Ludlow Jute spends Rs 20.58 crore as borrowings reach Rs 242.46 crore

Ludlow Jute & Specialities Limited spent Rs 20.58 crore on property, plant and equipment, capital work-in-progress and capital advances in the half year ended September 30, 2026, while total borrowings rose to Rs 242.46 crore from Rs 212.56 crore at March 31, 2026. Standalone operating cash flow was negative by Rs 82 lakh after working-capital changes and taxes.

How much did Ludlow Jute spend on capital assets?

Ludlow Jute spent Rs 20.58 crore on purchases of property, plant and equipment, capital work-in-progress, or CWIP, and capital advances during the period ended September 30, 2026. This investing cash outflow compares with Rs 62.79 crore for the full year ended March 31, 2026, which is a longer, non-comparable period. The September half-year investing section also recorded Rs 65 lakh of proceeds from sale of property, plant and equipment and Rs 13 lakh of interest received.

Net cash used in investing activities was Rs 19.90 crore for the September 2026 half year, after those receipts. The filing identifies Ludlow Jute as operating in one reportable segment, manufacturing and selling jute goods, and does not provide a product-level or project-level allocation of the Rs 20.58 crore capital-asset purchase figure.

Property, plant and equipment on the balance sheet rose by Rs 15.39 crore to Rs 227.52 crore at September 30, 2026, from Rs 212.13 crore at March 31, 2026. CWIP moved in the other direction, declining by Rs 1.61 crore to Rs 6.22 crore from Rs 7.83 crore. Depreciation and amortisation expense was Rs 3.78 crore in the half year ended September 30, 2026, compared with Rs 3.03 crore in the corresponding half year of 2025.

How did Ludlow Jute finance its cash requirements?

Ludlow Jute generated Rs 21.18 crore from financing activities in the half year ended September 30, 2026, against Rs 53.73 crore in the full year ended March 31, 2026. The half-year financing cash flow included a Rs 21.96 crore net increase in short-term borrowings and Rs 7.76 crore of interest paid.

Total borrowings reached Rs 242.46 crore at September 30, 2026, up Rs 29.90 crore from Rs 212.56 crore at March 31, 2026. Non-current borrowings increased by Rs 14.92 crore to Rs 72.67 crore, while current borrowings increased by Rs 14.02 crore to Rs 169.79 crore. The difference between the total increase and the two component changes reflects rounding in the reported figures.

Total equity rose by Rs 18.19 crore to Rs 204.37 crore over the same six months. Equity share capital was unchanged at Rs 10.80 crore, while other equity increased to Rs 193.57 crore from Rs 175.38 crore. Total assets rose to Rs 497.37 crore from Rs 452.28 crore, and total liabilities increased to Rs 293.00 crore from Rs 266.10 crore.

Why was Ludlow Jute’s operating cash flow negative?

Ludlow Jute reported net cash used in operating activities of Rs 82 lakh in the half year ended September 30, 2026 because Rs 35.04 crore of working-capital movements largely offset Rs 35.87 crore of operating profit before working-capital changes. The filing reported a Rs 17.75 crore operating cash outflow for the full year ended March 31, 2026, although that 12-month period is not directly comparable with the six-month result.

Inventory absorbed Rs 9.87 crore of cash, trade receivables absorbed Rs 11.26 crore and other receivables and prepayments absorbed Rs 8.32 crore. Trade and other payables declined by Rs 6.66 crore, adding to the cash requirement, while provisions increased by Rs 1.07 crore. Direct taxes paid, net of refunds, were Rs 63 lakh.

Trade receivables on the balance sheet increased to Rs 65.80 crore at September 30, 2026, from Rs 54.53 crore at March 31, 2026. Other current assets rose to Rs 28.32 crore from Rs 21.38 crore, while inventories are shown in the cash-flow statement as a Rs 9.87 crore use of cash during the half year.

Despite the operating and investing outflows, cash and cash equivalents increased by Rs 46 lakh to Rs 58 lakh at September 30, 2026, from Rs 12 lakh at the start of the financial year. The Rs 21.18 crore financing inflow exceeded the combined Rs 19.90 crore investing outflow and Rs 82 lakh operating outflow.

Did Ludlow Jute’s earnings increase in the September half year?

Ludlow Jute’s profit after tax increased to Rs 17.72 crore in the half year ended September 30, 2026, from Rs 11.35 crore in the corresponding half year ended September 30, 2025. Revenue from operations rose to Rs 399.11 crore from Rs 318.18 crore, while profit before tax increased to Rs 23.67 crore from Rs 15.46 crore.

Finance costs increased to Rs 8.71 crore in the September 2026 half year from Rs 7.13 crore a year earlier. Employee benefits expense declined to Rs 40.71 crore from Rs 41.44 crore, while other expenses increased to Rs 48.76 crore from Rs 39.84 crore. Total expenses rose to Rs 375.81 crore from Rs 233.26 crore, as reported in the standalone results.

The filing says that revenue for both the quarter and half year ended September 30, 2026 includes Rs 3.51 crore from price revisions relating to jute bags sold in earlier years. Those revisions followed Gazette notifications issued by the Office of the Jute Commissioner during the current half year. Therefore, the reported Rs 80.93 crore revenue increase includes this specified adjustment.

What did Ludlow Jute report for the September quarter?

Ludlow Jute reported September-quarter profit after tax of Rs 11.29 crore, compared with Rs 6.43 crore in the June 2026 quarter and Rs 6.86 crore in the September 2025 quarter. September-quarter revenue from operations was Rs 309.64 crore, compared with Rs 180.47 crore in the preceding quarter and Rs 135.15 crore a year earlier.

Profit before tax was Rs 15.08 crore in the September 2026 quarter, against Rs 8.59 crore in the June 2026 quarter and Rs 9.15 crore in the September 2025 quarter. Finance costs were Rs 4.49 crore for the September quarter, compared with Rs 4.22 crore in the June quarter and Rs 3.50 crore in the year-earlier quarter.

The board approved the unaudited standalone results on November 13, 2026, following review by the audit committee. The statutory auditor’s limited-review report said that nothing had come to its attention to indicate that the standalone financial statement had not disclosed the required information or contained a material misstatement.

Conclusion

Ludlow Jute’s September 2026 half-year filing shows Rs 20.58 crore of capital-asset purchases, a Rs 29.90 crore rise in borrowings and an Rs 82 lakh operating cash outflow. Profit after tax increased by Rs 6.37 crore year on year to Rs 17.72 crore, but increases in inventories, receivables and other receivables and prepayments absorbed most of the operating cash generated before working-capital movements.

The filing does not disclose a future capital-expenditure budget, borrowing target or scheduled financing event. The unresolved matters for subsequent disclosures are whether the Rs 65.80 crore trade-receivables balance and working-capital movements convert into operating cash generation, and how current borrowings of Rs 169.79 crore develop after September 30, 2026.