Pelatro receivables reach Rs 57.90 crore as H1 cash rises

Pelatro’s trade receivables including UBR reached Rs 57.90 crore at September 30, 2026, up from Rs 48.21 crore at FY26, while cash from operating activities for FY27 H1 was Rs 9.85 crore and closing cash rose to Rs 21.01 crore. The figures show a larger amount of cash tied up in customer balances alongside a positive first-half operating cash inflow.

Why did Pelatro's trade receivables increase?

Pelatro’s trade receivables, including UBR, increased by Rs 9.69 crore from FY26 to Rs 57.90 crore on September 30, 2026. They had stood at Rs 19.86 crore in FY25, meaning the September 2026 balance was Rs 38.04 crore above the FY25 level. The presentation does not separate invoiced trade receivables from UBR or disclose the collection timing, customer concentration, ageing profile or credit-loss provision behind this movement.

The increase came as current assets expanded to Rs 92.55 crore on September 30, 2026 from Rs 75.18 crore at FY26 and Rs 62.85 crore at FY25. Receivables were the largest listed current-asset category at the September date, ahead of cash and cash equivalents of Rs 21.01 crore and other current assets of Rs 13.64 crore. This asset mix makes collection of receivables a material part of Pelatro’s near-term working-capital position.

How much operating cash did Pelatro generate in FY27 H1?

Pelatro generated Rs 9.85 crore of net cash flow from operating activities in FY27 H1 ended September 30, 2026. That compares with Rs 19.72 crore in FY26 and Rs 20.20 crore in FY25, both full-year figures and therefore not directly comparable with the six-month FY27 H1 result. The reported H1 inflow nevertheless indicates that operations produced cash despite the Rs 9.69 crore rise in receivables from the FY26 closing balance.

The income statement provides the related operating backdrop: revenue from operations was Rs 81.62 crore in FY27 H1, and earnings before interest, tax, depreciation and amortisation, or EBITDA, were Rs 18.27 crore. Profit after tax was Rs 12.57 crore for the half year. Operating cash flow was therefore lower than reported profit after tax by Rs 2.72 crore, but the cash-flow statement does not provide a reconciliation of working-capital changes or other operating adjustments in the supplied presentation.

In the second quarter of FY27, revenue from operations was Rs 41.40 crore, compared with Rs 34.05 crore in FY26 Q2, a year-on-year increase of 21.59%. FY27 Q2 EBITDA was Rs 10.14 crore versus Rs 7.49 crore a year earlier, while profit after tax rose to Rs 7.14 crore from Rs 4.65 crore. These quarterly profit measures show higher activity in the reported quarter, although the cash-flow statement gives only the cumulative September 30 position rather than a standalone Q2 cash figure.

What changed in Pelatro's cash balance after FY26?

Pelatro’s cash and cash equivalents rose by Rs 5.82 crore during FY27 H1 to a closing balance of Rs 21.01 crore on September 30, 2026. This follows a Rs 20.84 crore decrease during FY26, when closing cash fell to Rs 15.19 crore from Rs 36.03 crore at FY25. The direction of net cash movement therefore reversed in the first half of FY27, although the FY26 and FY25 movements cover full financial years.

The reversal reflected Rs 9.85 crore of operating inflow and Rs 12.02 lakh of investing inflow, partly offset by Rs 4.15 crore used in financing activities. In FY26, investing activities used Rs 38.25 crore and financing activities used Rs 2.31 crore, while operations contributed Rs 19.72 crore. FY25 showed a different mix, with Rs 52.70 crore from financing activities, Rs 44.42 crore used in investing activities and Rs 20.20 crore generated from operations.

How did Pelatro's current liabilities and funding position move?

Pelatro’s total current liabilities increased to Rs 27.88 crore on September 30, 2026 from Rs 23.32 crore at FY26, while total current assets rose by the larger Rs 17.37 crore to Rs 92.55 crore. On a current-assets-less-current-liabilities basis, calculated from the reported balance sheet, the balance was Rs 64.67 crore at September 2026, compared with Rs 51.86 crore at FY26 and Rs 48.53 crore at FY25.

Other current liabilities increased to Rs 20.24 crore from Rs 16.43 crore at FY26, accounting for much of the Rs 4.56 crore rise in total current liabilities. Short-term borrowings were Rs 1.97 crore, compared with Rs 1.89 crore at FY26, while trade payables declined to Rs 78.63 lakh from Rs 1.04 crore. Current lease liabilities rose to Rs 2.80 crore from Rs 2.41 crore over the same period.

On longer-term funding, total equity reached Rs 116.39 crore on September 30, 2026, up from Rs 103.99 crore at FY26 and Rs 79.45 crore at FY25. Non-current liabilities were Rs 55.14 crore, slightly below Rs 56.91 crore at FY26, as long-term borrowings declined to Rs 9.25 crore from Rs 10.57 crore and lease liabilities declined to Rs 24.66 crore from Rs 26.02 crore. Provisions within non-current liabilities increased to Rs 20.30 crore from Rs 19.35 crore.

Conclusion

Pelatro’s September 2026 balance sheet combines a Rs 57.90 crore receivables balance with Rs 9.85 crore of FY27 H1 operating cash flow and a Rs 5.82 crore increase in cash. The comparison with FY26 shows that cash recovered after the prior year’s Rs 20.84 crore decrease, but receivables increased by Rs 9.69 crore during the six months to September 30, exceeding the rise in closing cash.

The next disclosures will show whether receivables convert into operating cash while Pelatro pursues the growth outlook stated in its presentation. Pelatro says 100% of FY27 revenue has been contracted and describes annual revenue growth of about 15% over the next five years, with expanding EBITDA. The supplied pages do not provide a receivables collection target, an ageing schedule or a future cash-flow forecast, leaving those measures unresolved for subsequent reporting periods.