Raja Bahadur International CWIP rises Rs 30.55 crore

Raja Bahadur International Limited increased standalone capital work-in-progress by Rs 30.55 crore in the six months ended September 30, 2026, to Rs 215.62 crore, while non-current borrowings rose Rs 28.27 crore to Rs 315.50 crore, according to unaudited standalone results released on November 3, 2026.

How much did Raja Bahadur International's capital work-in-progress increase?

Raja Bahadur International's capital work-in-progress increased by Rs 30.55 crore, from Rs 185.08 crore at March 31, 2026 to Rs 215.62 crore at September 30, 2026. The balance appeared in the standalone statement of assets and liabilities, where property, plant and equipment, or PPE, stood at Rs 101.60 crore at the September reporting date.

PPE declined by Rs 3.28 crore from Rs 104.88 crore at March 31, while capital work-in-progress expanded. Total non-current assets nevertheless rose by Rs 23.70 crore to Rs 325.55 crore at September 30 from Rs 301.85 crore at the preceding financial year-end, reflecting the increase in work-in-progress and other reported asset movements.

The filing does not identify a particular project, completion date or total capital cost for the Rs 215.62 crore work-in-progress balance. Raja Bahadur International states that it operates in real estate and cautions that quarterly profit or loss in that business does not necessarily accrue evenly over a reporting period.

How did Raja Bahadur International's borrowings change?

Raja Bahadur International reported non-current borrowings of Rs 315.50 crore at September 30, 2026, compared with Rs 287.23 crore at March 31, 2026. The Rs 28.27 crore increase was close in scale to the Rs 30.55 crore rise in capital work-in-progress, although the filing does not link an individual borrowing to a specific asset or project.

Short-term borrowings moved in the opposite direction, falling by Rs 1.61 crore to Rs 23.08 crore from Rs 24.68 crore. Other non-current financial liabilities increased to Rs 17.08 crore from Rs 9.26 crore, while total current liabilities declined to Rs 39.40 crore from Rs 49.63 crore over the same six-month period.

Other equity was Rs 8.44 crore at September 30, compared with Rs 10.21 crore at March 31, a decline of Rs 1.76 crore. Paid-up equity share capital was unchanged at Rs 2.50 crore, while the standalone statement recorded a net loss of Rs 1.76 crore for the six months ended September 30, 2026.

What do Raja Bahadur International's cash flows show about spending?

Raja Bahadur International reported Rs 32.49 crore of cash outflow for investment in fixed assets and capital work-in-progress in the six months ended September 30, 2026. Net cash used in investing activities was Rs 31.00 crore after proceeds that included Rs 0.74 crore from sales of fixed assets, Rs 0.10 crore from exchange of assets and Rs 0.66 crore of interest received.

The cash-flow statement recorded Rs 24.27 crore of proceeds from non-current borrowings during the six-month period. After a Rs 1.61 crore net repayment of current borrowings and Rs 7.01 crore of interest paid, net cash provided by financing activities was Rs 19.66 crore.

Net cash generated by operating activities was Rs 6.16 crore, while total cash and cash equivalents declined by Rs 5.18 crore over the period. Cash and cash equivalents were Rs 20.69 crore at September 30, down from Rs 25.87 crore at the beginning of the financial year, with Rs 20.67 crore held in bank current accounts.

What happened to Raja Bahadur International's six-month earnings?

Raja Bahadur International's standalone revenue from operations rose to Rs 15.53 crore in the six months ended September 30, 2026 from Rs 13.94 crore a year earlier. Other income fell to Rs 1.27 crore from Rs 5.15 crore, leaving total income at Rs 16.80 crore, compared with Rs 19.09 crore in the previous corresponding six months.

Total expenses declined to Rs 14.99 crore from Rs 16.60 crore, but profit before tax decreased to Rs 1.81 crore from Rs 2.49 crore. Finance costs were Rs 7.01 crore, below Rs 7.18 crore a year earlier, while depreciation and amortisation rose to Rs 1.16 crore from Rs 0.97 crore.

Deferred tax expense was Rs 3.57 crore for the six-month period, compared with Rs 2.93 crore in the previous corresponding period. The tax charge resulted in a standalone net loss of Rs 1.76 crore, against a Rs 0.43 crore net loss a year earlier; Raja Bahadur International notes that real-estate results may not be representative across individual quarters.

Conclusion

Raja Bahadur International's September 2026 standalone filing records a Rs 30.55 crore increase in capital work-in-progress, alongside a Rs 28.27 crore rise in non-current borrowings and Rs 31.00 crore of net investing cash outflow. Cash and cash equivalents fell by Rs 5.18 crore even as operating and financing activities generated Rs 6.16 crore and Rs 19.66 crore, respectively.

The filing does not disclose a project completion date, project-wise capital cost or allocation of debt to the work-in-progress balance. The next reported periods will show whether the Rs 215.62 crore balance moves into completed assets and how the reported borrowing and cash positions change, while the company’s stated caution on uneven real-estate profit recognition remains relevant.