Photoquip India’s long-term debt rose Rs 2.06 crore in six months

Photoquip India Limited reported non-current borrowings of Rs 13.04 crore at September 30, 2026, up Rs 2.06 crore from March 31, 2026, while cash and cash equivalents declined by Rs 13.45 lakh to Rs 6.23 lakh. The unaudited half-year statements also show lower current borrowings and higher inventory during the six-month period.

How did Photoquip India’s non-current borrowings change?

Photoquip India’s non-current borrowings rose to Rs 13.04 crore at September 30, 2026, from Rs 10.98 crore at March 31, 2026. The Rs 2.06 crore increase matches the movement reported under non-current borrowings in the cash-flow statement for the six months ended September 30, 2026. The board approved the unaudited quarterly and half-year results on November 14, 2026.

The increase in long-term borrowings was accompanied by a reduction in current borrowings to Rs 2.00 crore from Rs 2.36 crore. Total assets increased by Rs 18.42 lakh to Rs 22.81 crore over the same period, while equity share capital remained Rs 6.00 crore. The balance-sheet movement therefore shifted the reported borrowing mix toward non-current obligations.

The cash-flow statement shows a Rs 6.30 crore increase in non-current borrowings for the year ended March 31, 2026, compared with Rs 2.06 crore in the six months ended September 30, 2026. These are not like-for-like periods, but the half-year addition was smaller than the movement recorded across the preceding full year. The filing does not disclose the lender, interest rate, maturity profile or use of the additional non-current borrowing.

What happened to Photoquip India’s cash and bank balances?

Photoquip India’s cash and cash equivalents fell to Rs 6.23 lakh at September 30, 2026, from Rs 19.68 lakh at March 31, 2026. The Rs 13.45 lakh balance-sheet decline is consistent with the Rs 13.46 lakh net decrease in cash and cash equivalents reported in the six-month cash-flow statement, with the difference arising from rounded presentation.

The closing cash-and-cash-equivalents balance comprised Rs 2.49 lakh in current accounts and Rs 3.74 lakh of cash on hand. At March 31, 2026, current-account balances were Rs 17.53 lakh and cash on hand was Rs 2.16 lakh. Bank balances within the cash-equivalents measure therefore declined by Rs 15.04 lakh, while cash on hand increased by Rs 1.58 lakh.

Photoquip India separately reported other bank balances of Rs 39.03 lakh at September 30, up from Rs 37.83 lakh at March 31. This category is distinct from cash and cash equivalents in the balance sheet and cash-flow reconciliation. The company’s reported cash-and-cash-equivalents measure consequently remained Rs 6.23 lakh despite the separate Rs 39.03 lakh other-bank-balance line.

How did working capital and current liabilities move?

Photoquip India’s inventories increased to Rs 2.80 crore at September 30, 2026, from Rs 1.94 crore at March 31, an increase of Rs 85.46 lakh. The cash-flow statement similarly records a Rs 85.45 lakh increase in inventories during the six months ended September 30, 2026, indicating inventory absorbed cash over the period.

Trade receivables moved in the opposite direction, falling to Rs 3.81 crore from Rs 4.41 crore. The cash-flow statement records a Rs 59.85 lakh decrease in receivables, compared with a Rs 71.20 lakh increase for the year ended March 31, 2026. Other current assets rose to Rs 18.73 lakh from Rs 6.32 lakh, while other non-current assets increased to Rs 5.59 crore from Rs 5.42 crore.

Trade payables due to parties other than micro and small enterprises declined to Rs 1.44 crore from Rs 1.52 crore. Amounts due to micro and small enterprises increased to Rs 4.51 lakh from Rs 2.85 lakh, and other current liabilities fell to Rs 3.90 lakh from Rs 26.87 lakh. Current lease liabilities also declined to Rs 15.92 lakh from Rs 22.19 lakh, while non-current lease liabilities reduced from Rs 4.43 lakh to nil.

What does the cash-flow statement show about funding?

Photoquip India’s cash-flow statement reports cash generated from operations of negative Rs 1.57 crore for the six months ended September 30, 2026. After direct taxes paid of Rs 5.92 lakh, the statement presents Rs 1.63 crore under net cash from operating activities; the displayed components and the reconciliation to closing cash indicate this amount operated as an outflow.

The operating result before working-capital changes was negative Rs 71.86 lakh, compared with positive Rs 17.96 lakh in the cash-flow statement for the year ended March 31, 2026. Receivable collection supplied Rs 59.85 lakh, but inventory growth absorbed Rs 85.45 lakh and other assets absorbed Rs 29.66 lakh. Finance costs of Rs 68.34 lakh were also included among the adjustments.

Investing activity produced Rs 58.42 lakh in the six-month cash reconciliation, principally from Rs 59.79 lakh of interest, dividend and rent received, offset by a Rs 1.20 lakh increase in other bank balances and Rs 17,000 of property, plant and equipment purchases. Financing activity supplied Rs 91.11 lakh after the Rs 2.06 crore non-current borrowing increase, the Rs 35.97 lakh current-borrowing reduction, Rs 68.34 lakh of finance costs paid and Rs 10.71 lakh of lease-liability payments.

How did Photoquip India’s half-year earnings and equity change?

Photoquip India reported net profit after tax of Rs 1.11 crore for the half year ended September 30, 2026, compared with Rs 7.40 lakh in the corresponding half year ended September 30, 2025. Total income declined to Rs 6.19 crore from Rs 6.76 crore, while total expenses increased to Rs 7.40 crore from Rs 6.75 crore. Profit before tax was Rs 1.21 crore, against Rs 33,000 in the prior-year half year.

Finance cost was Rs 68.34 lakh for the six months ended September 30, marginally below Rs 68.95 lakh in the corresponding 2025 period. Other equity was Rs 6.83 lakh at September 30, compared with Rs 1.18 crore at March 31, while equity share capital was unchanged at Rs 6.00 crore. The supplied pages do not include a note explaining the movement in other equity.

Conclusion

Photoquip India ended September 30, 2026 with Rs 13.04 crore of non-current borrowings, Rs 2.00 crore of current borrowings and Rs 6.23 lakh of cash and cash equivalents. Long-term borrowings increased by Rs 2.06 crore as current borrowings fell by Rs 35.97 lakh, while inventory rose by Rs 85.45 lakh and receivables declined by Rs 59.85 lakh.

The next reported results will show whether cash recovers from Rs 6.23 lakh and whether inventory changes from Rs 2.80 crore. The filing also leaves the purpose, pricing and maturity of the Rs 2.06 crore non-current borrowing increase unresolved, making further debt disclosures a point to watch after the November 14, 2026 approval of the half-year results.