Jindal Capital Limited borrowings fall to Rs 13.85 crore in H1

Jindal Capital Limited reduced borrowings to Rs 13.85 crore at September 30, 2026 from Rs 14.24 crore at March 31, while loans declined to Rs 27.06 crore and the company generated Rs 35.36 lakh of operating cash flow for the half-year ended September 30, 2026.

How did Jindal Capital's balance sheet change by September 2026?

Jindal Capital's total assets rose to Rs 27.89 crore at September 30, 2026 from Rs 27.76 crore at March 31, 2026, even as its loans balance fell by Rs 6.40 lakh. The company released the unaudited balance sheet with its September-quarter and half-year results, which the board approved on November 13, 2026.

The movement in assets was not uniform. Loans, the largest disclosed asset category, declined to Rs 27.06 crore from Rs 27.12 crore, while other financial assets increased to Rs 49.06 lakh from Rs 24.11 lakh. Cash and cash equivalents fell to Rs 20.61 lakh from Rs 23.67 lakh, matching the Rs 3.06 lakh decline reported in the cash-flow statement.

Jindal Capital's asset base increased by Rs 12.39 lakh despite the lower loans balance. Deferred-tax assets were Rs 4.26 lakh at September 30, compared with Rs 4.23 lakh at March 31, while property, plant and equipment declined to Rs 3.52 lakh from Rs 4.08 lakh.

Equity share capital remained Rs 7.21 crore at both reporting dates, while other equity increased by Rs 52.32 lakh to Rs 5.54 crore. The rise in other equity was equal to the Rs 52.32 lakh profit after tax reported for the half-year ended September 30, 2026; the results statement showed no other comprehensive income for that period.

By how much did Jindal Capital reduce borrowings?

Jindal Capital reduced borrowings by Rs 39.45 lakh, taking the balance to Rs 13.85 crore at September 30, 2026 from Rs 14.24 crore six months earlier. The cash-flow statement separately records a Rs 39.45 lakh decrease in borrowings during the period ended September 30, linking the funding movement with the balance-sheet change.

Other liabilities moved in different directions during the half-year. Other financial liabilities decreased to Rs 22.36 lakh from Rs 64.61 lakh, while non-financial liabilities increased to Rs 78.29 lakh from Rs 59.82 lakh. Other payables due other than to micro, small and medium enterprises rose to Rs 26.55 lakh from Rs 4.58 lakh, and payables due to micro, small and medium enterprises increased to Rs 1.69 lakh from Rs 37,000.

The reduction in borrowings was accompanied by a Rs 6.40 lakh decrease in loans in the financing section of the cash-flow statement. Combining the Rs 39.45 lakh fall in borrowings with the Rs 6.40 lakh reduction in loans produced a reported Rs 33.05 lakh net cash outflow from financing activities.

Did Jindal Capital generate operating cash in the half-year?

Jindal Capital reported Rs 35.36 lakh of net cash flow from operating activities for the period ended September 30, 2026. The amount followed profit before income tax of Rs 69.88 lakh, including Rs 56,000 of depreciation and amortisation adjustments, and a Rs 17.59 lakh tax adjustment.

Working-capital movements affected the operating cash result. Financial liabilities decreased by Rs 18.96 lakh, non-financial liabilities increased by Rs 16.69 lakh and other financial assets increased by Rs 17 lakh. The statement reported Rs 52.94 lakh before tax adjustment, which became Rs 35.36 lakh after the stated Rs 17.59 lakh adjustment.

The filing presents Rs 185.55 lakh as net operating cash flow for the year ended March 31, 2026, compared with Rs 35.36 lakh for the period ended September 30, 2026. These are not like-for-like periods because the comparator covers the full year, but both reported figures were positive. Cash nevertheless declined by Rs 3.06 lakh to Rs 20.61 lakh at September 30, 2026.

What do Jindal Capital's earnings add to the funding picture?

Jindal Capital reported profit after tax of Rs 52.32 lakh for the half-year ended September 30, 2026, compared with Rs 50.92 lakh for the half-year ended September 30, 2025. Profit before tax increased to Rs 69.88 lakh from Rs 61.25 lakh, while tax expense rose to Rs 17.56 lakh from Rs 10.33 lakh.

Total income from operations increased to Rs 2.40 crore in the September 2026 half-year from Rs 1.76 crore a year earlier. Interest income rose to Rs 2.24 crore from Rs 1.59 crore, whereas fees and commission income declined to Rs 4.65 lakh from Rs 9.89 lakh. Jindal Capital says it is primarily engaged in financing and has no separate reportable segments under the applicable accounting standards.

Total expenses reached Rs 1.70 crore in the September 2026 half-year, compared with Rs 1.15 crore a year earlier. Finance cost rose to Rs 70.46 lakh from Rs 78,000, while employee-benefit expense increased to Rs 55.37 lakh from Rs 53.96 lakh. These movements occurred alongside the Rs 39.45 lakh reduction in borrowings during the half-year.

Conclusion

Jindal Capital's September 2026 half-year filing shows borrowings of Rs 13.85 crore after a Rs 39.45 lakh reduction, a Rs 6.40 lakh decline in loans to Rs 27.06 crore, and Rs 35.36 lakh of operating cash generation. Total assets increased to Rs 27.89 crore, while other equity reached Rs 5.54 crore following Rs 52.32 lakh of half-year profit after tax.

The filing does not disclose a borrowing target or loan-deployment plan beyond September 30, 2026. Subsequent results will show whether the Rs 39.45 lakh borrowing reduction and lower loans balance continue, and whether finance cost, which was Rs 70.46 lakh in the half-year, changes alongside the funding mix.