National Plastic long-term borrowings rise to Rs 16.22 crore

National Plastic Industries Limited reported non-current borrowings of Rs 16.22 crore at September 30, 2026, compared with Rs 5.80 crore at March 31, 2026, as total borrowings rose to Rs 28.49 crore. Its standalone half-year balance sheet also recorded higher inventories, receivables and property, plant and equipment.

Why did National Plastic’s long-term borrowings increase?

National Plastic’s filing does not disclose why non-current borrowings rose by Rs 10.42 crore between March 31, 2026 and September 30, 2026. The balance sheet reports Rs 16.22 crore of borrowings within non-current financial liabilities at September 30, compared with Rs 5.80 crore at the March year-end.

The statement does not name lenders or provide interest rates, security, repayment dates or the stated use of the additional borrowing. Total non-current liabilities rose to Rs 22.37 crore at September 30 from Rs 12.08 crore at March 31, an increase of Rs 10.29 crore that largely tracked the change in non-current borrowings.

How did National Plastic’s borrowing mix change?

National Plastic shifted more of its reported borrowings into the non-current category during the six months ended September 30, 2026. Current borrowings fell to Rs 12.27 crore from Rs 16.35 crore at March 31, a reduction of Rs 4.08 crore, while non-current borrowings increased by Rs 10.42 crore.

Total borrowings therefore increased to Rs 28.49 crore at September 30 from Rs 22.15 crore at March 31, up Rs 6.34 crore. The increase in non-current borrowings exceeded the reduction in current borrowings, but the unaudited standalone statement does not establish whether this reflected refinancing, fresh facilities or reclassification of existing debt.

Lease liabilities also changed maturity classification over the period. Current lease liabilities were Rs 1.85 crore at September 30, compared with Rs 83.84 lakh at March 31, while non-current lease liabilities were nil at September 30 against Rs 86.88 lakh at the March year-end.

How did National Plastic’s assets change by September 30?

National Plastic’s total assets increased by Rs 9.79 crore to Rs 91.74 crore at September 30, 2026, from Rs 81.95 crore at March 31. Current assets rose to Rs 54.87 crore from Rs 46.89 crore, while non-current assets increased to Rs 36.87 crore from Rs 35.06 crore.

Inventories increased to Rs 29.84 crore from Rs 26.39 crore, a rise of Rs 3.45 crore. Trade receivables increased to Rs 12.79 crore from Rs 12.21 crore, and other current assets climbed to Rs 12.00 crore from Rs 9.12 crore. These three asset categories together rose by Rs 7.92 crore during the six-month period.

Property, plant and equipment increased to Rs 31.90 crore at September 30 from Rs 29.97 crore at March 31, a gain of Rs 1.93 crore. The balance sheet also reported capital work in progress of Rs 23.28 lakh at September 30, whereas no amount was reported for that line at March 31.

What do National Plastic’s current assets and liabilities show?

National Plastic reported current assets of Rs 54.87 crore and current liabilities of Rs 22.24 crore at September 30, 2026. At March 31, current assets were Rs 46.89 crore and current liabilities were Rs 23.49 crore, representing a Rs 7.98 crore increase in current assets and a Rs 1.25 crore reduction in current liabilities.

Cash and cash equivalents declined to Rs 18.50 lakh at September 30 from Rs 59.90 lakh at March 31. The reported increase in current assets was concentrated in inventories, trade receivables and other current assets, while current borrowings fell by Rs 4.08 crore over the same six months.

Trade payables rose to Rs 4.06 crore at September 30 from Rs 2.64 crore at March 31, an increase of Rs 1.42 crore. Provisions increased to Rs 90 lakh from Rs 34.46 lakh, while the filing provides no notes explaining changes in inventory, collections, payables or provisions.

How did National Plastic’s half-year profit compare with last year?

National Plastic reported standalone net profit of Rs 1.69 crore for the six months ended September 30, 2026, compared with Rs 2.47 crore for the six months ended September 30, 2025. Profit before tax was also Rs 1.69 crore for the latest half year, and the statement reported no tax expense in either six-month comparison period.

Revenue from operations declined to Rs 36.50 crore for the six months ended September 30, 2026, from Rs 44.73 crore a year earlier. Total expenses declined to Rs 37.15 crore from Rs 42.30 crore, while other income was Rs 35 lakh compared with Rs 44.20 lakh in the corresponding prior-year period.

Finance cost was Rs 87.45 lakh for the six months ended September 30, 2026. National Plastic identifies its business as manufacturing plastic moulded and extruded articles and polyvinyl chloride, or PVC, mats, but its November 5, 2026 filing provides no segment-wise revenue, debt-deployment detail or management outlook.

Conclusion

National Plastic’s September 30 balance sheet records a Rs 10.42 crore increase in non-current borrowings and a Rs 6.34 crore increase in total borrowings since March 31. At the same time, total assets increased by Rs 9.79 crore, with inventories, receivables, other current assets and property, plant and equipment all higher, while cash and cash equivalents fell to Rs 18.50 lakh.

The next balance-sheet disclosure will be relevant for changes in the Rs 16.22 crore non-current borrowing balance, the Rs 29.84 crore inventory position and the Rs 12.79 crore receivables balance. National Plastic’s filing does not disclose a repayment plan, borrowing target, lender terms or capital-expenditure timetable, apart from Rs 23.28 lakh of capital work in progress at September 30.