Manas Polymers posts Rs 6.98 crore operating cash outflow

Manas Polymers and Energies Limited reported a Rs 6.98 crore net cash outflow from operating activities for the year ended September 30, 2026, despite generating Rs 8.98 crore of profit before tax. Inventory and short-term loans and advances absorbed Rs 24.33 crore of cash, while financing inflows of Rs 25.70 crore supported investing and liquidity requirements.

Why did Manas Polymers report an operating cash outflow?

Manas Polymers reported negative operating cash flow because working-capital movements and tax payments outweighed its Rs 8.98 crore pre-tax profit. After adding Rs 2.00 crore of depreciation and amortisation and Rs 1.16 crore of finance cost, and deducting Rs 23.03 lakh of investment income, Manas Polymers reported Rs 12.05 crore of profit before working-capital changes.

Manas Polymers’ operating outflow was Rs 77.38 lakh larger than the Rs 6.21 crore outflow shown as at March 31, 2026, while pre-tax profit was lower by Rs 1.98 crore. Cash generated from operations before tax was negative Rs 4.65 crore, and taxes paid were Rs 2.33 crore, producing the reported Rs 6.98 crore operating outflow.

How did working capital use Manas Polymers’ cash?

Manas Polymers’ largest stated working-capital cash uses were a Rs 10.10 crore increase in inventories and a Rs 14.23 crore increase in short-term loans and advances. The cash-flow statement also recorded a Rs 10.69 lakh increase in other current assets before tax payments.

The September 30, 2026 balance sheet shows the same direction of change. Inventories rose to Rs 20.48 crore from Rs 10.38 crore at March 31, 2026, while short-term loans and advances increased to Rs 24.96 crore from Rs 10.73 crore. Trade receivables fell to Rs 6.09 crore from Rs 8.59 crore, corresponding to a Rs 2.50 crore cash-flow movement, but that decline did not offset the higher inventory and advances.

Manas Polymers also recorded a Rs 3.56 crore increase in trade payables and a Rs 2.40 crore increase in short-term provisions in its working-capital adjustments. Other current liabilities decreased by Rs 72.03 lakh. These movements were reported alongside negative cash generated from operations of Rs 4.65 crore.

How did Manas Polymers fund investment and operations?

Manas Polymers reported Rs 24.88 crore of proceeds from issuing equity shares, including share premium, and Rs 7.84 crore of net long-term borrowing proceeds. These inflows were partly offset by Rs 5.72 crore of net short-term borrowing repayments, Rs 1.16 crore of interest and finance costs, and Rs 14.26 lakh of discounts given.

Net financing cash inflow was Rs 25.70 crore for the year ended September 30, 2026, compared with Rs 27.73 crore as at March 31, 2026. The financing inflow exceeded the combined Rs 25.57 crore operating and investing outflows by Rs 12.74 lakh, consistent with cash and cash equivalents increasing to Rs 30.50 lakh from Rs 17.76 lakh.

Manas Polymers’ fund-utilisation statement separately says its initial public offer raised Rs 23.52 crore between September 26, 2025 and September 30, 2025, and reports no deviation or variation in the use of those funds for the half year ended September 30, 2026. The disclosed original allocations included Rs 13.50 crore for solar capital expenditure, Rs 3.51 crore for polymer capital expenditure, Rs 2.99 crore for issue expenses and Rs 3.52 crore for general corporate purposes.

What did Manas Polymers spend on investing activities?

Manas Polymers recorded Rs 18.59 crore of net investing cash outflow, led by Rs 18.74 crore spent on property, plant and equipment. Manas Polymers also reported a Rs 7.99 lakh increase in non-current investments, partly offset by Rs 23.03 lakh of interest and other investment income.

The investing outflow was Rs 2.90 crore lower than the Rs 21.49 crore reported as at March 31, 2026. On the balance sheet, capital work in progress rose to Rs 30.91 crore at September 30, 2026 from Rs 13.05 crore at March 31, while property, plant and equipment decreased to Rs 14.02 crore from Rs 14.92 crore.

Non-current investments stood at Rs 3.15 crore at September 30, 2026, compared with Rs 3.07 crore six months earlier. The filing does not provide a project-by-project completion timetable for the Rs 30.91 crore of capital work in progress, although the fund-utilisation statement identifies solar and polymer capital expenditure as initial public offer objects.

How did Manas Polymers’ profit and balance sheet change?

Manas Polymers reported Rs 43.38 crore of revenue from operations for the half year ended September 30, 2026, up from Rs 21.50 crore in the half year ended September 30, 2025. Total income increased to Rs 43.93 crore from Rs 22.01 crore, while profit after tax rose to Rs 6.02 crore from Rs 4.44 crore.

Manas Polymers stated that it operates in polymer and power segments, but did not provide segment-level revenue, profit or cash-flow figures in the supplied results. The September 30, 2026 standalone financial results were approved by the board on November 12, 2026, and the limited-review report said nothing had come to the auditor’s attention to suggest a material misstatement.

Total assets increased to Rs 104.19 crore at September 30, 2026 from Rs 65.62 crore at March 31, 2026. Shareholders’ funds rose to Rs 68.28 crore from Rs 37.38 crore, long-term borrowings increased to Rs 16.20 crore from Rs 8.04 crore, and current liabilities decreased to Rs 19.71 crore from Rs 20.20 crore.

Conclusion

Manas Polymers’ September 30, 2026 filing shows that Rs 6.02 crore of half-year profit after tax and Rs 8.98 crore of pre-tax profit did not translate into positive operating cash flow. A Rs 10.10 crore inventory build-up and Rs 14.23 crore increase in short-term loans and advances coincided with a Rs 6.98 crore operating cash outflow, while equity issuance and longer-term borrowings supported the Rs 18.59 crore investing outflow.

The next disclosures to watch are whether the Rs 30.91 crore capital work-in-progress balance moves into completed assets and whether inventory and short-term advances reverse or continue rising. Manas Polymers has identified Rs 13.50 crore of initial public offer allocation for solar capital expenditure and Rs 3.51 crore for polymer capital expenditure, while reporting no deviation from disclosed fund-use objects as of September 30, 2026.