Rishabh Instruments current borrowings rise to Rs 31.219 crore

Rishabh Instruments Limited reported current borrowings of Rs 31.219 crore at September 30, 2026, versus Rs 3.862 crore at March 31, while first-half net operating cash flow fell to Rs 47.088 crore from Rs 52.723 crore as inventories consumed Rs 20.952 crore.

Why did Rishabh Instruments' current borrowings increase?

Rishabh Instruments' current borrowings increased by Rs 27.357 crore over the six months to September 30, 2026, reaching Rs 31.219 crore from Rs 3.862 crore at March 31, 2026. Non-current borrowings, in contrast, declined to Rs 36.516 crore from Rs 37.419 crore, concentrating the reported borrowing increase in liabilities classified as current.

The filing does not identify the lenders, facilities, maturities or purposes of the current borrowings. It does show that cash and cash equivalents increased to Rs 106.474 crore at September 30, 2026 from Rs 96.411 crore at March 31, 2026, while the half-year cash-flow statement recorded a Rs 6.546 crore net repayment of borrowings.

The cash-flow repayment and the balance-sheet increase in current borrowings are separate reported measures, and the announcement does not reconcile them. Total liabilities declined to Rs 247.140 crore at September 30 from Rs 253.691 crore at March 31, while total equity increased to Rs 780.436 crore from Rs 749.073 crore.

How did inventory affect Rishabh Instruments' operating cash flow?

Inventory was the largest stated working-capital use of cash in Rishabh Instruments' half-year cash-flow statement, absorbing Rs 20.952 crore in the six months ended September 30, 2026, compared with Rs 6.192 crore in the corresponding 2025 period. The balance-sheet inventory balance rose by the same Rs 20.952 crore from March 31 to Rs 193.080 crore.

Cash generated from operations before income-tax payments fell to Rs 55.434 crore from Rs 62.547 crore a year earlier. Profit before tax in the cash-flow reconciliation was Rs 51.008 crore, compared with Rs 52.487 crore, while operating profit before working-capital changes rose to Rs 70.904 crore from Rs 70.432 crore.

Trade payables declined by Rs 5.366 crore during the latest half year, after declining by Rs 10.957 crore in the prior-year period, adding another use of cash. Other current and non-current liabilities provided Rs 10.507 crore of cash, compared with Rs 47.70 lakh a year earlier, while trade receivables on the balance sheet decreased to Rs 122.203 crore from Rs 131.932 crore.

After Rs 8.346 crore of net income-tax payments, net cash flow from operating activities was Rs 47.088 crore, down Rs 5.635 crore year on year. Revenue from operations rose to Rs 411.065 crore in the half year ended September 30, 2026 from Rs 386.663 crore, whereas profit after tax decreased to Rs 37.451 crore from Rs 41.712 crore.

Why did Rishabh Instruments' cash balance still increase?

Rishabh Instruments' cash and cash equivalents increased by Rs 10.063 crore in the half year to Rs 106.474 crore because its investing cash outflow narrowed sharply to Rs 18.353 crore from Rs 70.593 crore a year earlier. Net operating cash inflow of Rs 47.088 crore exceeded the combined investing and financing cash outflows before foreign-exchange movements.

Purchases of property, plant and equipment and intangible assets declined to Rs 25.405 crore from Rs 73.040 crore in the prior-year half. Property, plant and equipment nevertheless increased to Rs 346.184 crore at September 30 from Rs 325.647 crore at March 31, while capital work-in-progress declined to Rs 22.209 crore from Rs 41.259 crore.

Investing activity included Rs 6.389 crore of proceeds from fixed deposits, compared with Rs 7.834 crore invested in fixed deposits in the previous-year period. Interest received was Rs 5.469 crore, down from Rs 7.834 crore, and the subsidy item related to property, plant and equipment and intangible assets was a Rs 4.963 crore outflow, compared with a Rs 4.650 crore inflow a year earlier.

Foreign-exchange differences reduced cash by Rs 3.134 crore in the latest half year, versus a Rs 3.162 crore positive effect in the comparable 2025 period. Cash and cash equivalents began the period at Rs 96.411 crore and ended it at Rs 106.474 crore, with the net cash increase partly offset by that exchange difference.

What financing cash flows did Rishabh Instruments report?

Rishabh Instruments reported a net financing cash outflow of Rs 15.539 crore for the half year ended September 30, 2026, compared with an inflow of Rs 6.60 lakh in the prior-year period. The latest financing outflow included Rs 7.727 crore of dividend payments, Rs 6.546 crore of net repayment of borrowings and Rs 3.059 crore of interest paid.

The dividend followed shareholder approval on July 31, 2026 of a final dividend of Rs 2.00 per equity share, which the board had proposed on May 18, 2026. Proceeds from exercise of share options were Rs 2.700 crore, compared with Rs 1.040 crore a year earlier, and lease-liability payments were Rs 90.60 lakh, versus Rs 1.213 crore.

Finance costs in the consolidated statement of profit and loss were Rs 2.723 crore for the half year ended September 30, 2026, compared with Rs 2.700 crore in the prior-year half. The cash-flow interest payment of Rs 3.059 crore and the statement's finance-cost charge measure different items and periods of recognition, and the filing provides no reconciliation between them.

The board approved the unaudited consolidated results on November 13, 2026, and the statutory auditors issued an unmodified limited-review conclusion. Rishabh Instruments operates in a single operating segment covering test and measuring instruments and industrial control products, while reporting geographical activities across Asia, Europe and other markets.

Conclusion

Rishabh Instruments generated Rs 47.088 crore of operating cash in the half year ended September 30, 2026, but this was Rs 5.635 crore below the prior-year result as the inventory-related outflow widened to Rs 20.952 crore. Current borrowings rose to Rs 31.219 crore, while lower purchases of property, plant and equipment and intangible assets reduced the investing outflow by Rs 52.240 crore.

The next reported balance sheet and cash-flow statement will show whether inventory of Rs 193.080 crore converts into cash and whether current borrowings remain elevated after September 30, 2026. The announcement provides no borrowing maturity schedule, borrowing target or capital-expenditure plan, leaving those balance-sheet movements unresolved in the disclosed results.