EverestIMS seeks Rs 24 crore as receivable days reach 249

EverestIMS seeks Rs 24 crore from net proceeds for its Fiscal 2027 working-capital requirement after trade receivable days increased from 205 in Fiscal 2024 to 249 in Fiscal 2026. The company projects receivables of Rs 59.06 crore and a reduced collection period of 239 days for Fiscal 2027.

Why is EverestIMS seeking Rs 24 crore for working capital?

EverestIMS is seeking Rs 24 crore because its projected Fiscal 2027 net working-capital requirement is Rs 48.42 crore, compared with Rs 35.22 crore at the end of Fiscal 2026. Net working capital is current assets excluding cash and bank balances less current liabilities. The board approved the Fiscal 2027 projected requirement and funding plan through a resolution dated September 16, 2026.

The Fiscal 2027 funding plan allocates Rs 24 crore of net proceeds and Rs 24.42 crore from internal accruals and equity. The net proceeds would therefore fund about 49.6% of the projected requirement, while the remaining amount depends on internal accruals and equity. EverestIMS states that it generally funds most working-capital needs from internal accruals and may also avail loan facilities for incremental requirements.

Projected current assets excluding cash and bank balances are Rs 67.80 crore for Fiscal 2027, while projected current liabilities are Rs 19.37 crore. Trade receivables of Rs 59.06 crore account for about 87.1% of projected current assets excluding cash and bank balances. This concentration means the projected funding requirement depends principally on the timing of collections from customers.

How did EverestIMS working capital increase from Fiscal 2024?

EverestIMS' net working-capital requirement rose from Rs 23.43 crore in Fiscal 2024 to Rs 23.64 crore in Fiscal 2025 and Rs 35.22 crore in Fiscal 2026. The Fiscal 2027 projection of Rs 48.42 crore is Rs 13.20 crore above the Fiscal 2026 reported level. The increase reflects higher receivables and other current assets, while current liabilities did not rise by the same amount.

Trade receivables increased by Rs 15.31 crore between Fiscal 2025 and Fiscal 2026, from Rs 36.55 crore to Rs 51.86 crore. Over the same period, total current liabilities rose by Rs 8.22 crore, from Rs 15.26 crore to Rs 23.48 crore. Other current assets excluding cash and bank balances also rose to Rs 5.01 crore in Fiscal 2026 from Rs 79.46 lakh in Fiscal 2025.

Trade payables reached Rs 6.90 crore in Fiscal 2026 from Rs 49.76 lakh in Fiscal 2025, but remained below trade receivables of Rs 51.86 crore. Other current liabilities were Rs 15.92 crore in Fiscal 2026, compared with Rs 14.28 crore in Fiscal 2025. The difference between the timing of customer collections and supplier payments produces the higher working-capital requirement.

Why have EverestIMS receivable days climbed to 249?

EverestIMS' receivable days climbed to 249 in Fiscal 2026 from 205 in Fiscal 2024 and 220 in Fiscal 2025. Trade receivable days are calculated as 365 divided by the trade-receivables turnover ratio. EverestIMS defines that turnover ratio as revenue from operations divided by average trade receivables.

The 249-day result is 44 days above Fiscal 2024 and 29 days above Fiscal 2025. A higher day count indicates that amounts due from customers are reflected in average receivables for a longer period under the company's stated calculation. The reported increase accompanied a rise in trade receivables from Rs 30.74 crore in Fiscal 2024 to Rs 51.86 crore in Fiscal 2026.

EverestIMS projects a 10-day reduction to 239 receivable days in Fiscal 2027. The company attributes the assumption to its emphasis on contracts with large corporations, which it says typically include project timelines, negotiated credit terms and milestone-based payments. EverestIMS says these payment periods often range from 200 to 250 days for larger clients.

The projected improvement would still leave Fiscal 2027 receivable days above the 205 days reported in Fiscal 2024 and the 220 days reported in Fiscal 2025. The estimate of Rs 59.06 crore in Fiscal 2027 receivables requires the 239-day holding-period assumption and the projected operating activity to hold. If collection timing differs, the cash conversion pattern could differ from the stated projection.

What do EverestIMS payable days mean for the cash requirement?

EverestIMS projects trade payable days of 57 in Fiscal 2027, down from 68 in Fiscal 2026, but above 16 in Fiscal 2025 and 53 in Fiscal 2024. Trade payable days are calculated as 365 divided by the trade-payables turnover ratio. The company defines that ratio as net credit purchases divided by average trade payables.

EverestIMS defines net credit purchases as direct operating expenses plus other expenses, less corporate social responsibility expense and bad debt written off. The projected Fiscal 2027 trade-payables balance is Rs 69.72 lakh, compared with Rs 6.90 crore in Fiscal 2026. The balance and holding-period calculation are distinct measures, as payable days depend on average payables and net credit purchases.

The company says the expected 57-day payable period reflects a plan to negotiate shorter supplier payment terms to support growing operations and larger projects. EverestIMS also says the approach is intended to maintain a consistent supply, ensure timely payments and secure favourable terms. Shorter supplier credit causes payments to fall due sooner unless customer collections improve or another funding source is available.

The projected difference between 239 receivable days and 57 payable days is 182 days. This is a timing comparison, not a cash-flow forecast, because receivable and payable days use different turnover bases. However, the comparison is consistent with receivables of Rs 59.06 crore being the largest component of EverestIMS' projected Fiscal 2027 current assets.

Conclusion

EverestIMS seeks Rs 24 crore for working capital because its Fiscal 2027 current assets, led by Rs 59.06 crore of trade receivables, are projected to exceed current liabilities by Rs 48.42 crore. The reported trend combines a 44-day increase in receivable days between Fiscal 2024 and Fiscal 2026 with a Rs 11.79 crore rise in net working-capital requirement over the same period.

The disclosed measure to watch is whether EverestIMS reaches its Fiscal 2027 target of 239 receivable days while pursuing large-corporate contracts with stated payment periods of 200 to 250 days. The funding plan also depends on Rs 24.42 crore from internal accruals and equity, while EverestIMS says it may avail loan facilities for incremental working-capital requirements.