Spenta International current liabilities outpace current assets

Spenta International Limited reported current liabilities of Rs 30.69 crore at September 30, 2026, exceeding the Rs 5.24 crore first-half increase in current assets and reducing net working capital to Rs 15.83 crore. Current borrowings stood at Rs 20.82 crore, while inventory and trade receivables reached Rs 19.25 crore and Rs 12.02 crore, respectively.

How did Spenta International's working capital change?

Spenta International's current assets increased to Rs 46.52 crore at September 30, 2026 from Rs 41.28 crore at March 31, 2026, a rise of Rs 5.24 crore. Current liabilities rose by a larger Rs 5.90 crore to Rs 30.69 crore from Rs 24.78 crore. Net working capital, calculated as current assets less current liabilities, therefore declined by Rs 66.19 lakh to Rs 15.83 crore over the six months.

The September 2026 position was also below the prior-year half-year level. Current assets were Rs 47.02 crore at September 30, 2025 and current liabilities were Rs 28.86 crore, producing calculated net working capital of Rs 18.16 crore. The latest Rs 15.83 crore balance was Rs 2.33 crore lower than that earlier level.

Spenta International operates in one segment, textiles, according to the results notes. Revenue from operations in that segment rose to Rs 24.50 crore in the half year ended September 30, 2026 from Rs 21.00 crore a year earlier, while the balance sheet recorded increases in stock and customer dues.

Which current assets increased at Spenta International?

Inventory was the largest identified current-asset increase. Spenta International reported inventory of Rs 19.25 crore at September 30, 2026, up Rs 2.39 crore from Rs 16.86 crore at March 31, 2026. The inventory balance was also Rs 1.77 crore above Rs 17.48 crore at September 30, 2025.

Trade receivables increased to Rs 12.02 crore from Rs 9.84 crore at March 31, 2026, a rise of Rs 2.19 crore. Receivables were Rs 10.26 crore a year earlier, so the September 2026 amount was Rs 1.76 crore higher than the September 2025 balance as well.

Other financial asset lines had mixed movements during the six months. Bank balances other than cash equivalents rose to Rs 10.56 crore from Rs 10.19 crore, while cash and cash equivalents declined to Rs 28.06 lakh from Rs 30.12 lakh. Current investments were Rs 1.04 crore at September 30, 2026, compared with Rs 1.05 crore at March 31, 2026.

How did Spenta International fund the balance-sheet build-up?

Spenta International's current borrowings increased to Rs 20.82 crore at September 30, 2026 from Rs 18.75 crore at March 31, 2026, an increase of Rs 2.08 crore. The latest balance remained below the Rs 22.80 crore reported at September 30, 2025, showing that the six-month increase followed a lower closing position at March 2026 than the prior-year comparison point.

Trade payables rose more sharply than current borrowings. They increased by Rs 3.39 crore to Rs 7.08 crore at September 30, 2026 from Rs 3.70 crore at March 31, 2026. Trade payables were Rs 3.39 crore at September 30, 2025, meaning the latest balance was more than double the amount reported a year earlier.

Non-current borrowings moved in the opposite direction, falling to Rs 2.42 crore from Rs 2.65 crore at March 31, 2026. Combining current and non-current borrowings gives total borrowings of Rs 23.24 crore at September 30, 2026, compared with Rs 21.40 crore six months earlier. The filing does not identify individual borrowing facilities or link specific borrowings to inventory, receivables or supplier payments.

Spenta International stated in its results notes that there were no outstanding defaults on loans and debt securities. That statement accompanied results approved by the board on November 13, 2026, and does not provide repayment dates, interest rates or facility-wise limits for the Rs 20.82 crore of current borrowings.

What does Spenta International's liquidity position show?

Spenta International had a current-asset surplus of Rs 15.83 crore at September 30, 2026, based on Rs 46.52 crore of current assets against Rs 30.69 crore of current liabilities. Inventory and trade receivables together accounted for Rs 31.27 crore of current assets, while cash and cash equivalents were Rs 28.06 lakh.

Current borrowings were the largest current-liability line at Rs 20.82 crore, followed by trade payables of Rs 7.08 crore. Together, those two items represented Rs 27.91 crore of the Rs 30.69 crore current-liability total. Other current financial liabilities were Rs 89.42 lakh, other current liabilities were Rs 1.70 crore, and provisions were Rs 18.77 lakh.

Total assets increased to Rs 61.73 crore at September 30, 2026 from Rs 56.60 crore at March 31, 2026. Equity declined to Rs 27.05 crore from Rs 27.70 crore over the same period, while Spenta International reported a loss after tax of Rs 63.68 lakh for the half year ended September 30, 2026, compared with profit after tax of Rs 6.60 lakh in the prior-year half.

Conclusion

Spenta International's September 2026 balance sheet shows current assets growing through higher inventory and receivables, but current liabilities increasing faster through larger borrowings and trade payables. The Rs 5.24 crore rise in current assets did not match the Rs 5.90 crore increase in current liabilities, reducing calculated net working capital by Rs 66.19 lakh.

The next disclosure to watch is whether inventory of Rs 19.25 crore and trade receivables of Rs 12.02 crore convert into cash while current borrowings of Rs 20.82 crore decline or rise further. Spenta International disclosed no loan or debt-security defaults on November 13, 2026, but it did not disclose a repayment schedule, facility terms or a working-capital funding plan.