RFBL Flexi Pack Limited reports Rs 8.15 crore H1 profit

RFBL Flexi Pack Limited reported consolidated profit after tax of Rs 8.15 crore for the half year ended September 30, 2026, on revenue from operations of Rs 100.85 crore. The unaudited result compared with profit of Rs 1.37 crore on revenue of Rs 14.55 crore in the half year ended September 30, 2025, although operating cash flow turned negative.

How did RFBL Flexi Pack perform in the September 2026 half year?

RFBL Flexi Pack reported total revenue of Rs 100.91 crore and consolidated profit before tax of Rs 9.76 crore for the half year ended September 30, 2026. Revenue from operations was Rs 100.85 crore and other income was Rs 6.42 lakh, compared with total revenue of Rs 14.55 crore in the corresponding half year of 2025.

Profit after tax increased to Rs 8.15 crore from Rs 1.37 crore a year earlier, while total expenses rose to Rs 91.15 crore from Rs 13.19 crore. Current tax expense was Rs 1.61 crore in the September 2026 half year, whereas the comparable September 2025 result reported no current tax expense.

RFBL Flexi Pack’s latest half-year profit was also above the Rs 6.89 crore reported for the half year ended March 31, 2026. Revenue of Rs 100.85 crore was, however, lower than Rs 133.82 crore in that preceding half year; the March figures are audited while the September 2026 figures are unaudited.

What changed in RFBL Flexi Pack’s costs and earnings per share?

RFBL Flexi Pack recorded material consumption and direct expenses of Rs 80.15 crore, the largest cost line in the September 2026 half year, up from Rs 16.95 crore a year earlier. The change in inventory was an expense of Rs 8.12 crore, compared with a Rs 5.06 crore reduction in the September 2025 half year.

Employee benefit expense was Rs 87.44 lakh, finance costs were Rs 41.20 lakh and depreciation and amortisation expense was Rs 25.47 lakh. Other expenses rose to Rs 1.34 crore from Rs 53.40 lakh, while finance costs were marginally below Rs 42.30 lakh in the prior-year half.

RFBL Flexi Pack reported basic and diluted earnings per share of Rs 3.49 for the September 2026 half year, against Rs 0.84 a year earlier. The company stated that half-year earnings per share were not annualised, and that the calculation reflected the Accounting Standard 20 treatment of its bonus issue from the earliest period presented.

The filing states that RFBL Flexi Pack has one reportable segment under Accounting Standard 17, or AS 17. It therefore does not provide a product, geographical or business-division split for the Rs 100.85 crore of operating revenue in the latest half year.

Why was RFBL Flexi Pack’s operating cash flow negative?

RFBL Flexi Pack reported a Rs 30.81 crore net cash outflow from operating activities for the half year ended September 30, 2026, despite Rs 10.43 crore of operating profit before working-capital changes. Net working-capital movements used Rs 41.24 crore, compared with a Rs 43.98 lakh working-capital cash inflow in the half year ended March 31, 2026.

Trade receivables increased by Rs 59.16 crore and other current assets increased by Rs 9.46 crore during the September half. These cash uses were partly offset by a Rs 8.12 crore inventory reduction and a Rs 25.63 crore increase in payables, while short-term provisions reduced cash by Rs 6.20 crore.

RFBL Flexi Pack’s cash and cash equivalents nevertheless rose to Rs 2.01 crore at September 30, 2026 from Rs 1.88 lakh at March 31, 2026. Financing activities supplied Rs 36.80 crore, including Rs 35.33 crore of equity-issue proceeds, Rs 1.88 crore of borrowing proceeds and Rs 41.20 lakh of finance costs.

How did RFBL Flexi Pack’s balance sheet change by September 2026?

RFBL Flexi Pack’s consolidated total assets increased to Rs 116.28 crore at September 30, 2026 from Rs 50.05 crore at March 31, 2026. Trade receivables accounted for most of the movement, rising to Rs 78.63 crore from Rs 19.47 crore, while inventories fell to Rs 5.42 crore from Rs 13.53 crore.

Property, plant and equipment rose to Rs 8.90 crore from Rs 5.16 crore, alongside the Rs 3.99 crore cash outflow for property, plant and equipment reported in the half-year cash-flow statement. Other current assets increased to Rs 21.32 crore from Rs 11.86 crore over the same period.

Share capital was Rs 23.32 crore at September 30, 2026, compared with Rs 16.25 crore at March 31, while reserves and surplus rose to Rs 46.68 crore from Rs 10.27 crore. Long-term borrowings increased to Rs 2.81 crore from Rs 96.04 lakh and short-term borrowings were Rs 9.19 crore, compared with Rs 9.15 crore.

Trade payables due to creditors other than micro and small enterprises rose to Rs 29.44 crore from Rs 3.81 crore. Short-term provisions fell to Rs 3.82 crore from Rs 8.40 crore, a balance-sheet movement that corresponds with the Rs 6.20 crore cash outflow for short-term provisions in the cash-flow statement.

What was RFBL Flexi Pack’s IPO proceeds position?

RFBL Flexi Pack’s auditor-certified IPO statement reported Rs 1.91 crore of net IPO proceeds as unutilised at September 30, 2026, held in an escrow account with IndusInd Bank. The company raised Rs 35.33 crore through a fresh issue of 70.65 lakh equity shares at Rs 50 each and incurred Rs 91.90 lakh of issue expenses, leaving net proceeds of Rs 34.41 crore.

The utilisation table records cumulative deployment of Rs 32.50 crore, including Rs 10.54 crore for capital expenditure, Rs 17.76 crore for working-capital requirements and Rs 4.20 crore for general corporate purposes. It identifies Rs 1.88 crore as unutilised for capital expenditure and Rs 3.37 lakh as unutilised for general corporate purposes; capital expenditure utilisation includes capital advances.

The accompanying certificate states that Rs 32.50 crore had been used, but its underlying figure is Rs 3 lakh higher than the amount in the utilisation table. Both the table and certificate show Rs 1.91 crore unutilised, and the auditor stated that there was no deviation or variation from the IPO objects stated in the prospectus.

RFBL Flexi Pack’s Board approved the financial results and the assets-and-liabilities statement on November 13, 2026, after Audit Committee review. The company prepared the results under Accounting Standards prescribed under Section 133 of the Companies Act, 2013, and stated that prior-period figures were regrouped or reclassified where necessary.

Conclusion

RFBL Flexi Pack’s September 2026 half-year filing combines a substantial rise in reported revenue and profit with a significant cash conversion gap. Profit after tax reached Rs 8.15 crore, but the Rs 59.16 crore rise in trade receivables was the main contributor to a Rs 30.81 crore operating cash outflow.

The next reported developments to watch are movements in the Rs 78.63 crore receivables balance and the use of the Rs 1.91 crore of IPO proceeds held in escrow at September 30, 2026. The company’s subsequent disclosures may also clarify the Rs 3 lakh difference between the IPO utilisation table and the auditor certificate.