Gujarat Natural Resources CWIP rises 77% to Rs 86.28 crore

Gujarat Natural Resources Limited reported capital work-in-progress of Rs 86.28 crore at September 30, 2026, up 77% from Rs 48.68 crore at March 31, 2026, while consolidated net cash used in investing activities was Rs 36.20 crore for the six months ended September 30, 2026.

What happened to Gujarat Natural Resources' capital work-in-progress?

Gujarat Natural Resources' capital work-in-progress, or CWIP, increased by Rs 37.59 crore over the six months to September 30, 2026. The balance reached Rs 86.28 crore from Rs 48.68 crore at March 31, 2026, a 77% increase, meaning it was not more than double the opening balance.

The cash-flow statement separately recorded a Rs 37.59 crore increase in CWIP within investing activities for the six-month period. The filing does not identify the projects, locations, assets under construction, expected total costs or commissioning dates associated with the Rs 86.28 crore balance.

Property, plant and equipment, or PPE, declined by Rs 60.60 lakh to Rs 56.19 crore at September 30 from Rs 56.80 crore at March 31. CWIP therefore increased while reported completed PPE was lower, and CWIP exceeded the Rs 34.23 crore overall increase in non-current assets because non-current loans fell during the period.

How did Gujarat Natural Resources' investing cash flow change?

Gujarat Natural Resources reported net cash used in investing activities of Rs 36.20 crore for the six months ended September 30, 2026. That outflow included the Rs 37.59 crore CWIP increase, Rs 3.18 crore of PPE purchases and Rs 14.96 crore of investment purchases.

The investing section also reported a Rs 14.41 crore change in other equity and a Rs 5.12 crore foreign-exchange fluctuation. These disclosed entries partly offset the CWIP, PPE and investment uses to arrive at the net investing outflow of Rs 36.20 crore; the filing does not provide a project-level allocation of the CWIP expenditure.

Net operating cash flow was Rs 23.79 crore in the six months to September 30, 2026, after Rs 15.81 lakh of income tax paid. This cash generation was affected by a Rs 10.37 crore increase in trade receivables, a Rs 12.02 crore increase in inventories and a Rs 18.07 crore increase in short-term loans and advances, alongside a Rs 29.12 crore increase in short-term borrowings.

Net financing cash flow was Rs 17.18 crore for the six-month period. The statement recorded a Rs 17.91 crore decrease in long-term loans and advances, a Rs 14.49 lakh net reduction in unsecured loans, Rs 19.52 lakh of other non-current asset movement and Rs 37.65 lakh of interest expense within financing activities.

What changed in Gujarat Natural Resources' balance sheet?

Gujarat Natural Resources' total assets increased by Rs 68.94 crore to Rs 313.10 crore at September 30, 2026. Non-current assets rose by Rs 34.23 crore to Rs 193.05 crore, while current assets increased by Rs 34.71 crore to Rs 120.05 crore.

The current-asset movement included inventories of Rs 23.07 crore, compared with Rs 11.05 crore at March 31, and trade receivables of Rs 14.12 crore, compared with Rs 3.76 crore. Current loans rose to Rs 73.18 crore from Rs 55.11 crore, while other current assets fell to Rs 2.79 crore from Rs 13.31 crore.

Cash and cash equivalents increased to Rs 6.89 crore at September 30 from Rs 2.11 crore at the start of the period. The reported Rs 4.78 crore increase broadly reflects Rs 23.79 crore of operating cash flow and Rs 17.18 crore of financing cash flow, offset by Rs 36.20 crore of investing outflow.

Shareholders' funds rose by Rs 35.13 crore to Rs 243.43 crore, as other equity increased to Rs 90.03 crore from Rs 54.90 crore. Share capital was unchanged at Rs 153.40 crore, while non-current investments were Rs 14.96 crore at September 30 after being nil at March 31.

Current liabilities increased by Rs 34.39 crore to Rs 61.19 crore, led by current borrowings of Rs 36.38 crore against Rs 7.26 crore at March 31. Non-current borrowings declined to Rs 5.88 crore from Rs 6.02 crore, and trade payables to creditors other than micro and small enterprises rose to Rs 15.28 crore from Rs 11.14 crore.

How did Gujarat Natural Resources' half-year results compare?

Gujarat Natural Resources reported revenue from operations of Rs 15.92 crore for the six months ended September 30, 2026, compared with Rs 12.00 crore in the corresponding six months of 2025. Total income rose to Rs 18.78 crore from Rs 16.70 crore, while profit before tax increased to Rs 15.33 crore from Rs 6.27 crore.

Profit after tax was Rs 15.59 crore for the September 2026 half year, compared with Rs 5.77 crore a year earlier. Current tax was Rs 15.81 lakh and deferred tax was a credit of Rs 41.98 lakh, compared with current tax of Rs 50.71 lakh and no deferred-tax item in the prior-year half year; earnings per share rose to Rs 1.02 from Rs 0.45.

For the quarter ended September 30, 2026, revenue from operations was Rs 10.19 crore, compared with Rs 8.65 crore in the September 2025 quarter and Rs 5.72 crore in the June 2026 quarter. Quarterly profit after tax was Rs 4.24 crore, above Rs 3.84 crore a year earlier but below Rs 11.35 crore in the preceding quarter.

The consolidated results cover GNRL Oil & Gas India PVT Limited, Heramec Oil & Gas (Singapore) Pte Ltd. and Alkor Petro Overseas Ltd. Gujarat Natural Resources' board approved the unaudited results on November 4, 2026, and the auditor's limited-review report said nothing had come to its attention to indicate a material misstatement in the consolidated statement.

Conclusion

Gujarat Natural Resources' September 2026 filing shows that CWIP was the main non-current asset movement, rising Rs 37.59 crore to Rs 86.28 crore as total assets grew Rs 68.94 crore. The Rs 36.20 crore investing cash outflow was accompanied by Rs 23.79 crore of operating cash generation, Rs 17.18 crore of financing cash flow and a rise in current borrowings to Rs 36.38 crore.

The filing does not disclose an expected completion date, remaining cost or transfer plan for the Rs 86.28 crore CWIP balance. Subsequent results can show whether any part of CWIP is transferred into PPE and whether the September 30, 2026 current-borrowing balance changes.