Integrity Infrabuild Developers reports Rs 2.1977 crore operating cash

Integrity Infrabuild Developers Limited generated net cash from operating activities of Rs 2.1977 crore in the half year ended September 30, 2026, reversing a Rs 8.1065 crore outflow in the comparative period. A Rs 10.3203 crore increase in trade payables and other liabilities offset cash absorbed by receivables and advances.

How did Integrity Infrabuild Developers generate positive operating cash?

Integrity Infrabuild Developers generated Rs 3.5067 crore of cash from operations in the half year ended September 30, 2026 and paid Rs 1.309 crore of direct taxes, leaving net operating cash of Rs 2.1977 crore. The comparative period recorded cash generated from operations of negative Rs 5.2048 crore and net operating cash of negative Rs 8.1065 crore.

The change occurred despite a lower operating profit before working-capital changes of Rs 7.4463 crore, compared with Rs 15.8845 crore in the comparative period. Net profit before extraordinary items was Rs 4.263 crore, versus Rs 9.7929 crore, while depreciation and amortisation declined to Rs 2.3777 crore from Rs 4.9045 crore and interest charges fell to Rs 95.42 lakh from Rs 1.4484 crore.

The latest cash-flow statement covers the half year ended September 30, 2026, while the filing presents the earlier figures as the comparative column. The disclosed movement is therefore from an operating outflow to an inflow, but the source does not label the comparative cash-flow period on the supplied page as a matching half year.

What working-capital movements drove the cash-flow reversal?

The largest working-capital contributor was a Rs 10.3203 crore increase in trade payables and other liabilities in the half year ended September 30, 2026. The comparative column showed a Rs 9.5803 crore decrease in the same line, meaning the direction of this cash-flow item changed materially between the two reported periods.

This liability-related inflow offset increases in trade receivables of Rs 7.7928 crore and in loans, advances and other current assets of Rs 7.5767 crore. Inventories declined by Rs 1.1096 crore, whereas the comparative period recorded a Rs 3.0987 crore increase in inventories, which was a cash use.

Receivables, loans, advances and other current assets together absorbed Rs 15.3695 crore in the latest half year. That amount exceeded the Rs 7.4463 crore operating profit before working-capital changes, so the Rs 10.3203 crore rise in payables and other liabilities, together with the inventory reduction, was central to the reported operating inflow.

What happened to investing cash flow during the half year?

Integrity Infrabuild Developers reported net cash from investing activities of Rs 1.28 lakh in the half year ended September 30, 2026, compared with an outflow of Rs 7.4247 crore in the comparative period. The latest figure included additions to fixed assets and work in progress of Rs 12.92 lakh, down from Rs 7.6976 crore previously.

Interest income was Rs 16.79 lakh in the latest period, compared with Rs 34.31 lakh in the comparative column. The half year also included a Rs 2.59 lakh loss on sale of assets, while the comparative period included an Rs 8.14 lakh loss and Rs 1.18 lakh from sales or purchases of non-current investments.

The filing does not provide a project-level reason for the change in fixed-asset and work-in-progress additions from Rs 7.6976 crore to Rs 12.92 lakh. It therefore does not establish whether the lower investment outflow reflected project timing, completion of work, or a change in capital-spending plans.

How did financing activity affect cash and borrowings?

Integrity Infrabuild Developers used Rs 1.7618 crore in financing activities during the half year ended September 30, 2026, compared with a Rs 17.2836 crore inflow in the comparative period. The latest outflow included a Rs 2.7354 crore reduction in long-term borrowings, a Rs 98.82 lakh reduction in short-term borrowings and Rs 95.42 lakh of interest paid.

Proceeds from the issue of share warrants were Rs 2.916 crore in the latest half year. The comparative column included Rs 12 crore from issue of share capital, Rs 3.159 crore from share warrants, a Rs 3.3987 crore increase in short-term borrowings and a Rs 67.10 lakh increase in long-term borrowings.

The results notes state that warrant holders had paid 25% of the issue price on 11,70,000 warrants as of September 30, 2026. The remaining 75% is described as payable when the conversion option is exercised, subject to approvals as required, making future warrant conversion a disclosed financing matter rather than a recorded cash receipt.

What does the statement show about cash and the review finding?

Integrity Infrabuild Developers ended the half year with cash and cash equivalents of Rs 2.4666 crore, up Rs 44.87 lakh from the opening balance of Rs 2.0179 crore. The net increase combined the Rs 2.1977 crore operating inflow, Rs 1.28 lakh investing inflow and Rs 1.7618 crore financing outflow.

The comparative column shows cash and cash equivalents rising from Rs 26.54 lakh to Rs 2.0179 crore, an increase of Rs 7.7523 crore. The latest half-year increase was smaller, but it occurred while the company reduced both long-term and short-term borrowings by a combined Rs 3.7236 crore.

The limited review report dated November 6, 2026 said nothing had come to the reviewer’s attention to suggest that the unaudited results contained a material misstatement. However, the reviewer said Integrity Infrabuild Developers had not maintained detailed records for work in progress and raw material of Rs 2.4917 crore, preventing verification of the work-in-progress value and assessment of its potential impact.

Conclusion

Integrity Infrabuild Developers reported an operating-cash reversal in the half year ended September 30, 2026, with a Rs 2.1977 crore inflow after a Rs 8.1065 crore comparative outflow. The result was driven principally by a Rs 10.3203 crore increase in trade payables and other liabilities, even as receivables and loans, advances and other current assets absorbed Rs 15.3695 crore.

The next disclosed matters to watch are whether holders exercise the 11,70,000 warrants after paying the remaining 75% of the issue price, and whether the company addresses the records issue involving Rs 2.4917 crore of work in progress and raw material. The reviewer stated that the absence of project-wise cost records meant it could not verify that work-in-progress value or assess its potential effect.