Kalind Limited receivables nearly triple, cash falls to Rs 1.23 crore

Kalind Limited reported trade receivables of Rs 141.8317 crore at September 30, 2026, up from Rs 48.7876 crore at March 31, 2026, while cash and cash equivalents fell to Rs 1.2312 crore from Rs 7.5159 crore. The receivables increase occurred alongside Rs 123.2597 crore of half-year revenue from operations.

Why did Kalind’s receivables rise to Rs 141.8317 crore?

Kalind’s trade receivables increased by Rs 93.0441 crore between March 31, 2026 and September 30, 2026, taking the balance to about 2.9 times its March level of Rs 48.7876 crore. Trade receivables represent customer amounts outstanding at the reporting date under the company’s consolidated balance sheet.

The increase coincided with higher reported revenue. Revenue from operations was Rs 123.2597 crore for the half year ended September 30, 2026, compared with Rs 31.5634 crore in the corresponding half year ended September 30, 2025. In the quarter ended September 30, 2026, revenue was Rs 88.1952 crore, compared with Rs 35.0645 crore in the quarter ended June 30, 2026.

The cash-flow statement records a Rs 93.0441 crore increase in trade receivables as a working-capital outflow for the half year ended September 30, 2026. This matches the movement between the Rs 48.7876 crore March 31 balance-sheet figure and the Rs 141.8317 crore September 30 figure.

How did working capital affect Kalind’s operating cash flow?

Kalind generated Rs 32.9335 crore of net cash from operating activities in the half year ended September 30, 2026, after reporting profit before tax of Rs 48.8150 crore and paying Rs 13.0573 crore in direct taxes. Its operating profit before working-capital adjustments was Rs 57.3907 crore.

The receivables increase of Rs 93.0441 crore and inventory increase of Rs 10.7579 crore were partly offset by a Rs 52.1740 crore increase in trade payables. The statement also reports a Rs 16.9445 crore increase in current liabilities, current tax liabilities and provisions, and a Rs 23.6620 crore reduction in other current assets.

The total movement in working capital was an outflow of Rs 11.4000 crore for the September 2026 half year. After that movement, Kalind reported cash generated from operating activities of Rs 45.9907 crore, before direct taxes reduced the reported net operating cash figure to Rs 32.9335 crore.

The filing’s audited year ended March 31, 2026 showed net cash used in operating activities of Rs 86.5118 crore, rather than the positive half-year operating cash result. That full-year figure included a Rs 39.5425 crore increase in receivables and a Rs 84.8192 crore increase in other current assets, whereas other current assets fell by Rs 23.6620 crore in the September 2026 half year.

What caused Kalind’s cash balance to fall to Rs 1.2312 crore?

Kalind’s cash and cash equivalents declined by Rs 6.2847 crore during the half year ended September 30, 2026 because investing and financing outflows exceeded its Rs 32.9335 crore operating cash inflow. Cash moved from Rs 7.5159 crore at the beginning of the period to Rs 1.2312 crore at the end.

Investing activities used Rs 30.7658 crore, primarily through Rs 30.2463 crore of fixed-asset purchases. Property, plant and equipment, or PPE, stood at Rs 72.5064 crore at September 30, 2026, compared with Rs 50.7845 crore at March 31, 2026, an increase of Rs 21.7219 crore.

Financing activities used Rs 8.4523 crore in the half year, including a Rs 8.4047 crore decrease in borrowings and Rs 4.76 lakh of finance-cost cash outflow. The September 2026 half-year statement records no proceeds from issue of share capital, while the audited year ended March 31, 2026 included Rs 179.6035 crore from issue of share capital.

How did Kalind’s other balance-sheet items change?

Kalind’s total current assets rose to Rs 244.5170 crore at September 30, 2026 from Rs 154.5888 crore at March 31, 2026. In addition to the Rs 93.0441 crore increase in receivables, inventories rose by Rs 10.9511 crore to Rs 17.1997 crore and current loans rose by Rs 16.0695 crore to Rs 16.3791 crore.

Other current assets declined by Rs 23.8518 crore to Rs 61.5239 crore at September 30, 2026. The cash-flow statement separately shows a Rs 23.6620 crore reduction in other current assets during the half year, and the filing does not explain the difference between that cash-flow movement and the balance-sheet change.

Trade payables increased by Rs 51.9402 crore to Rs 58.3492 crore at September 30, 2026. Total current liabilities rose to Rs 86.2888 crore from Rs 17.1700 crore, including a Rs 12.9929 crore increase in provisions to Rs 21.8552 crore and a Rs 4.1856 crore increase in other current liabilities to Rs 6.0843 crore.

Total equity was Rs 249.5309 crore at September 30, 2026, compared with Rs 211.7018 crore at March 31, 2026. Equity share capital increased by Rs 60.9450 crore to Rs 182.8350 crore, while other equity declined by Rs 23.1159 crore to Rs 66.6959 crore; the results note says the company split shares in a 1:5 ratio and issued bonus shares in a 1:2 ratio during the year.

What do Kalind’s half-year results show alongside the cash movements?

Kalind reported profit after tax of Rs 37.8525 crore for the half year ended September 30, 2026, compared with Rs 14.5560 crore in the corresponding prior-year half year. Profit before tax rose to Rs 48.8150 crore from Rs 17.4557 crore, while total income increased to Rs 123.9745 crore from Rs 32.3596 crore.

The quarter ended September 30, 2026 contributed Rs 23.2034 crore of half-year profit after tax, compared with Rs 14.6491 crore in the quarter ended June 30, 2026. For the six months, cost of material consumed was Rs 60.5085 crore, depreciation and amortisation was Rs 8.5274 crore, and employee-benefit expense was Rs 4.3022 crore.

The filing presents unaudited consolidated results for Kalind and its wholly owned subsidiary, Prasad Earth Movers Private Limited. The independent auditor’s review report dated November 5, 2026 said nothing had come to its attention that caused it to believe the statement did not make the required disclosures, while also stating that a review is substantially narrower in scope than an audit.

Conclusion

Kalind’s September 2026 half-year statements show revenue and profit growth alongside a large increase in customer dues. The Rs 93.0441 crore receivables increase was partly offset in operating cash flow by higher payables, lower other current assets and higher provisions, but Rs 30.2463 crore of fixed-asset purchases and Rs 8.4523 crore of financing outflows reduced cash to Rs 1.2312 crore.

The filing does not disclose a receivables collection plan, customer ageing or a target for cash balances. The next financial results will therefore show whether the Rs 141.8317 crore receivables balance changes relative to revenue, inventories and trade payables, and whether further fixed-asset purchases affect cash and PPE after September 30, 2026.