R M Drip receivables rise to Rs 137.44 crore at H1-end

R M Drip and Sprinklers Systems Limited reported consolidated trade receivables of Rs 137.44 crore at September 30, 2026, up from Rs 136.69 crore at March 31, 2026, while cash and cash equivalents declined to Rs 63.91 lakh from Rs 72.26 lakh. Total assets increased marginally to Rs 210.71 crore.

How large were R M Drip’s receivables at September 30, 2026?

R M Drip’s trade receivables were Rs 137.44 crore at September 30, 2026, making them the largest current-asset line in its consolidated statement of assets and liabilities. The balance rose by Rs 75.49 lakh from Rs 136.69 crore at March 31, 2026, while total current assets increased by Rs 1.49 crore to Rs 181.25 crore.

The receivables balance was more than four times inventory of Rs 33.84 crore and exceeded every other current financial-asset category. Cash and cash equivalents were Rs 63.91 lakh, bank balances other than cash equivalents were Rs 12.66 lakh, and other financial assets were Rs 48.83 lakh. The filing does not provide a receivables ageing schedule, customer breakdown or payment terms.

Trade receivables represented about 76% of R M Drip’s Rs 181.25 crore of current assets at September 30, based on the reported balance-sheet lines. The concentration means that most current assets were amounts due from customers rather than immediately available cash, although the statement does not disclose collection dates or overdue balances.

Why did R M Drip’s cash balance fall in the first half?

R M Drip’s balance-sheet cash and cash equivalents declined by Rs 8.35 lakh between March 31 and September 30, 2026, to Rs 63.91 lakh. The cash-flow statement reported a Rs 31.39 lakh net decrease in cash during the six months, partly offset in the closing balance by Rs 23.04 lakh of bank deposits maturing within three months.

R M Drip reported Rs 9.78 crore of profit before tax and Rs 13.92 crore of operating profit before working-capital changes in the half year ended September 30, 2026. Working-capital movements included a Rs 1.16 crore increase in trade receivables, a Rs 2.94 crore increase in other current assets and a Rs 3.79 crore decrease in trade payables. After Rs 6.26 crore of income-tax payments, net cash generated from operating activities was Rs 4.69 crore.

Investing activities used Rs 1.42 crore, including Rs 1.41 crore for property, plant and equipment, capital work in progress and capital advances. Financing activities used Rs 3.58 crore after Rs 16 crore of long-term borrowing repayments, Rs 13.35 crore of long-term borrowing proceeds and Rs 1.38 crore of short-term borrowing proceeds. In the corresponding 2025 half year, R M Drip reported a Rs 5.96 crore operating cash outflow and cash equivalents of Rs 17.65 lakh at closing.

How did R M Drip’s total assets and asset mix change?

R M Drip’s total assets increased by Rs 1.12 crore to Rs 210.71 crore at September 30, 2026, from Rs 209.60 crore at March 31, 2026. Current assets rose by Rs 1.49 crore, while non-current assets declined by Rs 37.80 lakh to Rs 29.46 crore.

Property, plant and equipment declined by Rs 1.08 crore to Rs 21.27 crore, while capital work in progress increased by Rs 66.08 lakh to Rs 3.53 crore. Intangible assets rose to Rs 10.32 lakh from Rs 1.94 lakh, and deferred tax assets increased to Rs 1.91 crore from Rs 1.72 crore. These movements partly offset the reduction in property, plant and equipment.

Within current assets, inventory fell by Rs 12.21 lakh to Rs 33.84 crore, matching the Rs 12.21 lakh inventory decrease in the cash-flow statement. Other current assets increased by Rs 2.94 crore to Rs 8.63 crore, while other financial assets declined by Rs 1.95 crore to Rs 48.83 lakh. The filing reports these as aggregate categories and does not identify the components of other current assets.

What changed in R M Drip’s funding and current liabilities?

R M Drip’s total equity increased by Rs 5.90 crore to Rs 118.41 crore at September 30, 2026, while total liabilities declined by Rs 4.78 crore to Rs 92.30 crore. Equity share capital rose by Rs 17.84 crore to Rs 42.82 crore, whereas other equity decreased by Rs 11.94 crore to Rs 74.06 crore.

Non-current borrowings declined by Rs 2.65 crore to Rs 33.43 crore, but current borrowings increased by Rs 1.38 crore to Rs 18.90 crore. The six-month cash-flow statement recorded Rs 16 crore of long-term borrowing repayments and Rs 13.35 crore of long-term borrowing proceeds. It also reported Rs 1.38 crore of proceeds from short-term borrowings.

Current liabilities decreased by Rs 2.48 crore to Rs 56.14 crore. Trade payables due to creditors other than micro and small enterprises fell by Rs 6.04 crore to Rs 23.11 crore, while dues to micro and small enterprises increased by Rs 2.25 crore to Rs 2.49 crore. Other financial liabilities rose by Rs 3.72 crore to Rs 4.18 crore, and current tax liabilities declined by Rs 3.43 crore to Rs 5.22 crore.

What does R M Drip’s first-half income statement show?

R M Drip reported revenue from operations of Rs 69.33 crore for the half year ended September 30, 2026, compared with Rs 61.66 crore in the corresponding 2025 half year. Profit for the period nevertheless declined to Rs 7.18 crore from Rs 11.04 crore, while finance costs increased to Rs 2.31 crore from Rs 1.81 crore.

Profit before tax was Rs 9.78 crore in the 2026 half year, down from Rs 15.42 crore a year earlier. Materials consumed increased to Rs 47.82 crore from Rs 38.09 crore, employee-benefit expense rose to Rs 3.97 crore from Rs 3.28 crore, and the change in inventories was negative Rs 3.50 crore compared with negative Rs 5.29 crore in the prior-year period.

The consolidated results cover one business segment under Indian Accounting Standard 108, Operating Segments, so R M Drip did not provide separate segment information. The audit committee reviewed the unaudited results on November 9, 2026, followed by a board meeting on the same date. The independent auditor stated that nothing had come to its attention to indicate a material misstatement in the consolidated statement.

Conclusion

R M Drip ended the first half with Rs 137.44 crore in trade receivables, up Rs 75.49 lakh from March 31, alongside Rs 210.71 crore of total assets. Operating activities generated Rs 4.69 crore of net cash in the six months, but investing and financing outflows contributed to a lower Rs 63.91 lakh closing cash-and-cash-equivalents balance.

The key unresolved matter is collection visibility: the filing does not disclose a receivables ageing profile, payment terms or overdue customer balances for the Rs 137.44 crore receivable balance. Future balance-sheet disclosures can show whether that balance changes alongside current borrowings of Rs 18.90 crore, non-current borrowings of Rs 33.43 crore and operating cash generation.