Innova Captab H1 operating cash flow rises to Rs 72.559 crore

Innova Captab Limited generated Rs 72.559 crore of net operating cash in the half year ended 30 September 2026, up from Rs 29.719 crore a year earlier, despite Rs 89.665 crore absorbed by higher inventories and trade receivables. Operating cash before working-capital changes rose to Rs 145.371 crore from Rs 110.440 crore.

How much operating cash did Innova Captab generate?

Innova Captab generated Rs 72.559 crore of net cash from operating activities in the half year ended 30 September 2026, compared with Rs 29.719 crore in the corresponding 2025 period. The latest figure was more than double the prior-year amount after net income-tax payments of Rs 19.192 crore, compared with Rs 12.355 crore a year earlier.

Profit before tax increased to Rs 115.283 crore from Rs 81.912 crore, while depreciation and amortisation rose to Rs 23.547 crore from Rs 22.367 crore. These and other reconciliation items lifted operating cash flow before working-capital changes to Rs 145.371 crore, an increase of Rs 34.931 crore from the prior-year half.

What absorbed working-capital cash at Innova Captab?

Higher inventory and trade receivables absorbed Rs 89.665 crore in the half year ended 30 September 2026. Inventories used Rs 33.799 crore of cash and receivables used Rs 55.866 crore, compared with combined absorption of Rs 91.831 crore in the corresponding 2025 half, when the respective outflows were Rs 29.284 crore and Rs 62.547 crore.

Trade payables partly offset the two outflows, adding Rs 37.307 crore of cash in the latest period, against Rs 59.459 crore in the prior-year period. Other financial assets absorbed Rs 13.836 crore, while other current assets generated Rs 16.8 lakh, reversing an outflow of Rs 17.996 crore a year earlier.

The balance sheet reported inventories of Rs 316.858 crore at 30 September 2026, up from Rs 283.256 crore at 31 March 2026. Trade receivables stood at Rs 490.217 crore, compared with Rs 437.286 crore at the March year end, while trade payables due to micro and small enterprises were Rs 58.480 crore and dues to other creditors were Rs 278.182 crore.

Did Innova Captab's earnings support cash generation?

Innova Captab's higher operating cash before working-capital changes accompanied growth in both revenue and profit during the half year ended 30 September 2026. Revenue from operations increased to Rs 967.151 crore from Rs 731.923 crore, and consolidated profit after tax rose to Rs 86.548 crore from Rs 60.685 crore.

The Rs 33.371 crore increase in profit before tax broadly matched the Rs 34.931 crore increase in cash generation before working-capital movements. Expected credit loss on trade receivables was Rs 1.147 crore in the latest half, compared with a reversal of Rs 29.6 lakh a year earlier, while bad debts written off were Rs 34.1 lakh against Rs 29.4 lakh.

Where did Innova Captab deploy cash beyond operations?

Innova Captab used Rs 64.406 crore in investing activities during the latest half year, compared with Rs 35.474 crore in the corresponding 2025 period. Purchases of current investments accounted for Rs 40.008 crore, and purchases of property, plant and equipment, including movements in capital work-in-progress, capital advances and capital creditors, accounted for Rs 25.389 crore.

Current investments on the balance sheet increased to Rs 82.937 crore at 30 September 2026 from Rs 41.285 crore at 31 March 2026. Property, plant and equipment was Rs 778.480 crore, marginally below Rs 779.659 crore at the March year end, while capital work-in-progress declined to Rs 9.327 crore from Rs 15.504 crore.

Financing activities produced Rs 3.052 crore of cash, compared with an outflow of Rs 9.225 crore a year earlier. Net proceeds from current borrowings were Rs 25.567 crore, offset by repayments of non-current borrowings of Rs 13.836 crore and finance costs paid of Rs 8.652 crore.

How did Innova Captab's liquidity and borrowings change?

Innova Captab ended the half year with cash and cash equivalents of Rs 14.856 crore, after a net increase of Rs 11.205 crore from the opening balance of Rs 3.651 crore. The closing amount comprised Rs 5.1 lakh of cash on hand and Rs 14.805 crore in balances with banks in current accounts.

In the corresponding 2025 half year, cash and cash equivalents fell by Rs 14.980 crore to Rs 53.9 lakh, from an opening balance of Rs 15.519 crore. The change between periods reflects the higher operating inflow of Rs 72.559 crore in 2026, although the investing outflow also rose to Rs 64.406 crore.

Non-current borrowings declined to Rs 200.329 crore at 30 September 2026 from Rs 214.802 crore at 31 March 2026. Current borrowings increased to Rs 154.100 crore from Rs 127.867 crore over the same dates, alongside the Rs 25.567 crore of net current-borrowing proceeds shown in the cash-flow statement.

Conclusion

Innova Captab's half-year cash flow improved because operating cash before working-capital changes rose by Rs 34.931 crore and net operating cash reached Rs 72.559 crore. This occurred even as inventories and receivables absorbed Rs 89.665 crore, with increased trade payables and other liability movements partly cushioning that outflow.

The next reported balance-sheet movements to watch are the conversion of Rs 490.217 crore of receivables and Rs 316.858 crore of inventories into cash, as well as further investment spending after the Rs 64.406 crore outflow in the latest half. The filing also shows current borrowings of Rs 154.100 crore at 30 September 2026, compared with Rs 127.867 crore at 31 March 2026.