Repono capital work-in-progress reaches Rs 23.79 crore in September

Repono Limited reported consolidated capital work-in-progress of Rs 23.79 crore at September 30, 2026, an increase of Rs 20.01 crore in six months from Rs 3.79 crore at March 31. The balance-sheet movement accompanied Rs 20.06 crore of cash capital expenditure on fixed assets, including capital advances, during the period.

Why did Repono’s capital work-in-progress increase?

Repono’s consolidated capital work-in-progress increased because the balance-sheet line rose to Rs 23.79 crore at September 30, 2026, from Rs 3.79 crore at March 31, 2026. The Rs 20.01 crore movement represents unfinished capital assets recorded in the consolidated accounts; the filing does not identify the individual projects, their locations or their completion dates.

The increase changed the composition of Repono’s non-current assets during the six-month period. Total non-current assets rose by Rs 9.79 crore to Rs 47.17 crore, while other non-current assets declined by Rs 10.09 crore to Rs 9.80 crore and property, plant and equipment declined by Rs 1.00 crore to Rs 12.19 crore.

Repono’s standalone balance sheet uses a different line item, assets under development, which was Rs 1.53 crore at September 30, 2026, compared with Rs 77.54 lakh at March 31, 2026. The supplied filing does not provide a reconciliation between that standalone measure and the Rs 23.79 crore consolidated capital work-in-progress balance.

How much did Repono spend on capital expenditure?

Repono recorded Rs 20.06 crore of capital expenditure on fixed assets, including capital advances, in its consolidated cash-flow statement for the period ended September 30, 2026. That cash outflow was close to the Rs 20.01 crore six-month increase in capital work-in-progress, although the filing does not state that the two figures reconcile item by item.

The six-month capital-expenditure outflow exceeded the Rs 11.89 crore recorded for the year ended March 31, 2026. The periods are not like for like because the September figure covers six months and the March figure covers a full year, but the disclosed cash spending in the latest half year was higher than the prior full-year amount.

Repono generated Rs 4.51 crore of net cash from operating activities in the six months ended September 30, after income taxes paid of Rs 1.57 crore. Investing activities used Rs 10.53 crore overall, with the capital-expenditure outflow partly offset by Rs 10.14 crore reported from investment or redemption in fixed deposits, Rs 38.59 lakh of interest income and Rs 5.62 lakh of rent income.

How did Repono fund the balance-sheet expansion?

Repono’s consolidated short-term borrowings rose to Rs 15.05 crore at September 30, 2026, from Rs 8.70 crore at March 31, 2026, an increase of Rs 6.34 crore. In contrast, long-term borrowings declined to Rs 32.36 lakh from Rs 43.05 lakh over the same six-month period.

The consolidated cash-flow statement recorded Rs 6.34 crore of proceeds from other short-term borrowings, while repayment of long-term borrowings was Rs 10.69 lakh and finance costs were Rs 44.16 lakh. Repono does not allocate these borrowing flows to specific unfinished assets or state how much of the capital-work-in-progress balance was financed through borrowings.

Repono’s cash and cash equivalents stood at Rs 10.03 lakh at September 30, 2026, compared with Rs 12.62 lakh at March 31, 2026. Over the same period, total assets increased by Rs 12.09 crore to Rs 72.98 crore, while trade receivables rose by Rs 86.99 lakh to Rs 16.25 crore and inventories fell by Rs 9.67 lakh to Rs 20.12 lakh.

What do Repono’s IPO utilisation figures show?

Repono’s fund-utilisation certificate lists Rs 7.24 crore for forklifts, hand pallet trolleys and reach stackers, Rs 1.60 crore for a warehouse packing system, and Rs 1.05 crore for warehouse-management software. These were stated initial public offering, or IPO, objects, but the certificate does not link any of them directly to the Rs 23.79 crore consolidated capital-work-in-progress balance.

Of the Rs 7.24 crore earmarked for material-handling equipment, Rs 2.47 crore was expensed and Rs 4.77 crore remained in fixed deposits with banks at September 30, 2026. For warehouse-management software, Rs 35.40 lakh was expensed and Rs 69.62 lakh remained in fixed deposits, while the entire Rs 1.60 crore allocated for the warehouse packing system remained in fixed deposits.

The certificate recorded total projected IPO utilisation of Rs 26.68 crore, comprising Rs 18.56 crore expensed and Rs 8.12 crore in fixed deposits at September 30, 2026. It also listed Rs 10.11 crore for working-capital requirements, of which Rs 9.07 crore was expensed, and Rs 6.67 crore for general corporate purposes, which was fully expensed; the certifying accountant reported no deviations or variations from the stated objects.

How did Repono’s operating results compare with its investment activity?

Repono reported revenue from operations of Rs 35.42 crore and profit after tax of Rs 2.05 crore for the period ended September 30, 2026. For the year ended March 31, 2026, it reported revenue of Rs 65.27 crore and profit after tax of Rs 6.58 crore, but the filing does not provide a comparable prior-year six-month result.

Repono’s profit before tax for the six-month period was Rs 3.46 crore, after employee-benefit expense of Rs 14.21 crore, cost of revenue of Rs 13.69 crore and depreciation and amortisation expense of Rs 1.10 crore. The company identifies a single reportable business segment, so the results do not provide a segment-level allocation of revenue, costs or capital work-in-progress.

Conclusion

Repono’s September 2026 consolidated accounts show a large movement of assets into unfinished capital projects, with capital work-in-progress increasing by Rs 20.01 crore to Rs 23.79 crore. The rise was accompanied by Rs 20.06 crore of capital expenditure, while short-term borrowings increased by Rs 6.34 crore and total non-current assets rose by Rs 9.79 crore.

The next items to watch are the deployment of Rs 8.12 crore of IPO proceeds still held in fixed deposits and any future transfer of the Rs 23.79 crore capital-work-in-progress balance into completed assets. Repono’s filing provides no project-by-project completion target, spending schedule or allocation of the unfinished assets within its single reportable business segment.