Dove Soft Limited receivables are 79 times cash at FY2026 end

Dove Soft Limited reported Rs 137.64 crore of trade receivables at March 31, 2026, against Rs 1.74 crore of cash and cash equivalents. The 79-times difference means that the conversion of customer dues into cash is a material factor in assessing liquidity alongside FY2026 revenue of Rs 273.98 crore and profit available to owners of Rs 22.89 crore.

Why are Dove Soft receivables 79 times cash at FY2026 end?

Dove Soft’s trade receivables were about 79 times its cash balance at March 31, 2026. Trade receivables are amounts due from customers, while cash and cash equivalents are the balance-sheet cash holdings reported by the company. Receivables of Rs 137.64 crore represented 95.4% of total current assets of Rs 144.33 crore at the FY2026 year-end.

The gap widened in rupee terms over the three reported balance-sheet dates. Receivables rose from Rs 68.27 crore at March 31, 2024 to Rs 86.81 crore at March 31, 2025 and Rs 137.64 crore at March 31, 2026. Cash and cash equivalents moved from Rs 21.30 lakh in FY2024 to Rs 1.31 crore in FY2025 and Rs 1.74 crore in FY2026.

Did Dove Soft’s receivables grow faster than revenue?

Dove Soft’s receivables grew faster than revenue in FY2026. Trade receivables increased by Rs 50.83 crore, or 58.6%, from March 31, 2025, while revenue from operations increased by Rs 86.24 crore, or 45.9%, to Rs 273.98 crore for the year ended March 31, 2026. Receivables equalled about 50.2% of FY2026 revenue, compared with about 46.2% in FY2025.

The financial statements do not disclose credit terms, customer-level balances or an ageing schedule, so the figures do not establish whether any individual debt was overdue. They do show that the balance of customer dues rose by more than the annual revenue increase rate during FY2026. Continued revenue growth would not by itself reduce the dependency on collections unless receivables grow more slowly than sales or are converted into cash.

Revenue from operations more than doubled from Rs 119.73 crore in FY2024 to Rs 273.98 crore in FY2026. Profit available to owners increased from Rs 10.12 crore in FY2024 to Rs 16.16 crore in FY2025 and Rs 22.89 crore in FY2026, while FY2026 total income was Rs 274.74 crore and profit before tax was Rs 30.23 crore.

What does Dove Soft’s operating cash flow show about collections?

Dove Soft reported Rs 12.64 crore of net cash flow from operating activities in FY2026, following net cash used in operating activities of Rs 5.52 crore in FY2025. The FY2026 cash-flow statement begins with profit before tax of Rs 30.23 crore and reports operating profit before working-capital changes of Rs 33.90 crore. Working capital covers short-term operating balances such as receivables, payables and other current assets and liabilities.

The reported FY2026 operating cash result included a Rs 28.18 crore increase in payables, a Rs 1.30 crore increase in other current liabilities and a Rs 1.71 crore increase in provisions. At March 31, 2026, trade payables totalled Rs 58.91 crore, comprising Rs 5.72 crore due to micro and small enterprises and Rs 53.19 crore due to other parties.

The cash-flow statement reports an increase in receivables of Rs 5.30 lakh for FY2026, whereas the balance sheet shows trade receivables increasing by Rs 50.83 crore between March 31, 2025 and March 31, 2026. The supplied pages provide no reconciliation of those two presentations. The cash-flow statement also records a Rs 46.86 lakh provision for doubtful debts in FY2026, up from Rs 39.49 lakh in FY2025, without identifying customers or collection outcomes.

What other FY2026 balances affect Dove Soft’s liquidity?

Dove Soft had Rs 1.88 crore of long-term borrowings and Rs 7.41 crore of short-term borrowings at March 31, 2026. Long-term borrowings declined from Rs 6.45 crore at March 31, 2025, while short-term borrowings increased from Rs 2.49 crore. Total current liabilities were Rs 71.38 crore at FY2026 end, including trade payables, short-term borrowings, other current liabilities and short-term provisions.

The FY2026 cash-flow statement reports Rs 4.57 crore of proceeds from term borrowings and Rs 4.93 crore of long-term-borrowing repayments. It also reports Rs 8.55 crore of net cash used in financing activities, compared with Rs 21.69 crore of net cash generated from financing activities in FY2025. Finance costs were Rs 1.21 crore in FY2026, compared with Rs 1.16 crore in FY2025.

Closing cash increased by Rs 43.26 lakh during FY2026, from Rs 1.31 crore to Rs 1.74 crore. The cash-flow statement separates this movement into a Rs 18.03 lakh net increase in cash and cash equivalents and a Rs 25.24 lakh foreign-currency exchange difference. With receivables representing 95.4% of current assets at March 31, 2026, the timing and recoverability of customer payments remain more relevant to near-term cash availability than the year-end cash figure alone.

Conclusion

Dove Soft’s FY2026 statements combine revenue of Rs 273.98 crore and profit available to owners of Rs 22.89 crore with Rs 137.64 crore of trade receivables. The receivables balance was about 79 times cash and accounted for 95.4% of current assets, making cash collection a central link between reported earnings and liquidity.

The next financial update should show whether the Rs 137.64 crore receivables balance declines, remains near its FY2026 level or rises further, alongside operating cash flow and movements in payables. The supplied FY2026 statements disclose neither a receivables-reduction plan nor an ageing analysis, and they do not reconcile the Rs 5.30 lakh cash-flow movement in receivables with the Rs 50.83 crore balance-sheet increase.