Shivkamal Impex loan book falls Rs 74.72 lakh in H1 2026

Shivkamal Impex Limited reduced loans by Rs 74.72 lakh to Rs 2.79 crore between March 31 and September 30, 2026, while bank balances other than cash equivalents increased by Rs 79.67 lakh to Rs 4.53 crore. Shivkamal Impex also reported Rs 3.30 lakh of net operating cash generation for the half year.

How did Shivkamal Impex's asset mix change in H1 2026?

Shivkamal Impex moved a larger share of its reported assets into bank balances in the half year ended September 30, 2026. Loans stood at Rs 2.79 crore at September 30, down from Rs 3.53 crore at March 31, 2026, whereas bank balances other than cash and cash equivalents rose to Rs 4.53 crore from Rs 3.73 crore. The reported loan balance declined by Rs 74.72 lakh and the other bank-balance line increased by Rs 79.67 lakh.

Bank balances other than cash equivalents remained the largest asset category at both reporting dates, but the gap over loans widened. At September 30, other bank balances of Rs 4.53 crore exceeded loans of Rs 2.79 crore by Rs 1.74 crore. At March 31, other bank balances of Rs 3.73 crore were Rs 19.66 lakh above loans of Rs 3.53 crore.

Total assets increased to Rs 7.41 crore at September 30 from Rs 7.30 crore at the March year-end. Cash and cash equivalents rose by Rs 3.30 lakh to Rs 4.16 lakh, while other non-financial assets increased by Rs 2.08 lakh to Rs 3.08 lakh. Property, plant and equipment fell by Rs 0.21 lakh to Rs 1.25 lakh over the same period.

Shivkamal Impex identifies financial services as its primary business and reports no separate operating segments under Indian Accounting Standard 108, or Ind AS 108. The company also disclosed no subsidiary, associate or joint venture as at the results date of October 31, 2026.

What does Shivkamal Impex's cash flow show about loans?

Shivkamal Impex recorded a Rs 74.71 lakh positive working-capital adjustment from loans in its cash-flow statement for the half year ended September 30, 2026. That cash-flow line was reported alongside a Rs 79.66 lakh outflow for bank balances other than cash and cash equivalents. The balance-sheet loan movement and cash-flow loan adjustment are each presented in the filing.

The increase in other bank balances was Rs 4.95 lakh greater than the positive adjustment reported for loans. Operating profit before working-capital changes was Rs 12.38 lakh, including depreciation of Rs 0.20 lakh. Other non-financial assets produced a Rs 2.08 lakh outflow, while other payables and other non-financial liabilities added Rs 0.45 lakh and Rs 0.11 lakh respectively.

Net working-capital changes were an outflow of Rs 6.47 lakh in the 2026 half year, compared with an outflow of Rs 58.05 lakh in the half year ended September 30, 2025. Cash generated from operations before tax was Rs 5.91 lakh, compared with cash used of Rs 37.25 lakh in the prior-year period. This marks a change from negative pre-tax operating cash flow in the 2025 period to positive pre-tax operating cash flow in 2026.

After net income-tax payments of Rs 2.61 lakh, Shivkamal Impex reported Rs 3.30 lakh of net cash from operating activities. It had reported net cash used in operating activities of Rs 41.69 lakh for the corresponding six months of 2025, when tax paid was Rs 4.44 lakh.

Why did Shivkamal Impex's cash equivalents increase?

Shivkamal Impex's cash and cash equivalents increased by Rs 3.30 lakh to Rs 4.16 lakh at September 30, 2026, matching the reported net increase in cash and cash equivalents for the half year. The company reported no investing cash flow and no financing cash flow in the 2026 half-year statement, leaving operating cash flow as the reported source of the increase.

The closing cash-equivalent balance comprised Rs 0.36 lakh of cash on hand and Rs 3.80 lakh in current-account balances. The opening balance was Rs 0.86 lakh at the start of the financial year. Cash and cash equivalents are separately classified from the Rs 4.53 crore of other bank balances on the balance sheet.

The prior-year comparison differed materially. Cash and cash equivalents fell by Rs 42.34 lakh during the half year ended September 30, 2025, from Rs 44.30 lakh at the beginning of that financial year to Rs 1.96 lakh at period-end. That period included Rs 0.65 lakh of property, plant and equipment purchases, while the 2026 half-year statement reported no such purchase.

The combined balance-sheet total of cash and cash equivalents and other bank balances was Rs 4.57 crore at September 30, 2026. At March 31, the equivalent combined total was Rs 3.74 crore, based on Rs 4.16 lakh of cash equivalents and a Rs 4.53 crore other-bank-balance line at the later date.

How did Shivkamal Impex's earnings change in H1 2026?

Shivkamal Impex reported lower first-half profit as interest income and total revenue from operations declined to Rs 23.13 lakh from Rs 26.49 lakh a year earlier. Interest income was the company's entire revenue from operations in both half-year periods. Profit before tax declined to Rs 12.18 lakh from Rs 20.65 lakh.

Profit after tax was Rs 9.12 lakh for the half year ended September 30, 2026, compared with Rs 15.45 lakh in the corresponding 2025 half year. Current tax expense declined to Rs 3.07 lakh from Rs 5.18 lakh, while total tax expense was Rs 3.06 lakh compared with Rs 5.20 lakh because of a Rs 0.01 lakh deferred-tax credit in 2026.

Total expenses increased to Rs 10.95 lakh from Rs 5.84 lakh. Employee-benefit expense rose to Rs 2.48 lakh from Rs 1.80 lakh, and other expenses increased to Rs 8.27 lakh from Rs 3.89 lakh. The company reported no finance costs or impairment of financial instruments in either half-year period.

The Rs 3.30 lakh operating cash inflow was below the Rs 9.12 lakh profit after tax, with the difference reflected in the Rs 6.47 lakh net working-capital outflow and Rs 2.61 lakh of net taxes paid. The filing does not identify any individual loan transaction as the reason for the reduction in loans or the rise in bank balances.

What changed in Shivkamal Impex's liabilities and equity?

Shivkamal Impex's total liabilities rose to Rs 2.56 lakh at September 30, 2026 from Rs 1.54 lakh at March 31. Other payables to creditors other than micro and small enterprises increased to Rs 1.99 lakh from Rs 1.54 lakh. Current tax liabilities were Rs 0.46 lakh and other non-financial liabilities were Rs 0.11 lakh, compared with nil for both lines at the March year-end.

Total equity increased to Rs 7.38 crore from Rs 7.29 crore. Equity share capital was unchanged at Rs 1.01 crore, while other equity rose to Rs 6.37 crore from Rs 6.28 crore. The increase in other equity was Rs 9.11 lakh, alongside reported half-year profit after tax of Rs 9.12 lakh.

The balance sheet reported total assets and total liabilities plus equity of Rs 7.41 crore at September 30, 2026. The unaudited results were approved by the board on October 31, 2026. The auditor's limited review stated that nothing had come to its attention to indicate that the statement contained a material misstatement.

Conclusion

Shivkamal Impex's half-year statements show a Rs 74.72 lakh decline in loans and a Rs 79.67 lakh increase in other bank balances, while total assets rose by Rs 10.13 lakh. The cash-flow statement also moved from Rs 41.69 lakh of operating cash use in the prior-year period to Rs 3.30 lakh of operating cash generation, despite profit after tax falling by Rs 6.33 lakh to Rs 9.12 lakh.

The next disclosed event is the publication of the financial results in newspapers, which Shivkamal Impex said would occur shortly in its October 31, 2026 announcement. Subsequent results will indicate whether loans of Rs 2.79 crore and other bank balances of Rs 4.53 crore continue to move in the same direction.