Rajvi Logitrade operating cash flow falls to Rs 37.89 lakh

Rajvi Logitrade Limited generated net operating cash flow of Rs 37.89 lakh in the half year ended September 30, 2026, down from Rs 2.79 crore a year earlier, despite profit after tax rising to Rs 1.00 crore from Rs 61.48 lakh. Lower provisions, other current liabilities and trade payables absorbed cash despite collections from receivables.

Why did Rajvi Logitrade’s operating cash flow fall?

Rajvi Logitrade’s operating cash flow fell because cash generated from operations declined to Rs 66.53 lakh in the half year ended September 30, 2026, from Rs 3.00 crore in the corresponding 2025 period. Net direct taxes paid rose to Rs 28.64 lakh from Rs 21.34 lakh, reducing net cash from operating activities to Rs 37.89 lakh.

The change came after operating profit before working-capital changes remained nearly level at Rs 1.88 crore in the latest half year and Rs 1.89 crore a year earlier. Profit before tax was Rs 1.34 crore in the 2026 period, compared with Rs 82.67 lakh in the 2025 period, while depreciation was Rs 40.14 lakh, finance costs were Rs 64.34 lakh and interest income was Rs 50.33 lakh.

The cash-flow statement therefore points to working-capital movements, rather than the pre-working-capital operating measure, as the main reason for the lower cash conversion. Rajvi Logitrade prepared the cash-flow statement under Indian Accounting Standard 7, or Ind AS 7, for the half year ended September 30, 2026.

Did Rajvi Logitrade’s higher profit translate into cash?

Rajvi Logitrade’s higher first-half profit did not translate into a comparable increase in operating cash, with profit after tax at Rs 1.00 crore and net operating cash flow at Rs 37.89 lakh. In the corresponding half year of 2025, profit after tax was Rs 61.48 lakh while operating cash flow was Rs 2.79 crore.

Total income from operations increased to Rs 45.00 crore for the half year ended September 30, 2026, from Rs 39.44 crore a year earlier. Total expenses increased to Rs 43.66 crore from Rs 38.62 crore, leaving profit before tax of Rs 1.34 crore, compared with Rs 82.67 lakh in the previous-year period.

The quarter ended September 30, 2026 contributed Rs 53.91 lakh of the first-half profit after tax, compared with Rs 13.26 lakh in the quarter ended September 30, 2025. Quarterly total income from operations rose to Rs 23.26 crore from Rs 17.16 crore, while profit before tax increased to Rs 72.05 lakh from Rs 18.23 lakh.

Rajvi Logitrade said it is presently dealing in only one segment, so the filing provides no segment-level split of the Rs 45.00 crore first-half income. The difference between reported profit and cash generation reflects the cash-flow statement’s recorded movements in receivables, provisions, liabilities and payables during the six-month period.

Which working-capital items reduced Rajvi Logitrade’s cash flow?

Rajvi Logitrade received a Rs 3.79 crore cash benefit from the decrease in trade receivables in the half year ended September 30, 2026, reversing a Rs 1.89 crore cash use in the prior-year period. Trade receivables stood at Rs 4.77 crore on September 30, 2026, down from Rs 8.56 crore on March 31, 2026.

That inflow was offset by a Rs 1.92 crore reduction in provisions, a Rs 2.24 crore reduction in other current liabilities and a Rs 79.87 lakh reduction in trade payables. Other current liabilities were Rs 1.27 crore at September 30, compared with Rs 3.51 crore at March 31, while current provisions fell to Rs 3.16 lakh from Rs 1.95 crore.

Trade payables due to creditors other than micro and small enterprises declined to Rs 69.57 lakh at September 30 from Rs 1.41 crore at March 31. The balance-sheet change is consistent with the Rs 79.87 lakh cash outflow attributed to trade payables in the cash-flow statement.

Other current assets used Rs 12.93 lakh of cash and inventories used Rs 6.21 lakh, while other financial assets provided Rs 15 lakh. Together, working-capital movements represented a net cash outflow of Rs 1.21 crore, reducing the Rs 1.88 crore operating profit before working-capital changes to Rs 66.53 lakh of cash generated from operations.

What happened to Rajvi Logitrade’s investing, financing and cash balances?

Rajvi Logitrade used Rs 1.01 crore in investing activities in the half year ended September 30, 2026, compared with Rs 5.10 crore used a year earlier. The latest-period outflow included Rs 1.23 crore for movement in long-term loans and advances and Rs 28.19 lakh for property, plant and equipment or intangible assets, partly offset by Rs 50.33 lakh of interest received.

The prior-year investing cash outflow included Rs 3.68 crore for short-term investments and Rs 1.45 crore for property, plant and equipment or intangible assets. No short-term-investment outflow was recorded in the half year ended September 30, 2026.

Financing activities used Rs 1.93 crore in the latest half year, whereas they generated Rs 2.22 crore in the comparable 2025 period. Rajvi Logitrade recorded net repayment of long-term borrowings of Rs 1.51 crore and finance costs of Rs 64.34 lakh, partly offset by net short-term borrowings of Rs 22.93 lakh.

The prior-year financing cash inflow included Rs 3.99 crore received against share warrants, which was not recorded in the 2026 half-year cash-flow statement. Cash and cash equivalents fell by Rs 2.56 crore during the latest half year, from Rs 2.66 crore at the beginning of the period to Rs 9.79 lakh at September 30.

The closing cash balance comprised Rs 3.43 lakh in cash in hand and Rs 6.36 lakh in current accounts. At September 30, non-current borrowings were Rs 4.35 crore, down from Rs 5.87 crore at March 31, while current borrowings were Rs 2.91 crore, up from Rs 2.68 crore.

Conclusion

Rajvi Logitrade’s first-half results show that profit growth and the Rs 3.79 crore receivables-related cash inflow did not produce higher operating cash. Reductions in provisions, other current liabilities and trade payables reduced cash generated from operations to Rs 66.53 lakh and left net operating cash flow at Rs 37.89 lakh after taxes.

The filing does not set out a cash-flow target, operating plan or future financing event. The next reported period will show whether trade receivables remain below the Rs 8.56 crore March 31 balance, whether provisions and other current liabilities stabilise after their first-half reductions, and how Rajvi Logitrade manages cash following the September 30 closing balance of Rs 9.79 lakh.