PG Foils cuts current borrowings by ₹101.01 crore in six months

PG Foils Ltd. reduced current borrowings by ₹101.01 crore in the six months ended September 30, 2026, to ₹40.43 crore from ₹141.45 crore at March 31, while other equity increased ₹31.24 crore to ₹349.34 crore. The unaudited standalone balance sheet was approved by the board on November 14, 2026.

How much did PG Foils' current borrowings fall?

PG Foils' current borrowings fell by ₹101.01 crore to ₹40.43 crore at September 30, 2026, from ₹141.45 crore at March 31, 2026. The balance sheet presents the amounts within current financial liabilities, separately from lease liabilities, trade payables and other current financial liabilities.

The reduction in borrowings was close to the ₹101.84 crore fall in total current liabilities, which declined to ₹63.01 crore at September 30 from ₹164.85 crore at March 31. Within the other reported current-liability lines, trade payables increased by ₹6.64 crore to ₹15.67 crore and other current financial liabilities fell by ₹1.22 crore to ₹5.12 crore.

PG Foils' non-current borrowings row carries no amount at either September 30 or March 31. Non-current liabilities totalled ₹9.97 crore at September 30, compared with ₹9.09 crore six months earlier, comprising items including deferred-tax liabilities of ₹7.47 crore, other financial liabilities of ₹1.90 crore and lease liabilities of ₹19.11 lakh. The filing does not explain the transactions or cash-flow sources behind the current-borrowing reduction.

What changed in PG Foils' equity and total liabilities?

PG Foils' total equity increased by ₹31.24 crore to ₹361.14 crore at September 30, 2026, from ₹329.90 crore at March 31. The movement came from other equity, which rose to ₹349.34 crore from ₹318.10 crore, while equity share capital remained unchanged at ₹11.80 crore on both dates.

The ₹31.24 crore rise in other equity was ₹5.50 crore more than the ₹25.74 crore profit after tax reported for the half year ended September 30, 2026. The filing does not provide a reconciliation between the half-year profit and the movement in other equity, so it does not identify the source of that difference.

Based on the reported total assets and total equity, total liabilities calculate to ₹72.98 crore at September 30, down from ₹173.93 crore at March 31. The ₹100.95 crore decline reflects the ₹101.84 crore reduction in current liabilities, partly offset by an ₹88.50 lakh increase in non-current liabilities, including deferred-tax liabilities rising from ₹6.58 crore to ₹7.47 crore.

Which PG Foils assets and working-capital items moved?

PG Foils' current assets declined by ₹85.12 crore to ₹347.78 crore at September 30, 2026, from ₹432.90 crore at March 31. Other current assets fell by ₹61.91 crore to ₹27.75 crore, while inventories declined by ₹40.63 crore to ₹114.67 crore over the six-month period.

Trade receivables moved in the opposite direction, increasing by ₹13.15 crore to ₹72.31 crore at September 30 from ₹59.16 crore at March 31. Cash and cash equivalents fell to ₹14.60 lakh from ₹2.54 crore, while other bank balances rose to ₹8.43 crore from ₹1.11 crore. The balance sheet reports these movements but gives no explanation for them.

Non-current assets increased by ₹15.41 crore to ₹86.34 crore at September 30 from ₹70.94 crore at March 31. Investments rose by ₹10.63 crore to ₹18.18 crore, property, plant and equipment increased by ₹2.19 crore to ₹58.87 crore, and other non-current assets rose by ₹2.51 crore to ₹8.07 crore. Capital work in progress remained ₹24.29 lakh and right-of-use assets remained ₹15.08 lakh.

How did PG Foils' first-half earnings compare?

PG Foils reported profit after tax of ₹25.74 crore for the half year ended September 30, 2026, compared with ₹1.27 crore in the corresponding half of 2025. Total income increased by ₹83.16 crore to ₹256.78 crore, while total expenses rose by ₹55.30 crore to ₹224.64 crore, producing profit before tax of ₹32.13 crore against ₹4.27 crore a year earlier.

PG Foils reported one operating segment, the manufacture or production of aluminium foil, under Indian Accounting Standard 108, or Ind AS 108. The company also stated that power generated by its windmills and solar facilities is mainly for captive use, and it disclosed no separate revenue, profit or asset figures for those power operations.

Finance costs were ₹2.72 crore in the half year ended September 30, 2026, compared with ₹1.51 crore a year earlier, despite the lower current-borrowings balance at the September reporting date. In the September quarter, profit after tax was ₹11.40 crore, compared with a loss after tax of ₹8.03 crore in the September 2025 quarter. The statutory auditor issued a limited-review report on November 14, 2026, rather than an audit opinion.

Conclusion

PG Foils' September 30 balance sheet reports a substantial change in short-term funding, with current borrowings down ₹101.01 crore and total current liabilities down ₹101.84 crore over six months. Other equity rose ₹31.24 crore, while the company reported half-year profit after tax of ₹25.74 crore compared with ₹1.27 crore in the prior-year period.

The next disclosure will need to clarify whether current borrowings remain near ₹40.43 crore and how inventory, receivables and other current assets develop after their respective ₹40.63 crore fall, ₹13.15 crore rise and ₹61.91 crore fall. PG Foils disclosed no borrowing target, repayment plan or explanation for the balance-sheet changes, leaving those matters unresolved.