Rodium Realty Limited operating cash flow turns positive

Rodium Realty reported Rs 7.143 crore of net cash from operating activities for the half year ended 30 September 2026, reversing a Rs 9.7709 crore outflow a year earlier. The change occurred as inventories fell by Rs 11.0509 crore and other liabilities increased by Rs 14.4476 crore, despite a Rs 22.2442 crore increase in trade receivables.

What drove Rodium Realty’s operating cash flow turnaround?

Rodium Realty generated Rs 7.143 crore of net operating cash in the half year ended 30 September 2026, compared with a Rs 9.7709 crore outflow in the corresponding 2025 half year. This was a Rs 16.9139 crore improvement between the two periods. Cash generated from operations was Rs 7.0925 crore in the latest half year, against a Rs 9.5795 crore outflow in the prior-year period.

The reported change came from working-capital movements rather than a higher operating profit before those movements. Operating profit before working-capital changes was Rs 86.94 lakh in the half year ended 30 September 2026, down from Rs 7.1982 crore a year earlier. The latest period’s working-capital movements added Rs 6.2231 crore, while the prior-year movements used Rs 16.7777 crore.

Direct taxes paid were reported at Rs 5.05 lakh for the half year ended 30 September 2026, compared with negative Rs 19.14 lakh in the comparable period. The cash-flow statement therefore reports net operating cash of Rs 7.143 crore after cash generated from operations of Rs 7.0925 crore. The statement presents the latest-half operating cash figure alongside profit before tax of Rs 17.79 lakh.

How did working-capital movements shape reported cash?

Rodium Realty’s operating cash inflow was supported by a Rs 14.4476 crore increase in other liabilities, an Rs 11.0509 crore reduction in inventories and a Rs 4.6326 crore increase in trade payables. Together, these three movements supplied Rs 30.1311 crore of cash in the half year ended 30 September 2026.

The positive movements were partly offset by a Rs 22.2442 crore increase in trade receivables, an Rs 88.48 lakh increase in other current assets and an Rs 77.90 lakh increase in other financial assets. Trade receivables had instead supplied Rs 2.3586 crore of cash in the half year ended 30 September 2025. That reversal reduced the benefit of the liability and inventory movements in the latest period.

Other liabilities had used Rs 82.05 lakh of cash in the prior-year half year, whereas they supplied Rs 14.4476 crore in the latest half. Inventories also changed direction, using Rs 7.5577 crore in the half year ended 30 September 2025 but releasing Rs 11.0509 crore in the period ended 30 September 2026. These changes explain the positive operating cash result despite the lower pre-working-capital profit.

The consolidated balance sheet reflects these movements. Trade receivables stood at Rs 62.13 crore on 30 September 2026, compared with Rs 39.8858 crore on 31 March 2026. Inventories declined to Rs 55.3524 crore from Rs 66.4033 crore, while other current liabilities increased to Rs 50.3913 crore from Rs 35.9437 crore.

Did Rodium Realty’s operating cash match its first-half earnings?

Rodium Realty’s operating cash generation did not match its first-half earnings because working-capital movements outweighed the decline in profit. Revenue from operations increased to Rs 35.9156 crore in the half year ended 30 September 2026 from Rs 28.9049 crore a year earlier. Profit before tax, however, fell to Rs 17.79 lakh from Rs 6.7298 crore.

The group reported a loss after tax of Rs 34.05 lakh for the six months ended 30 September 2026, compared with profit after tax of Rs 4.478 crore in the corresponding 2025 period. Total income increased to Rs 36.6552 crore from Rs 29.6253 crore, while total expenses rose to Rs 36.4773 crore from Rs 22.8956 crore. The Rs 7.143 crore operating inflow therefore coincided with a reported half-year loss.

Cost of construction and development declined to Rs 22.315 crore from Rs 26.2923 crore, but changes in inventories of finished goods, stock-in-trade and work-in-progress were an expense of Rs 9.6455 crore after negative Rs 7.2779 crore a year earlier. Employee-benefit expense increased to Rs 92.93 lakh from Rs 44.02 lakh, while finance costs declined to Rs 97.64 lakh from Rs 1.0756 crore.

For the quarter ended 30 September 2026, Rodium Realty reported revenue from operations of Rs 21.3355 crore, compared with Rs 14.378 crore in the September 2025 quarter. The quarter produced a loss after tax of Rs 30.51 lakh, against profit after tax of Rs 2.2041 crore a year earlier. Rodium Realty identifies construction, development and related activities as one primary operating segment under Indian Accounting Standard 108.

How did Rodium Realty’s cash and borrowings change?

Rodium Realty reported a Rs 1.2058 crore decrease in cash and cash equivalents plus current investments during the latest half year, to Rs 8.3013 crore on 30 September 2026 from Rs 9.5071 crore on 31 March 2026. The comparable combined balance was Rs 4.7414 crore on 30 September 2025, following a Rs 1.4714 crore decrease during that half year.

Cash and cash equivalents alone were Rs 4.0956 crore at 30 September 2026, down from Rs 5.7643 crore at 31 March 2026. Current investments rose to Rs 4.2057 crore from Rs 3.7428 crore over the same period. Net cash used in investing activities was Rs 23.59 lakh in the latest half year, compared with Rs 1.1054 crore in the prior-year period.

Current borrowings increased to Rs 61.2223 crore at 30 September 2026 from Rs 59.8434 crore at 31 March 2026, while non-current borrowings declined to Rs 38.7612 crore from Rs 46.365 crore. Net cash used in financing activities was Rs 8.5848 crore in the latest half year, compared with net cash generated from financing activities of Rs 7.1942 crore a year earlier.

Total consolidated assets were Rs 190.5161 crore on 30 September 2026, compared with Rs 179.4893 crore at 31 March 2026. Total equity declined to Rs 24.5673 crore from Rs 25.0118 crore, while non-controlling interest decreased to Rs 1.3266 crore from Rs 2.71 crore. The audit committee reviewed, and the board approved, the unaudited consolidated results on 13 November 2026.

Conclusion

Rodium Realty’s Rs 7.143 crore operating cash inflow reversed the Rs 9.7709 crore outflow recorded a year earlier, but the improvement was driven by working-capital changes rather than higher operating profit. The inventory reduction, rise in trade payables and increase in other liabilities outweighed the Rs 22.2442 crore receivables build-up, while the group reported a Rs 34.05 lakh loss after tax.

The next results will show whether the Rs 62.13 crore trade-receivables balance converts into cash and whether other current liabilities remain near the Rs 50.3913 crore reported at 30 September 2026. Rodium Realty did not disclose a receivables-collection target, project-completion schedule or cash-flow guidance, and continues to report construction, development and related activities as one primary segment.