Solana Biofuels inventory doubles to Rs 72.47 crore in September

Solana Biofuels Limited reported inventory of Rs 72.4742 crore at September 30, 2026, up from Rs 33.1105 crore at March 31, 2026, while current borrowings increased to Rs 33.9352 crore and creditor dues other than to micro, small and medium enterprises reached Rs 50.1716 crore.

How much did Solana Biofuels’ inventory increase?

Solana Biofuels’ inventory increased by Rs 39.3637 crore during the six months ended September 30, 2026, more than doubling from its March 31, 2026 balance. The cash-flow statement records an inventory outflow of Rs 39.3637 crore, which corresponds to the movement shown in the balance sheet.

Inventory was the largest component of current assets at September 30, accounting for Rs 72.4742 crore of the Rs 94.1769 crore total. Trade receivables were Rs 10.2822 crore and other current assets were Rs 10.10 crore, compared with inventory of Rs 33.1105 crore, receivables of Rs 16.6967 crore and other current assets of Rs 10.457 crore at March 31.

The Rs 39.3637 crore inventory increase exceeded the Rs 32.6019 crore rise in total current assets because receivables declined by Rs 6.4145 crore and other current assets fell by Rs 35.70 lakh. Cash and cash equivalents on the balance sheet rose only to Rs 6.16 lakh from Rs 4.96 lakh, while bank balances outside that cash-equivalent classification remained Rs 1.2518 crore.

What liabilities rose alongside Solana Biofuels’ inventory?

Solana Biofuels’ current borrowings rose by Rs 8.7134 crore to Rs 33.9352 crore at September 30, 2026, from Rs 25.2218 crore at March 31, 2026. The cash-flow statement likewise reports an Rs 8.7134 crore increase in short-term borrowings during the half year.

Creditor dues other than to micro, small and medium enterprises, or MSMEs, rose by Rs 30.8699 crore to Rs 50.1716 crore. Solana Biofuels did not report an amount for outstanding MSME dues in either balance-sheet column, while the cash-flow statement recorded a Rs 30.8595 crore increase in trade and other payables.

Total current liabilities increased by Rs 39.7542 crore to Rs 85.5623 crore, compared with the Rs 39.3637 crore inventory build. Other current liabilities fell to Rs 20.73 lakh from Rs 21.89 lakh, while current provisions increased to Rs 5.61 lakh from Rs 5.20 lakh.

What does Solana Biofuels’ cash-flow statement show?

Solana Biofuels reported net cash generated from operating activities of Rs 6.4787 crore for the half year ended September 30, 2026, despite a loss before tax of Rs 3.0361 crore. The operating cash calculation included the Rs 30.8595 crore increase in trade and other payables and the Rs 8.7134 crore increase in short-term borrowings, offset by the Rs 39.3637 crore inventory outflow.

Operating profit before working-capital changes was negative Rs 31.35 lakh. The reconciliation also included depreciation of Rs 1.1746 crore and interest and other charges on loans of Rs 1.5441 crore, while the reduction in trade receivables provided a positive working-capital movement of Rs 6.4145 crore.

Investing activities used Rs 9.8553 crore in the six-month period, entirely under purchase, sale or write-off of property, plant and equipment. Financing activities generated Rs 3.3886 crore, including Rs 8.2131 crore of proceeds from unsecured loans, partly offset by interest payments of Rs 1.5441 crore and a Rs 3.2966 crore decrease in long-term liabilities.

The cash-flow statement showed a net increase of Rs 1.20 lakh in cash and cash equivalents, taking the closing total to Rs 1.3134 crore from Rs 1.3014 crore. This total comprises the balance-sheet cash and cash equivalents of Rs 6.16 lakh plus separately reported bank balances of Rs 1.2518 crore.

How did Solana Biofuels’ operating performance compare?

Solana Biofuels reported revenue from operations of Rs 36.4732 crore for the half year ended September 30, 2026, down from Rs 48.064 crore in the corresponding half year ended September 30, 2025. Its net loss narrowed to Rs 3.0361 crore from Rs 6.7906 crore in the prior-year period.

The biofuels segment contributed Rs 36.1984 crore of half-year revenue, down from Rs 47.8045 crore a year earlier, while internet services contributed Rs 39.62 lakh against Rs 39.39 lakh. Bio diesel segment earnings before interest, tax, depreciation and amortisation, or EBITDA, were negative Rs 41.99 lakh, compared with negative Rs 3.5558 crore in the corresponding prior-year half year.

Finance costs rose to Rs 1.5441 crore from Rs 1.3728 crore in the previous corresponding half year. At September 30, 2026, non-current borrowings stood at Rs 157.6903 crore, up from Rs 152.7738 crore at March 31, while total liabilities rose to Rs 245.4745 crore from Rs 200.798 crore.

Total equity declined to Rs 21.2091 crore at September 30 from Rs 24.2413 crore at March 31, as other equity moved to negative Rs 23.7909 crore from negative Rs 20.7587 crore. Total assets rose to Rs 266.6836 crore from Rs 225.0393 crore, including capital work in progress of Rs 97.026 crore, up from Rs 87.1746 crore.

Conclusion

Solana Biofuels’ September 2026 financial statements show a Rs 39.3637 crore inventory build alongside a Rs 39.7542 crore increase in current liabilities. Higher creditor dues and current borrowings featured in operating working-capital movements, while the reported cash and cash equivalents total increased by Rs 1.20 lakh over the period.

The filing leaves the composition and intended turnover of the Rs 72.4742 crore inventory, as well as the payment terms for Rs 50.1716 crore of non-MSME creditor dues, unresolved. Investors can watch subsequent financial disclosures for changes in inventory, receivables, current borrowings and creditor balances after the board approved the unaudited results on November 13, 2026.