Gujarat Natural Resources Limited borrowings rise to Rs 32.63 crore

Gujarat Natural Resources Limited reported standalone current borrowings of Rs 32.63 crore at September 30, 2026, up from Rs 3.55 crore at March 31, 2026, while current loans increased to Rs 212.74 crore and operating activities used Rs 5.24 crore of cash during the half year.

How much did Gujarat Natural Resources’ short-term borrowing rise?

Gujarat Natural Resources’ current borrowings increased by Rs 29.08 crore to Rs 32.63 crore at September 30, 2026, from Rs 3.55 crore at March 31, 2026. The balance was about 9.2 times the March level, while non-current borrowings remained unchanged at Rs 1.05 crore over the six-month period.

The standalone cash-flow statement records a Rs 29.08 crore increase in short-term borrowings within working-capital adjustments for the half year ended September 30, 2026. Finance cost was Rs 20.42 lakh in the six months, compared with nil in the corresponding half year ended September 30, 2025, and Rs 7.68 lakh in the year ended March 31, 2026.

Gujarat Natural Resources’ total current liabilities rose to Rs 37.00 crore from Rs 7.05 crore. Other financial liabilities increased by Rs 86.31 lakh to Rs 1.22 crore, trade payables were Rs 15.68 lakh against Rs 15.90 lakh, and provisions were Rs 2.99 crore compared with Rs 2.98 crore at March 31, 2026.

Why did Gujarat Natural Resources’ current assets increase?

Gujarat Natural Resources’ current assets increased by Rs 44.24 crore to Rs 240.06 crore at September 30, 2026, led by a Rs 30.48 crore increase in current loans and a Rs 11.97 crore rise in inventories. Current loans stood at Rs 212.74 crore, compared with Rs 182.26 crore six months earlier.

Inventories reached Rs 22.91 crore at September 30 from Rs 10.95 crore at March 31, 2026. The half-year cash-flow statement records the Rs 11.97 crore inventory increase as an operating cash outflow, while trade receivables increased to Rs 3.42 crore from Rs 1.07 crore, adding Rs 2.35 crore to working-capital use.

Cash and cash equivalents moved in the opposite direction, falling by Rs 55.50 lakh to Rs 98.87 lakh at September 30, 2026, from Rs 1.54 crore at March 31, 2026. Gujarat Natural Resources stated in its standalone results that it operates in oil and gas and trading activities.

Gujarat Natural Resources’ non-current loans declined to Rs 8.55 crore at September 30, 2026, from Rs 27.17 crore at March 31, 2026, a reduction of Rs 18.62 crore. The standalone filing does not identify counterparties, maturity dates, security or the purpose of either the current-loan or non-current-loan balances.

What does Gujarat Natural Resources’ operating cash flow show?

Gujarat Natural Resources reported net cash used in operating activities of Rs 5.24 crore for April 1 to September 30, 2026, despite operating profit before working-capital changes of Rs 9.60 crore. The operating cash outflow followed Rs 30.48 crore deployed in short-term loans and advances and Rs 11.97 crore deployed in inventories.

The working-capital bridge also shows Rs 2.35 crore absorbed by higher trade receivables. These outflows exceeded the Rs 29.08 crore increase in short-term borrowings, the Rs 86.31 lakh increase in other current liabilities and the Rs 1.43 lakh increase in provisions shown in the operating cash-flow section.

The comparative cash-flow column covers the year ended March 31, 2026, rather than a like-for-like six-month period. It reported net cash used in operating activities of Rs 29.97 crore, including Rs 22.52 crore of additional short-term loans and advances and Rs 10.95 crore of inventory growth.

How was Gujarat Natural Resources’ cash position funded?

Gujarat Natural Resources generated net financing cash flow of Rs 18.44 crore in the half year ended September 30, 2026, principally reflecting a Rs 18.62 crore decrease in long-term loans and advances classified as assets. The financing section also included Rs 20.42 lakh of interest expense and a Rs 3.25 lakh decrease in other non-current assets.

Investing activities used Rs 13.76 crore in the six months, mainly through a Rs 14.96 crore purchase of investments, partly offset by Rs 1.20 crore of interest income. Non-current investments on the balance sheet increased to Rs 30.39 crore at September 30, 2026, from Rs 15.44 crore at March 31, 2026.

The Rs 5.24 crore operating outflow and Rs 13.76 crore investing outflow were not fully offset by the Rs 18.44 crore financing inflow. As a result, cash and cash equivalents declined by Rs 55.50 lakh during the half year to Rs 98.87 lakh from an opening balance of Rs 1.54 crore.

What did Gujarat Natural Resources report in standalone results?

Gujarat Natural Resources reported standalone total income of Rs 4.63 crore for the half year ended September 30, 2026, compared with Rs 4.62 crore in the corresponding half year ended September 30, 2025. Revenue from operations declined to Rs 82.10 lakh from Rs 3.56 crore, while other income increased to Rs 2.62 crore from Rs 1.06 crore.

Standalone profit after tax was Rs 10.59 crore for the six months ended September 30, 2026, compared with Rs 3.64 crore a year earlier. The results included a Rs 11.97 crore reduction in the expense line for inventories of finished goods, work in progress and stock-in-trade, compared with no movement in the corresponding prior-year half year.

Shareholders’ funds increased to Rs 241.58 crore at September 30, 2026, from Rs 230.98 crore at March 31, 2026, as other equity rose to Rs 88.18 crore from Rs 77.58 crore. Paid-up share capital was unchanged at Rs 153.40 crore, and the board approved the standalone results on November 4, 2026.

Conclusion

Gujarat Natural Resources’ September 2026 standalone accounts show a substantial increase in current loans, inventory and short-term borrowing. Current loans rose by Rs 30.48 crore, inventories by Rs 11.97 crore and current borrowings by Rs 29.08 crore, while operating activities used Rs 5.24 crore of cash in the half year.

The filing does not set out a repayment plan, maturity profile, collateral details or counterparty information for the Rs 32.63 crore current-borrowing balance or the Rs 212.74 crore current-loan balance. The next standalone balance-sheet and cash-flow disclosures will show whether these working-capital balances, cash of Rs 98.87 lakh and short-term funding change further.