NHC Foods’ assets reach Rs 443.89 crore after funding surge

NHC Foods Limited reported standalone assets of Rs 443.89 crore at September 30, 2026, up from Rs 162.86 crore at March 31, 2026, led by Rs 238.50 crore of non-current investments and Rs 204.78 crore of non-current borrowings. The unaudited half-year results were approved by the board on November 7, 2026.

How much did NHC Foods’ standalone balance sheet expand?

NHC Foods’ standalone balance sheet expanded by Rs 281.03 crore between March 31, 2026 and September 30, 2026, with total assets rising from Rs 162.86 crore to Rs 443.89 crore. Total liabilities increased from Rs 66.63 crore to Rs 310.45 crore, while total equity increased by Rs 37.21 crore to Rs 133.44 crore.

The largest asset movement was in non-current assets, which increased from Rs 26.54 crore at March 31 to Rs 260.36 crore at September 30. Non-current investments accounted for Rs 238.50 crore of that September total, compared with Rs 5.77 crore six months earlier, while property, plant and equipment increased by Rs 59.93 lakh to Rs 15.32 crore.

What funded NHC Foods’ investment expansion?

NHC Foods recorded Rs 232.73 crore of cash outflow for an increase in non-current investments during the half year ended September 30, 2026. Its total investing cash outflow was Rs 233.80 crore, including Rs 1.08 crore for property, plant and equipment, right-of-use assets and intangibles.

Financing cash flow was Rs 230.72 crore in the same half year, compared with Rs 15.62 crore generated in the half year ended September 30, 2025. The disclosed contributors were Rs 202.49 crore received from non-current borrowings, Rs 28.61 crore from a fresh issue or rights issue of shares, and Rs 5.72 crore from current borrowings, offset partly by Rs 4.45 crore of interest expense and Rs 1.20 crore invested in other financial assets.

The financing inflow did not fully cover investment outflows and operating cash use, but cash and cash equivalents still rose by Rs 4.95 crore during the half year to Rs 5.18 crore at September 30, 2026. NHC Foods reported Rs 12.33 crore of net cash used in operating activities, compared with Rs 8.04 crore generated in the corresponding half year of 2025, after a Rs 38.51 crore increase in trade receivables.

How did borrowing and other liabilities change at NHC Foods?

NHC Foods’ non-current borrowings rose to Rs 204.78 crore at September 30, 2026 from Rs 2.29 crore at March 31, 2026, an increase of Rs 202.49 crore that aligns with the cash-flow statement’s receipt from non-current borrowings. Current borrowings increased by Rs 5.72 crore to Rs 52.17 crore over the same six-month period.

Total current liabilities rose by Rs 42.39 crore to Rs 101.92 crore at September 30. Within that total, dues to creditors other than micro enterprises and small enterprises rose by Rs 34.40 crore to Rs 45.27 crore, while short-term provisions increased by Rs 1.68 crore to Rs 2.62 crore.

Finance cost was Rs 6.51 crore in the half year ended September 30, 2026, compared with Rs 2.09 crore in the previous-year half year. The September-quarter finance cost was Rs 3.96 crore, above Rs 2.55 crore in the June 2026 quarter and Rs 1.17 crore in the September 2025 quarter, alongside the reported increase in borrowings.

How did equity and FCCB conversion affect NHC Foods’ funding?

NHC Foods’ equity share capital increased to Rs 94.38 crore at September 30, 2026 from Rs 65.78 crore at March 31, while other equity rose to Rs 39.06 crore from Rs 30.45 crore. Total equity therefore reached Rs 133.44 crore, compared with Rs 96.23 crore at the end of the preceding financial year.

The company said its board allotted 18,18,79,020 fully paid equity shares on August 25, 2026 after receiving notice for partial conversion of 19 foreign currency convertible bonds, or FCCBs, with aggregate principal of US$19 lakh. The conversion price was Rs 1 per equity share, and the disclosed paid-up share capital after the allotment was Rs 94.38 crore.

The half-year cash-flow statement separately reports Rs 28.61 crore in proceeds from fresh issue or rights issue of shares and Rs 2.25 crore from issue of share warrants. These cash-flow lines, together with the FCCB conversion disclosure, show that the reported funding structure included both borrowings and equity-linked transactions, although the filing does not allocate the investment purchases to specific instruments or projects.

Did NHC Foods’ earnings and operating segments also grow?

NHC Foods reported standalone profit after tax of Rs 8.59 crore for the half year ended September 30, 2026, compared with Rs 3.02 crore in the corresponding 2025 period. Revenue from operations rose to Rs 263.14 crore from Rs 213.72 crore, while profit before tax increased to Rs 10.88 crore from Rs 4.47 crore.

Trading generated Rs 256.66 crore of segment revenue and Rs 12.66 crore of segment result during the 2026 half year. Manufacturing contributed Rs 9.54 crore of revenue and Rs 2.30 crore of segment result, while unallocated items produced a negative Rs 4.08 crore segment result, leaving reported profit before tax of Rs 10.88 crore.

Working-capital movements differed from the previous year. Trade receivables increased by Rs 38.51 crore in the 2026 half year, while trade payables, other liabilities and provisions increased by Rs 36.07 crore; in the 2025 half year, receivables increased by Rs 4.10 crore and the latter category decreased by Rs 35.85 crore.

Conclusion

NHC Foods’ September 2026 standalone accounts show a balance-sheet transformation rather than only a rise in first-half earnings. Rs 232.73 crore of investment cash outflow was accompanied by Rs 202.49 crore of additional non-current borrowing, while assets rose to Rs 443.89 crore and profit after tax reached Rs 8.59 crore.

The next disclosed matter to watch is NHC Foods’ assessment of India’s labour-law changes. The company said the Government of India notified four labour codes on November 21, 2025, and it will evaluate any additional employee-benefit impact when final Central or State rules, or related clarifications, are notified.