared with a Rs 8.40 crore increase in the corresponding 2025 period. Both increases were presented as operating cash uses. The first-half cash absorption attributed to this line was therefore lower than a year earlier, even though the reported balance-sheet amount was higher.

What happened to Greencrest’s operating cash flow?

Greencrest reported net cash used in operating activities of Rs 6.35 crore for the six months ended September 30, 2026, compared with an outflow of Rs 6.44 crore in the corresponding six months of 2025. The operating outflow persisted, although it was Rs 9 lakh lower than in the prior-year period.

Cash generated from operations was negative Rs 6.00 crore after operating profit before working-capital changes of negative Rs 1.76 crore. In addition to the Rs 4.86 crore loan-and-advance increase, trade payables decreased by Rs 1.64 crore and other current liabilities and provisions decreased by Rs 84.57 lakh. Each of those movements reduced cash in the operating calculation.

Inventory movements provided Rs 2.23 crore of cash in the first half of fiscal 2027, contrasting with a Rs 3.14 crore cash use in the corresponding 2025 period. Trade receivables provided Rs 87.29 lakh of cash, versus Rs 3.39 crore in the prior-year half. Income tax paid was Rs 34.39 lakh, compared with Rs 65.80 lakh a year earlier.

The cash-flow statement classified interest income of Rs 3.64 crore and dividend received of Rs 1.36 lakh as investing cash inflows, resulting in net investing cash inflow of Rs 3.65 crore. In the corresponding 2025 period, investing cash inflow was Rs 3.41 crore, including interest income of Rs 3.39 crore. This presentation places interest and dividend receipts outside operating cash flow.

How did Greencrest’s borrowings and cash balances change?

Greencrest reported borrowings other than debt securities of Rs 53.63 crore at September 30, 2026, compared with Rs 47.59 crore a year earlier. Other financial liabilities were Rs 21.82 crore at the latest date, while the September 2025 comparative column showed no amount for that line. Total financial liabilities rose to Rs 82.04 crore from Rs 49.05 crore.

The financing cash-flow statement shows Rs 2.84 crore of short-term borrowings for the six months ended September 30, 2026, compared with Rs 2.47 crore in the corresponding 2025 period. The filing also labels the Rs 2.84 crore as net cash used in financing activities, despite displaying the amount as a positive figure. It provides no explanation for that cash-flow presentation.

Cash and cash equivalents were Rs 19.24 lakh at September 30, 2026, compared with Rs 4.47 lakh at September 30, 2025. The current-period cash-flow statement labels Rs 14.65 lakh as a net decrease in cash and cash equivalents, although it reports an opening balance of Rs 4.59 lakh and a closing balance of Rs 19.24 lakh. The filing does not reconcile the label with those two balances.

Total equity was Rs 58.09 crore at September 30, 2026, up from Rs 57.08 crore a year earlier. Paid-up equity share capital remained Rs 36.55 crore, while other equity increased to Rs 21.53 crore from Rs 20.53 crore. Total equity and liabilities of Rs 140.13 crore matched reported total assets at the latest half-year date.

What do Greencrest’s first-half results show about funding costs?

Greencrest reported profit after tax of Rs 1.40 crore for the six months ended September 30, 2026, down from Rs 1.96 crore in the corresponding period of 2025. Total income declined to Rs 8.04 crore from Rs 11.03 crore, while total expenses fell to Rs 6.16 crore from Rs 8.42 crore. The reduction in total income was larger than the reduction in expenses.

Interest income increased to Rs 3.64 crore from Rs 3.39 crore, but finance costs rose to Rs 2.29 crore from Rs 1.47 crore. Revenue from sale of shares was Rs 3.91 crore in the current first half, against Rs 6.81 crore in the prior-year period. Greencrest identifies its single operating segment as Finance & Investments and does not provide separate lending and trading segment results.

For the quarter ended September 30, 2026, interest income was Rs 1.74 crore and finance costs were Rs 1.44 crore. In the preceding quarter ended June 30, 2026, the respective figures were Rs 1.90 crore and Rs 85 lakh. Quarterly profit after tax was Rs 54.33 lakh in September 2026, compared with Rs 85.77 lakh in June 2026 and Rs 1.03 crore in September 2025.

The results note says balances in trade payables, trade receivables, loans and advances, and other financial liabilities remain subject to confirmation or reconciliation. Management said it did not expect material adjustments to the financial statements from that process. The statutory auditor’s limited review dated November 12, 2026 said nothing had come to its attention indicating a material misstatement or inadequate required disclosure.

Conclusion

Greencrest’s September 2026 half-year filing shows loans and advances rising to Rs 111.10 crore alongside an operating cash outflow of Rs 6.35 crore. The increase in loans and advances used Rs 4.86 crore of operating cash, while borrowing balances rose to Rs 53.63 crore and short-term borrowings reported in financing cash flow reached Rs 2.84 crore.

The next disclosure should show whether loan and advance growth continues, whether finance costs move from the Rs 2.29 crore reported for the first half, and how cash flow develops after the reported Rs 19.24 lakh closing cash balance. Readers can also watch for the outcome of the outstanding confirmations or reconciliations for loans and advances, receivables, payables and other financial liabilities.