Indian Toners first-half operating cash totals Rs 1.77 crore

Indian Toners and Developers Limited reported net cash inflow from operating activities of Rs 1.77 crore for the half year ended September 30, 2026, against net profit of Rs 11.67 crore. Inventories, trade receivables and loans and other assets absorbed Rs 11.22 crore, while higher trade and other payables provided a Rs 1.74 crore offset.

Why did Indian Toners report Rs 1.77 crore of operating cash flow?

Indian Toners reported Rs 1.77 crore of operating cash flow because working-capital movements and net tax payments reduced cash generated from operating profit. Profit before tax was Rs 15.54 crore for the half year ended September 30, 2026, and depreciation and amortisation added back Rs 2.67 crore in the indirect cash-flow reconciliation.

The company reported operating profit before working-capital changes of Rs 14.55 crore. It then recorded cash outflows of Rs 4.28 crore for inventories, Rs 3.24 crore for trade receivables and Rs 3.70 crore for loans and other assets, while trade and other payables added Rs 1.74 crore of cash.

These movements left cash generated from operations at Rs 5.07 crore. Net direct taxes paid were Rs 3.30 crore, reducing the operating cash inflow to Rs 1.77 crore for the six-month period.

Which working-capital items used Indian Toners cash?

Indian Toners used Rs 11.22 crore of cash through increases in inventories, trade receivables, and loans and other assets in the half year ended September 30, 2026. The cash-flow statement reports those movements as adjustments to operating profit, rather than as expenses in the statement of profit and loss.

Inventories increased to Rs 24.17 crore at September 30, 2026 from Rs 19.89 crore at March 31, 2026, matching the Rs 4.28 crore cash absorption shown in the cash-flow statement. Trade receivables rose to Rs 30.43 crore from Rs 27.19 crore, an increase of Rs 3.24 crore.

Other current assets rose to Rs 4.60 crore at September 30 from Rs 3.37 crore at March 31, an increase of Rs 1.23 crore. However, the filing does not provide a line-by-line reconciliation of the Rs 3.70 crore cash-flow movement reported for loans and other assets to individual balance-sheet asset categories.

How did Indian Toners profit compare with the prior half year?

Indian Toners reported net profit of Rs 11.67 crore for the half year ended September 30, 2026, compared with Rs 13.23 crore in the half year ended September 30, 2025. Profit before tax declined to Rs 15.54 crore from Rs 16.00 crore over the same comparable periods.

Revenue from operations was Rs 77.33 crore in the latest half year, compared with Rs 77.96 crore a year earlier. Total income, which includes other income, rose marginally to Rs 81.22 crore from Rs 80.78 crore, while total expenses increased to Rs 65.68 crore from Rs 64.78 crore.

The working-capital pattern also changed from the year ended March 31, 2026, although that annual period is not directly comparable with a six-month period. Inventories released Rs 3.36 crore of cash in that year but absorbed Rs 4.28 crore in the latest half year; trade receivables absorbed Rs 3.77 crore in the year and Rs 3.24 crore in the latest half.

What changed in Indian Toners balance sheet and cash position?

Indian Toners' total current assets increased by Rs 11.73 crore to Rs 176.79 crore at September 30, 2026 from Rs 165.06 crore at March 31, 2026. The movement included a Rs 5.49 crore increase in current investments to Rs 104.38 crore and the rises in inventory and receivables.

Cash and cash equivalents increased by Rs 0.70 crore to Rs 9.32 crore at September 30 from Rs 8.62 crore at the start of the financial year. The reported net increase reflects the Rs 1.77 crore operating inflow, a Rs 0.75 crore investing outflow and a Rs 0.32 crore financing outflow.

Total current liabilities rose to Rs 17.56 crore from Rs 15.94 crore, an increase of Rs 1.61 crore. The cash-flow statement separately records a Rs 1.74 crore increase in trade and other payables, whereas the balance-sheet current-liability total also includes other financial liabilities, other current liabilities and provisions.

What else does the filing disclose about Indian Toners cash commitments?

Indian Toners reported a Rs 0.75 crore net cash outflow from investing activities during the half year ended September 30, 2026. The investing section includes Rs 4.38 crore for purchases of property, plant and equipment, capital advances and capital work-in-progress, alongside investment, bank-balance, asset-sale, interest and dividend movements.

The company reported a Rs 0.32 crore financing cash outflow in the six-month period. The cash-flow statement was prepared using the indirect method under Indian Accounting Standard 7, which starts with profit before tax and adjusts for non-cash items and operating asset and liability changes.

During the quarter ended September 30, 2026, Indian Toners entered supply arrangements with manufacturers and suppliers for trading in writing instruments and stationery products. The filing does not quantify any resulting inventory, receivable or cash-flow effect, so it does not establish whether those arrangements caused the Rs 4.28 crore inventory increase.

Conclusion

Indian Toners' Rs 1.77 crore first-half operating cash inflow was materially below its Rs 11.67 crore net profit because inventory, receivable and other-asset movements absorbed Rs 11.22 crore of cash. A Rs 1.74 crore increase in trade and other payables partly offset the working-capital outflow, while Rs 3.30 crore of net tax payments further reduced operating cash.

The next disclosed cash-related event is the Rs 1.20-per-share interim dividend declared on October 30, 2026. Indian Toners set November 5, 2026 as the record date and said payment would be made on or before November 28, 2026; subsequent filings may also show whether the new stationery trading arrangements affect inventory, receivables or cash generation.