Shree Hari Chemicals CWIP reaches Rs 26.1784 crore in half year

Shree Hari Chemicals Export Limited reported Rs 26.1784 crore of consolidated capital work-in-progress at 30 September 2026, up from Rs 11.3042 crore at 31 March, while the half-year investing outflow was Rs 37.8903 crore. Purchases of fixed assets, right-of-use assets and CWIP accounted for Rs 24.3619 crore.

Why did Shree Hari Chemicals' CWIP increase?

Shree Hari Chemicals' capital work-in-progress, or CWIP, increased by Rs 14.8742 crore over the six months ended 30 September 2026, reaching Rs 26.1784 crore from Rs 11.3042 crore at 31 March 2026. CWIP is expenditure on assets that had not yet been classified as completed property, plant and equipment in the consolidated statement.

The increase occurred alongside a Rs 8.011 crore rise in property, plant and equipment, which reached Rs 28.6213 crore at 30 September from Rs 20.6103 crore at the preceding year-end. The two categories together totalled Rs 54.7997 crore, compared with Rs 31.9145 crore at 31 March, indicating additions in both assets under development and completed fixed assets.

Shree Hari Chemicals' total non-current assets rose by Rs 22.2766 crore to Rs 77.886 crore at 30 September 2026. Investments increased by Rs 11.4806 crore to Rs 13.6505 crore, while other financial assets declined to Rs 2.3655 crore from Rs 11.1287 crore; the filing does not identify the investments or provide a project-level CWIP split.

How did Shree Hari Chemicals deploy investing cash?

Shree Hari Chemicals used Rs 37.8903 crore in investing activities in the half year ended 30 September 2026, compared with Rs 6.0627 crore in the corresponding half year ended 30 September 2025. The largest use was Rs 24.3619 crore for fixed assets, right-of-use assets and CWIP, against Rs 6.9441 crore in the prior-year period.

The 2026 half-year cash flow also included Rs 2.6279 crore of capital-advance payments and net purchases of investments worth Rs 11.31 crore. In the prior-year period, capital advances generated Rs 89.55 lakh of cash and net investment purchases were Rs 50 lakh, showing that these cash-flow lines changed materially in scale or direction.

Shree Hari Chemicals received Rs 40.92 lakh of interest and Rs 3,000 of dividend during the half year ended 30 September 2026. Those inflows were small relative to the reported investing outflow, which was principally associated with asset purchases, capital advances and investments.

How did Shree Hari Chemicals fund the investment?

Shree Hari Chemicals generated Rs 26.4094 crore from operating activities and reported a Rs 11.2961 crore net inflow from financing activities in the half year ended 30 September 2026. In the corresponding 2025 half year, operating activities used Rs 15.07 lakh while financing activities generated Rs 7.5081 crore.

Net borrowings taken were Rs 12.3268 crore in the current half year, compared with Rs 35.34 lakh in the prior-year half year. Interest expense was Rs 1.0307 crore, versus Rs 1.0245 crore a year earlier, and the cash-flow statement recorded no proceeds from convertible debentures in 2026, compared with Rs 8.1791 crore in the earlier period.

Cash and cash equivalents decreased by Rs 18.48 lakh during the six months to Rs 4.4246 crore at 30 September 2026, from Rs 4.6094 crore at 31 March 2026. Operating and financing inflows together amounted to Rs 37.7055 crore, slightly below the Rs 37.8903 crore investing outflow before the other cash-flow movements shown in the statement.

What changed in Shree Hari Chemicals' balance sheet?

Shree Hari Chemicals' total consolidated assets increased to Rs 162.2334 crore at 30 September 2026 from Rs 107.1152 crore at 31 March 2026. Current assets increased to Rs 84.3473 crore from Rs 51.5059 crore, with trade receivables rising to Rs 47.52 crore from Rs 24.3157 crore.

Inventories rose to Rs 15.1646 crore from Rs 12.7595 crore, while other current assets increased to Rs 11.8975 crore from Rs 1.7778 crore. Bank balances other than cash and cash equivalents declined to Rs 2 crore from Rs 3 crore, so the increase in current assets was concentrated in receivables, inventory and other current assets rather than cash.

Non-current borrowings rose to Rs 19.1767 crore at 30 September from Rs 7.2788 crore at 31 March, while current borrowings increased to Rs 26.0628 crore from Rs 25.6339 crore. Combined borrowings therefore reached Rs 45.2395 crore, compared with Rs 32.9127 crore six months earlier; equity increased to Rs 65.2784 crore from Rs 44.3028 crore.

Share capital rose to Rs 6.3129 crore from Rs 5.5379 crore and other equity increased to Rs 58.9655 crore from Rs 38.7649 crore. Shree Hari Chemicals disclosed that 774,946 equity shares were allotted on 3 April 2026 following conversion of an equal number of zero-coupon compulsorily convertible debentures originally allotted on 15 November 2024.

Conclusion

Shree Hari Chemicals' September 2026 consolidated statement shows a substantial increase in assets under development, fixed assets and investments. CWIP of Rs 26.1784 crore, fixed-asset-related investing cash use of Rs 24.3619 crore and total investing outflow of Rs 37.8903 crore were accompanied by operating cash generation of Rs 26.4094 crore and net borrowings of Rs 12.3268 crore.

What to watch next is whether future filings provide a project-level composition, completion timing or transfer of the Rs 26.1784 crore CWIP into property, plant and equipment. The 6 November 2026 disclosure provides no project-specific timetable, while trade receivables of Rs 47.52 crore and combined borrowings of Rs 45.2395 crore remain material balance-sheet items.