Rajputana Industries posts Rs 13.91 crore PBT, cash outflow

Rajputana Industries Limited reported Rs 13.91 crore of profit before tax for the period ended September 30, 2026, but its operating activities used Rs 1.35 crore of cash after inventory rose Rs 50.18 crore and trade receivables increased Rs 12.48 crore from March 31, 2026.

What profit did Rajputana Industries report for September 2026?

Rajputana Industries reported profit before tax of Rs 13.91 crore for the period ended September 30, 2026. Its board considered and approved the unaudited financial results on October 31, 2026, along with the limited review report under Regulation 33 of the Securities and Exchange Board of India listing regulations.

The six-month profit before tax was lower than Rs 16.38 crore reported for the year ended March 31, 2026, although the periods are not directly comparable because the latest statement covers six months and the earlier figure covers a full year. Operating profit before working-capital changes was Rs 22.73 crore in the September 2026 period, compared with Rs 28.25 crore in FY26.

Interest and finance charges of Rs 7.00 crore, depreciation of Rs 1.68 crore, and a gratuity provision of Rs 23.77 lakh were among the adjustments from pre-tax profit to operating profit before working-capital changes. The cash-flow statement records these items for the period ended September 30, 2026.

Why did Rajputana Industries report negative operating cash flow?

Rajputana Industries reported negative operating cash flow because working-capital changes reduced its Rs 22.73 crore operating profit before those movements to cash generated from operations of Rs 21.33 lakh. Income taxes paid, net of refunds, were Rs 1.56 crore, producing a Rs 1.35 crore net cash outflow from operating activities.

Inventory was the largest cash use, rising Rs 50.18 crore during the six-month period, while trade receivables rose Rs 12.48 crore and other current assets increased Rs 1.55 crore. These increases were partly offset by a Rs 26.81 crore rise in other financial liabilities, Rs 11.21 crore in trade payables, and Rs 1.86 crore in other current liabilities.

The inventory increase exceeded the Rs 34.48 crore inventory cash use reported for the full year ended March 31, 2026, while the Rs 12.48 crore receivables increase was slightly above the FY26 increase of Rs 11.99 crore. FY26 nevertheless recorded Rs 8.97 crore of operating cash inflow, showing that the wider mix of operating and working-capital movements differed between the two reported periods.

How did Rajputana Industries' balance sheet change by September 2026?

Rajputana Industries' total assets increased to Rs 316.46 crore at September 30, 2026, from Rs 251.62 crore at March 31, 2026. Current assets rose to Rs 245.02 crore from Rs 181.08 crore, while non-current assets increased to Rs 71.44 crore from Rs 70.54 crore.

The current-asset movement was led by inventory, which rose to Rs 188.63 crore from Rs 138.45 crore, and trade receivables, which increased to Rs 41.00 crore from Rs 28.52 crore. Cash and cash equivalents rose to Rs 1.27 crore from Rs 32.01 lakh, while bank balances other than cash and cash equivalents declined to Rs 2.15 crore from Rs 3.30 crore.

Property, plant and equipment stood at Rs 60.82 crore at September 30, 2026, up from Rs 55.72 crore at March 31, 2026. Capital work-in-progress fell to Rs 8.63 crore from Rs 13.24 crore, while the cash-flow statement recorded Rs 2.17 crore spent on fixed assets and capital work-in-progress during the period.

How were Rajputana Industries' working-capital needs funded?

Rajputana Industries funded part of the balance-sheet expansion through higher current liabilities and short-term borrowing. Short-term borrowings rose to Rs 55.51 crore at September 30, 2026, from Rs 44.05 crore at March 31, 2026, consistent with the Rs 11.46 crore increase reported in financing cash flows.

Other financial liabilities increased to Rs 75.64 crore from Rs 48.83 crore, while trade payables other than those owed to micro and small enterprises rose to Rs 65.30 crore from Rs 54.04 crore. Total current liabilities therefore increased to Rs 205.06 crore from Rs 150.19 crore, and current tax liabilities rose to Rs 2.44 crore from Rs 71.99 lakh.

Financing activities generated net cash of Rs 3.57 crore in the period ended September 30, 2026. Rajputana Industries received Rs 5.00 crore of long-term borrowings, repaid Rs 5.89 crore, and paid Rs 7.00 crore in interest and finance charges; long-term borrowings on the balance sheet fell to Rs 18.19 crore from Rs 19.07 crore.

What did the limited review say about Rajputana Industries' results?

Rajputana Industries' auditor said nothing had come to its attention that caused it to believe the September 2026 unaudited standalone results contained a material misstatement or omitted disclosures required under Regulation 33. Mohata Baheti & Associates issued the limited review report on October 31, 2026.

The report was a limited review, not an audit opinion. It states that the review was conducted under Standard on Review Engagements 2410 and provides moderate assurance, while being substantially narrower than an audit performed under Standards on Auditing.

Rajputana Industries prepared the standalone results under Indian Accounting Standard 34, or Ind AS 34, for interim financial reporting. The company describes its business as manufacturing non-ferrous metal products, alloy products and winding wires, and states that segment reporting does not apply because it operates in a single segment.

Conclusion

Rajputana Industries combined Rs 13.91 crore of pre-tax profit for the period ended September 30, 2026 with a Rs 1.35 crore operating cash outflow. The difference principally reflected the Rs 50.18 crore inventory increase and Rs 12.48 crore receivables increase, which outweighed operating cash support from higher payables and other financial liabilities.

The next financial results will indicate whether inventory of Rs 188.63 crore and receivables of Rs 41.00 crore at September 30, 2026 convert into cash. They will also show movements in Rs 55.51 crore of short-term borrowings, Rs 75.64 crore of other financial liabilities, and the Rs 7.00 crore interest and finance charge reported for the six-month period.