Indo Count operating cash flow reaches Rs 381.98 crore

For the half year ended 30 September 2026, Indo Count Industries Limited generated Rs 381.98 crore of consolidated operating cash flow, compared with Rs 360.75 crore a year earlier. Indo Count closed the period with Rs 315.64 crore of cash and cash equivalents, up 178% from Rs 113.56 crore at 31 March 2026 despite higher inventory and receivables.

How much operating cash flow did Indo Count generate?

Indo Count generated Rs 381.98 crore of net cash from operating activities in the half year ended 30 September 2026, an increase of Rs 21.23 crore from Rs 360.75 crore in the corresponding half of 2025. The cash flow was generated alongside consolidated profit before tax of Rs 259.78 crore, compared with Rs 102.60 crore in the prior-year period.

The operating cash inflow exceeded half-year profit after tax of Rs 195.10 crore, which rose from Rs 78.05 crore a year earlier. Depreciation and amortisation of Rs 91.70 crore and finance cost of Rs 68.17 crore were among the adjustments to profit before working-capital changes, while interest income of Rs 11.66 crore was deducted.

What drove Indo Count's operating cash generation?

Indo Count's operating cash flow was supported by half-year revenue from operations of Rs 2,879.62 crore, up from Rs 2,020.84 crore in the previous corresponding period. Total income increased to Rs 2,922.90 crore from Rs 2,048.88 crore, while profit before tax rose to Rs 259.78 crore from Rs 102.60 crore.

Changes in operating liabilities provided offsets to cash absorbed by operating assets. Trade payables increased by Rs 257.05 crore during the half year ended 30 September 2026, while other current financial liabilities increased by Rs 54.43 crore and other current liabilities rose by Rs 41.16 crore.

The prior-year comparison shows a different receivables movement. Trade receivables used Rs 63.12 crore of cash in the 2026 half year, whereas they released Rs 95.35 crore in the half year ended 30 September 2025. Trade payables increased by Rs 257.05 crore in the latest half year, compared with a Rs 126.03 crore increase a year earlier.

How did Indo Count's cash balance and working capital change?

Indo Count's cash and cash equivalents increased by Rs 202.07 crore during the half year to Rs 315.64 crore at 30 September 2026, from Rs 113.56 crore at 31 March 2026. The closing balance was also above Rs 61.73 crore at 30 September 2025, when cash and cash equivalents had declined by Rs 44.50 crore during the half year.

Working-capital assets rose over the six months. Inventories increased by Rs 174.03 crore to Rs 1,424.89 crore, while trade receivables increased by Rs 42.16 crore to Rs 555.12 crore. Other current financial assets rose to Rs 147.96 crore from Rs 54.44 crore, and other current assets increased to Rs 247.54 crore from Rs 209.19 crore.

Current liabilities increased to Rs 1,739.35 crore at 30 September 2026 from Rs 1,395.65 crore at 31 March 2026. Trade payables to parties other than micro and small enterprises increased to Rs 525.02 crore from Rs 307.44 crore, while dues to micro and small enterprises rose to Rs 100.95 crore from Rs 64.07 crore.

Where did Indo Count deploy and raise cash?

Indo Count used Rs 44.45 crore in investing activities in the half year ended 30 September 2026, less than the Rs 97.33 crore used a year earlier. Payments for property, plant and equipment and intangible assets were Rs 44.71 crore, while purchases of current investments were Rs 14.18 crore and interest received was Rs 13.79 crore.

The investing statement also recorded Rs 26.57 lakh of proceeds from sale of property, plant and equipment and Rs 37.87 lakh of government-grant receipts. These inflows, alongside interest received, partly offset capital and investment outflows in the period ended 30 September 2026.

Financing activities used Rs 135.46 crore, compared with Rs 307.92 crore in the prior-year half. Net borrowings reduced by Rs 39.87 crore, finance costs paid were Rs 68.48 crore, principal lease payments were Rs 12.67 crore and final dividend payments were Rs 29.71 crore.

The balance sheet records non-current borrowings of Rs 284.96 crore at 30 September 2026, down from Rs 339.98 crore at 31 March 2026. Current borrowings, however, rose to Rs 763.70 crore from Rs 733.68 crore, meaning the fall in non-current borrowings did not translate into a reduction in total reported borrowings over the six-month period.

Conclusion

Indo Count's half-year cash flow statement shows Rs 381.98 crore of operating cash generation against Rs 195.10 crore of profit after tax, enabling a Rs 202.07 crore increase in cash and cash equivalents. The cash increase occurred as inventories rose to Rs 1,424.89 crore and receivables reached Rs 555.12 crore, with higher trade payables and other current liabilities offsetting part of the working-capital outflow.

The next disclosed unresolved matter is the insurance claim relating to flooding at Indo Count's Bhilad, Gujarat facility during the quarter ended 30 September 2026. The filing says Rs 45.02 crore of inventory loss and an insurance claim of the same amount were recognised, while insurers approved an interim Rs 14.99 crore payment after the quarter end, pending final assessment of the claim amount.