Pharmaids borrowings rise to Rs 25.50 crore in September

For the half year ended September 30, 2026, Pharmaids Pharmaceuticals Limited reported Rs 25.50 crore of consolidated borrowings, up from Rs 22.24 crore at March 31, while net operating cash flow was Rs 1.89 lakh. Pharmaids ended the period with Rs 15.70 lakh of cash and cash equivalents after a Rs 95.80 lakh financing inflow.

How much did Pharmaids’ borrowings increase?

Pharmaids’ consolidated borrowings increased by Rs 3.26 crore between March 31, 2026 and September 30, 2026. Non-current borrowings rose to Rs 14.95 crore from Rs 12.06 crore, while current borrowings rose to Rs 10.55 crore from Rs 10.18 crore. The increase was therefore concentrated in borrowings classified as non-current on the consolidated balance sheet.

Total equity fell to Rs 47.69 crore at September 30 from Rs 49.49 crore at March 31. Equity attributable to Pharmaids’ owners declined to Rs 47.78 crore from Rs 49.87 crore, while non-controlling interest improved to negative Rs 9.35 lakh from negative Rs 38.46 lakh. Total assets were Rs 87.87 crore at September 30, compared with Rs 88.47 crore six months earlier.

The filing classifies Rs 10.55 crore as current borrowings and Rs 14.95 crore as non-current borrowings, but does not identify lenders, interest rates, security or contractual maturity dates. Pharmaids also reported lease liabilities of Rs 2.23 crore at September 30, comprising Rs 1.81 crore of non-current liabilities and Rs 42.28 lakh of current liabilities; these are presented separately from borrowings.

What cash did Pharmaids generate from operations?

Pharmaids generated Rs 1.89 lakh from operating activities in the half year ended September 30, 2026, compared with Rs 3.73 crore used in operations in the corresponding 2025 period. The cash-flow statement showed Rs 4.11 lakh of profit before tax, Rs 97.54 lakh of depreciation and Rs 1.30 crore of finance-cost adjustment before movements in working capital.

Working-capital movements included a Rs 22.87 lakh reduction in inventories, a Rs 13.27 lakh reduction in trade receivables and a Rs 39.06 lakh reduction in other current assets. These inflows were offset by a Rs 71.13 lakh decline in trade payables, a Rs 36.58 lakh decline in other financial liabilities and a Rs 1.93 crore decline in other current liabilities. No income-tax payment was reported, leaving net operating cash flow at Rs 1.89 lakh.

Revenue from operations was Rs 8.46 crore in the six months ended September 30, 2026, down from Rs 15.27 crore a year earlier. Pharmaids reported profit after tax of Rs 6.24 lakh, compared with a loss of Rs 7.81 crore in the prior-year half year. The latest period included Rs 4.20 crore of exceptional items, whereas the prior-year half year included Rs 2.99 crore of exceptional items.

How did financing activity affect Pharmaids’ cash?

Pharmaids recorded a Rs 95.80 lakh net cash inflow from financing activities in the half year ended September 30, 2026, compared with a Rs 18.35 crore outflow in the corresponding 2025 period. Borrowing proceeds were Rs 11.05 crore and repayments were Rs 6.47 crore, resulting in a positive net borrowing movement before interest and lease payments.

Interest paid on loans was Rs 3.21 crore and lease-liability repayments were Rs 41.17 lakh during the half year. The cash-flow statement also included a Rs 1.30 crore finance-cost adjustment in operating cash flow, while the income statement reported Rs 1.26 crore of finance costs for the half year. The filing does not explain the difference between those two reported finance-cost figures.

Cash and cash equivalents increased by Rs 2.35 lakh to Rs 15.70 lakh at September 30, 2026 from Rs 13.35 lakh at the beginning of the year, according to the cash-flow statement. The closing balance comprised Rs 1.01 lakh of cash on hand and Rs 14.69 lakh in bank current and deposit accounts. The balance sheet separately reported Rs 14.19 lakh of cash and cash equivalents at March 31, 2026.

What other balance-sheet changes affected Pharmaids’ liquidity?

Pharmaids’ current assets declined to Rs 10.31 crore at September 30 from Rs 11.86 crore at March 31, while current liabilities declined to Rs 21.34 crore from Rs 23.06 crore. Trade receivables decreased to Rs 3.34 crore from Rs 3.78 crore, and other current assets fell to Rs 4.00 crore from Rs 5.12 crore. The decline in current liabilities included lower trade payables and other financial liabilities.

Capital work-in-progress increased to Rs 7.96 crore at September 30 from Rs 7.35 crore at March 31. Pharmaids reported Rs 1.27 crore of purchases of property, plant and equipment including capital work-in-progress in investing cash flow, compared with Rs 73.19 lakh in the prior-year period. The same statement recorded Rs 1.11 crore of capital expenditure acquired on credit, while net cash used in investing activities was Rs 95.33 lakh.

Non-current assets increased to Rs 77.56 crore from Rs 76.61 crore over the six months. Property, plant and equipment declined to Rs 19.88 crore from Rs 20.00 crore, while deferred tax assets increased to Rs 12.29 crore from Rs 11.73 crore. Goodwill on business purchase and consolidation was unchanged at Rs 31.42 crore, and Pharmaids reported one operating segment, contract research and manufacturing services.

Conclusion

Pharmaids’ September 2026 balance sheet shows higher consolidated borrowings alongside limited operating cash generation. Borrowings rose by Rs 3.26 crore to Rs 25.50 crore, while operations contributed Rs 1.89 lakh of cash and financing activity contributed Rs 95.80 lakh after Rs 6.47 crore of borrowing repayments, Rs 3.21 crore of interest payments and Rs 41.17 lakh of lease repayments.

The filing leaves the terms of the Rs 25.50 crore borrowing balance unresolved because it does not disclose lenders, rates, security or maturity dates. Subsequent disclosures can also clarify developments in the Rs 7.96 crore capital work-in-progress balance and whether financing, operating cash flow or both fund further capital expenditure.