Knowledge Marine CWIP reaches Rs 333.85 crore in September

Knowledge Marine & Engineering Works Limited (Knowledge Marine) reported standalone capital work-in-progress of Rs 333.85 crore at September 30, 2026, up Rs 234.69 crore from March 31, alongside Rs 312.85 crore of half-year purchases of property, plant and equipment, including capital work-in-progress and capital advances.

How much did Knowledge Marine’s capital work-in-progress increase?

Knowledge Marine’s capital work-in-progress, or CWIP, increased from Rs 99.16 crore at March 31, 2026 to Rs 333.85 crore at September 30, 2026. The Rs 234.69 crore increase was the largest movement among the separately disclosed fixed-asset lines in the standalone balance sheet over the six-month period.

Property, plant and equipment rose by Rs 43.93 crore to Rs 256.63 crore at September 30, from Rs 212.70 crore at March 31. This means the CWIP increase was more than five times the increase in completed property, plant and equipment during the period.

The balance-sheet figures show that the rise in CWIP exceeded the Rs 33.13 crore net increase in total non-current assets. Other financial assets declined from Rs 342.88 crore to Rs 60.49 crore, partly offsetting the increase in CWIP, property, plant and equipment, investments and other non-current assets.

What does Knowledge Marine’s cash-flow statement show about capital spending?

Knowledge Marine reported Rs 312.85 crore of purchases of property, plant and equipment, including CWIP and capital advances, for the half year ended September 30, 2026. The comparable combined purchase line was Rs 53.73 crore in the half year ended September 30, 2025, an increase of Rs 259.12 crore.

Net cash used in investing activities was Rs 218.09 crore in the September 2026 half year, compared with Rs 40.03 crore used in the prior-year half year. The investing section also recorded Rs 96.98 crore of net investment in term deposits, Rs 15.07 crore invested in a subsidiary and Rs 12.85 crore of interest received.

The Rs 312.85 crore purchase line cannot be treated as CWIP spending alone because the filing expressly includes completed property, plant and equipment and capital advances in that figure. The supplied statement provides no project-level allocation, asset description or completion schedule for the Rs 333.85 crore CWIP balance.

How was Knowledge Marine’s investment activity funded?

Knowledge Marine recorded Rs 157.90 crore of proceeds from issue of equity shares in its financing cash flow for the half year ended September 30, 2026. Net cash from financing activities was Rs 90.59 crore, compared with Rs 46.01 crore in the half year ended September 30, 2025.

The notes state that Knowledge Marine’s board approved a preferential issue aggregating Rs 149.99 crore on June 26, 2026. The company said it received the entire issue consideration and allotted the shares on August 4, 2026; the filing does not reconcile that approval amount with the Rs 157.90 crore proceeds shown in the cash-flow statement.

Operating activities generated Rs 97.66 crore of net cash in the September 2026 half year, compared with Rs 3.22 crore a year earlier. Profit before tax was Rs 85.28 crore, depreciation was Rs 12.39 crore and income tax paid was Rs 3.65 crore, while net borrowings and repayments reduced financing cash flow by Rs 59.19 crore.

What changed in Knowledge Marine’s borrowings and liquidity?

Knowledge Marine’s non-current borrowings fell to Rs 100.10 crore at September 30, 2026 from Rs 108.29 crore at March 31, while current borrowings declined to Rs 62.76 crore from Rs 113.77 crore. Total liabilities decreased by Rs 33.96 crore to Rs 203.36 crore over the same six months.

Cash and cash equivalents declined to Rs 10.56 crore at September 30 from Rs 40.40 crore at March 31, reflecting a Rs 29.83 crore net decrease in the half-year cash-flow statement. Bank balances other than cash equivalents, however, increased to Rs 186.87 crore from Rs 1.30 crore.

Total standalone equity increased to Rs 780.97 crore at September 30 from Rs 545.22 crore at March 31, while total assets rose to Rs 984.33 crore from Rs 782.53 crore. Trade receivables increased by Rs 6.91 crore to Rs 65.59 crore and investments increased by Rs 15.07 crore to Rs 18.25 crore.

How did Knowledge Marine’s operating results change during the investment period?

Knowledge Marine reported revenue from operations of Rs 179.98 crore for the half year ended September 30, 2026, compared with Rs 80.71 crore in the corresponding 2025 half year. Profit before tax rose to Rs 85.28 crore from Rs 21.16 crore, and net profit after tax increased to Rs 77.86 crore from Rs 17.13 crore.

Operating expenses were Rs 74.12 crore in the September 2026 half year, up from Rs 40.15 crore a year earlier. Finance costs increased to Rs 8.11 crore from Rs 6.00 crore, while depreciation and amortisation rose to Rs 12.39 crore from Rs 6.22 crore.

The standalone results for the quarter and half year ended September 30, 2026 were approved by Knowledge Marine’s board on November 6, 2026 after review and recommendation by the audit committee. The statutory auditor performed a limited review and reported that nothing had come to its attention to suggest that the statement did not meet applicable reporting requirements.

Conclusion

Knowledge Marine’s standalone statements show that capital projects under construction were the main fixed-asset movement in the first half of financial year 2026-27. CWIP rose Rs 234.69 crore to Rs 333.85 crore, while the combined purchase line for property, plant and equipment, CWIP and advances reached Rs 312.85 crore, supported by operating cash flow and equity-issue proceeds.

The next issue to watch is whether Knowledge Marine provides a project-wise allocation or completion timetable for its Rs 333.85 crore CWIP balance, as neither is disclosed in the supplied filing. The company’s September 30, 2026 share subdivision had a November 6, 2026 record date, while subsequent financial statements can show how CWIP, completed assets, cash balances and borrowings develop.