Medico Remedies receivables rise 47% to Rs 120.20 crore

Medico Remedies Limited reported Rs 120.20 crore of trade receivables at September 30, 2026, up 47% from Rs 81.99 crore at March 31, while trade payables rose Rs 33.31 crore and total borrowings increased Rs 13.46 crore over the same six-month period. Medico Remedies recorded these movements in its unaudited standalone statements.

How did Medico Remedies’ receivables change?

Medico Remedies’ trade receivables increased Rs 38.21 crore, or about 47%, to Rs 120.20 crore at September 30, 2026 from Rs 81.99 crore at March 31, 2026. Receivables were the largest component of current assets at the September reporting date, exceeding inventories of Rs 34.17 crore and other current assets of Rs 16.64 crore.

The cash-flow statement recorded a Rs 38.42 crore increase in trade receivables for the half year ended September 30, 2026, compared with a Rs 17.69 lakh increase in the corresponding 2025 half. The Rs 21.04 lakh difference between this cash-flow movement and the balance-sheet movement was close to the Rs 21.03 lakh provision for expected credit losses and doubtful advances included in the operating-profit reconciliation.

Medico Remedies’ total current assets increased Rs 47.85 crore to Rs 176.76 crore during the six months. The Rs 38.21 crore rise in receivables accounted for most of that increase, while inventories rose Rs 4.16 crore and other current assets rose Rs 3.77 crore; current investments increased by Rs 5.17 lakh to Rs 1.90 crore.

What happened to Medico Remedies’ borrowings and payables?

Medico Remedies’ total borrowings rose Rs 13.46 crore to Rs 32.30 crore at September 30, 2026 from Rs 18.84 crore at March 31, 2026. Current borrowings increased Rs 9.16 crore to Rs 27.71 crore, while non-current borrowings increased Rs 4.31 crore to Rs 4.59 crore.

Trade payables increased Rs 33.31 crore to Rs 82.64 crore at September 30 from Rs 49.33 crore six months earlier. Dues to other creditors rose Rs 27.50 crore to Rs 74.62 crore, and dues to micro and small enterprises increased Rs 5.81 crore to Rs 8.02 crore.

Medico Remedies’ total current liabilities increased Rs 39.49 crore to Rs 117.13 crore, principally reflecting higher trade payables and current borrowings. Other current liabilities declined Rs 23.93 lakh to Rs 6.33 crore, while other financial liabilities increased Rs 18.00 lakh to Rs 46.13 lakh and provisions fell to nil from Rs 2.75 crore.

How did working capital affect Medico Remedies’ operating cash flow?

Medico Remedies generated Rs 4.33 crore of net cash from operating activities in the half year ended September 30, 2026, compared with Rs 58.30 lakh in the corresponding half of 2025. Cash generated from operations was Rs 5.83 crore, and income tax paid, net of refund, was Rs 1.50 crore.

The company’s indirect-method cash-flow statement classified the Rs 38.42 crore receivables increase and Rs 4.16 crore inventory increase as cash outflows within working-capital movements. These were partly offset by a Rs 33.31 crore increase in trade payables and a Rs 13.46 crore increase in borrowings, both presented as positive movements in the same reconciliation.

Operating profit before working-capital changes increased to Rs 8.17 crore from Rs 7.35 crore a year earlier. Profit before tax rose to Rs 6.61 crore from Rs 5.91 crore, while depreciation was Rs 1.48 crore against Rs 1.50 crore and the expected-credit-loss and doubtful-advance provision was Rs 21.03 lakh against a reversal of Rs 1.76 lakh.

What do Medico Remedies’ revenue and asset movements show?

Medico Remedies reported Rs 143.37 crore of revenue from operations for the half year ended September 30, 2026, compared with Rs 90.89 crore in the corresponding 2025 half. Profit after tax rose to Rs 4.90 crore from Rs 4.39 crore, while total assets increased Rs 48.64 crore to Rs 202.04 crore at September 30, 2026.

The company reviews pharmaceutical formulation manufacturing as one operating segment under Indian Accounting Standard 108, or Ind AS 108. In the quarter ended September 30, 2026, sales within India were Rs 38.46 crore compared with Rs 26.34 crore in the June 2026 quarter, while sales outside India were Rs 35.33 crore compared with Rs 42.70 crore.

Non-current assets increased to Rs 25.28 crore at September 30 from Rs 24.49 crore at March 31. Capital work in progress rose Rs 1.49 crore to Rs 4.06 crore, property, plant and equipment declined Rs 45.19 lakh to Rs 19.65 crore, and purchases of fixed assets including capital work in progress and capital advances were Rs 2.30 crore in the half year.

Conclusion

Medico Remedies’ September 2026 standalone statements show a working-capital expansion in which receivables rose Rs 38.21 crore, alongside a Rs 33.31 crore increase in trade payables, a Rs 13.46 crore rise in borrowings and a Rs 4.16 crore increase in inventory. Revenue increased Rs 52.48 crore year on year for the half, and operating cash flow was Rs 4.33 crore after these movements.

The filing does not disclose a target, plan or date for the next results announcement, and it does not state an operational reason for the receivables increase. The unresolved matter for subsequent disclosures is whether receivables of Rs 120.20 crore, payables of Rs 82.64 crore and borrowings of Rs 32.30 crore change alongside revenue and operating cash flow.