Sanco Trans Receivables Rise ₹7.33 Crore in Six Months

Sanco Trans Limited recorded a ₹7.33 crore cash outflow from trade receivables in the half-year ended September 30, 2026, as the balance increased to ₹41.46 crore from ₹34.13 crore at March 31, 2026. The receivables movement exceeded the ₹6.32 crore of net operating cash flow reported for the six months.

How much did Sanco Trans trade receivables increase?

Sanco Trans trade receivables increased by ₹7.33 crore over the six months ended September 30, 2026, reaching ₹41.46 crore from ₹34.13 crore at March 31, 2026. The cash-flow statement records the same ₹7.33 crore movement as an operating-cash outflow, meaning cash was absorbed by the increase in amounts due from customers.

Revenue from operations rose to ₹79.58 crore in the half-year ended September 30, 2026, from ₹65.57 crore in the corresponding 2025 half-year. The filing does not provide a debtor-ageing schedule, customer concentration data or an explanation for the receivables increase, so it does not identify whether the movement reflected billing growth, collection timing, credit terms or another factor.

The ₹7.33 crore receivables outflow was higher than the ₹4.31 crore outflow in the half-year ended September 30, 2025. Cash absorbed by receivables therefore increased by ₹3.03 crore year on year, while revenue from operations increased by ₹14.01 crore; Sanco Trans reports logistics as its only business segment and gives no service-line receivables split.

How did receivables affect Sanco Trans operating cash flow?

Sanco Trans generated ₹6.32 crore of net cash from operating activities in the September 2026 half-year, but the ₹7.33 crore receivables outflow was the largest specified working-capital use of cash. Other reconciliation items, including non-cash charges and movements in liabilities, helped offset that outflow.

Profit before tax was ₹6.76 crore for the six-month period, including a ₹2.28 crore exceptional item described as an arbitration claim settlement received. The operating cash-flow reconciliation added back ₹2.79 crore of depreciation and impairment of property, plant and equipment, ₹46.94 lakh of right-of-use asset amortisation and ₹45.48 lakh of interest expense.

Trade payables supplied ₹4.84 crore of cash in the latest half-year, compared with a ₹2.46 crore use of cash a year earlier. Trade payables on the balance sheet rose to ₹11.36 crore at September 30, 2026, from ₹6.52 crore at March 31, 2026, partly offsetting the receivables-related cash absorption.

Other current assets used ₹1.24 crore of cash in the latest half-year, compared with ₹86.44 lakh in the corresponding prior-year period, while inventory used ₹6.29 lakh. Contract liabilities also used ₹46.08 lakh of cash, following a ₹15.14 lakh outflow in the September 2025 half-year.

How did Sanco Trans cash and funding change during the half-year?

Sanco Trans increased cash and cash equivalents by ₹2.76 crore to ₹6.92 crore at September 30, 2026, from ₹4.16 crore at the start of the period. Net operating cash inflow of ₹6.32 crore exceeded investing and financing cash outflows during the six months.

Investing activities used ₹1.89 crore in the September 2026 half-year, lower than the ₹5.27 crore used in the prior-year half-year. Purchases of property, plant, equipment and intangible assets totalled ₹3.75 crore, partly offset by ₹89.01 lakh from movement in capital work-in-progress and ₹80.09 lakh of proceeds from disposal of property, plant and equipment.

Financing activities used ₹1.68 crore, compared with ₹3.16 crore in the September 2025 half-year. Sanco Trans raised ₹2.11 crore of loans and repaid ₹2.20 crore, while paying ₹81 lakh of dividends, ₹40.06 lakh of interest and ₹37.05 lakh related to lease liabilities.

Current borrowings declined to ₹4.49 crore at September 30, 2026, from ₹4.78 crore at March 31, 2026, while non-current borrowings increased to ₹5.79 crore from ₹5.59 crore. Total current assets grew by ₹11.50 crore, of which the ₹7.33 crore increase in trade receivables was the largest component.

What do the September results disclose about Sanco Trans collections?

Sanco Trans disclosed the receivables balance and its ₹7.33 crore cash-flow effect, but did not disclose a collections target, expected-credit-loss provision, debtor ageing or management commentary on payment behaviour. The filing therefore establishes the amount of cash absorbed, but not the quality of individual receivables or the timing of their collection.

Profit for the period was ₹4.41 crore, down from ₹6.56 crore in the half-year ended September 30, 2025. Profit before exceptional items and tax increased to ₹4.49 crore from ₹4.18 crore, while exceptional items were ₹2.28 crore in the latest half-year and ₹3.93 crore in the earlier period.

September-quarter revenue from operations was ₹41.61 crore, compared with ₹37.97 crore in the June 2026 quarter and ₹31.93 crore in the September 2025 quarter. However, the cash-flow statement covers the full six-month period, so it does not show how much of the ₹7.33 crore receivables movement occurred in the September quarter.

The board approved the unaudited results on November 12, 2026, and the financial statements were prepared under Indian Accounting Standard 34, or Ind AS 34. The independent reviewer stated that nothing had come to its attention indicating a material disclosure or accounting non-compliance, while also stating that its review was not an audit.

Conclusion

Sanco Trans reported higher half-year revenue of ₹79.58 crore but also a ₹7.33 crore increase in trade receivables that absorbed more cash than its ₹6.32 crore operating cash inflow. The effect was partly offset by a ₹4.84 crore cash inflow from trade payables, while cash and cash equivalents increased to ₹6.92 crore.

The unresolved issue is the composition and expected collection timing of the ₹41.46 crore receivables balance, because Sanco Trans disclosed no ageing data or collection target. Subsequent financial results will show whether receivables decline and whether operating cash flow continues to be supported by changes in trade payables, which stood at ₹11.36 crore at September 30, 2026.