SPL Industries receivables, payables fall sharply by September

SPL Industries Limited reported current trade receivables of Rs 8.46 crore and current trade payables of Rs 2.87 crore at September 30, 2026, versus Rs 16.27 crore and Rs 12.60 crore respectively at March 31, 2026. SPL Industries’ total current liabilities consequently fell to Rs 7.98 crore from Rs 17.45 crore.

How much did SPL Industries reduce trade receivables?

SPL Industries reduced current trade receivables by Rs 7.81 crore in the six months to September 30, 2026. The balance declined to Rs 8.46 crore from Rs 16.27 crore at March 31, 2026, a movement also recorded in the half-year cash-flow statement as a Rs 7.81 crore decrease in trade receivables.

The balance sheet did not report non-current trade receivables at either September 30, 2026 or March 31, 2026. The reported receivable position was therefore wholly within current assets at both dates. The filing does not identify customers, credit terms, collection measures or other reasons for the reduction.

Current assets fell by Rs 4.79 crore to Rs 95.32 crore despite a Rs 3.38 crore increase in current investments to Rs 72.16 crore. Alongside the lower receivables balance, cash and cash equivalents declined by Rs 41.56 lakh to Rs 77.74 lakh, while current tax assets reduced to Rs 36.76 lakh from Rs 1.37 crore.

How far did SPL Industries cut current trade payables?

SPL Industries cut current trade payables by Rs 9.73 crore to Rs 2.87 crore at September 30, 2026. The comparable March 31, 2026 balance was Rs 12.60 crore, and the cash-flow statement records a Rs 9.73 crore decrease in trade payables during the half year.

Amounts owed to creditors other than micro and small enterprises accounted for Rs 2.83 crore of September trade payables, down from Rs 12.56 crore in March. Dues to micro and small enterprises were Rs 3.96 lakh at September 30, 2026, compared with Rs 3.87 lakh at March 31, 2026. The filing reported no non-current trade payables at either date.

Total current financial liabilities, comprising the stated current trade payable balances, decreased to Rs 2.87 crore from Rs 12.60 crore. Other current liabilities increased to Rs 4.76 crore from Rs 4.49 crore, and current provisions were nearly unchanged at Rs 35.35 lakh versus Rs 35.32 lakh. These movements left total current liabilities Rs 9.46 crore lower at Rs 7.98 crore.

What changed in SPL Industries’ wider balance sheet?

SPL Industries reported total assets of Rs 226.70 crore at September 30, 2026, down from Rs 235.09 crore at March 31, 2026. The Rs 8.39 crore reduction reflected lower current assets of Rs 95.32 crore and lower non-current assets of Rs 131.38 crore, compared with Rs 100.12 crore and Rs 134.97 crore respectively in March.

Property, plant and equipment declined to Rs 41.24 crore from Rs 42.64 crore, while investment property was Rs 53.95 crore against Rs 54.00 crore. Non-current investments decreased to Rs 17.77 crore from Rs 19.42 crore, and other non-current assets fell to Rs 15.89 crore from Rs 16.77 crore. These categories accounted for the change in non-current assets.

Total equity increased by Rs 1.11 crore to Rs 217.16 crore at September 30, 2026. Other equity rose to Rs 188.16 crore from Rs 187.05 crore, while equity share capital remained Rs 29.00 crore. Total liabilities fell by Rs 9.49 crore to Rs 9.55 crore, with non-current liabilities changing only to Rs 1.56 crore from Rs 1.59 crore.

Did SPL Industries generate operating cash in the half year?

No. SPL Industries reported net cash used in operating activities of Rs 4.54 crore for the half year ended September 30, 2026, compared with net cash generated from operating activities of Rs 20.84 crore in the half year ended September 30, 2025. The lower receivable and payable balances occurred during a half year that ended with negative reported operating cash flow.

Profit before working-capital changes was negative Rs 2.33 crore for the September 2026 half year, compared with Rs 70.70 lakh in the corresponding 2025 period. The cash-flow statement includes a Rs 7.81 crore decrease in trade receivables and a Rs 9.73 crore decrease in trade payables, while inventories increased by Rs 53.60 lakh.

Cash generated from operations was negative Rs 4.67 crore, compared with positive Rs 20.97 crore a year earlier. After net income-tax payments of Rs 13.16 lakh, net operating cash flow was negative Rs 4.54 crore. Investing activities generated Rs 4.13 crore in the 2026 half year, versus cash used of Rs 18.77 crore in the prior-year half.

What do SPL Industries’ half-year results show alongside the balance sheet?

SPL Industries reported total income of Rs 43.30 crore for the half year ended September 30, 2026, up from Rs 38.46 crore in the year-earlier period. Net profit after tax was Rs 1.11 crore, compared with Rs 72.46 lakh in the half year ended September 30, 2025, while profit before tax increased to Rs 3.04 crore from Rs 1.17 crore.

Trading of garments generated segment revenue including other income of Rs 27.25 crore, up from Rs 22.29 crore a year earlier. Manufacturing or processing income was Rs 16.04 crore, marginally below Rs 16.16 crore in the comparable period. Trading segment results were Rs 6.45 crore and manufacturing segment results were Rs 3.34 crore, against Rs 4.72 crore and Rs 1.81 crore respectively.

Finance cost rose to Rs 1.71 crore in the September 2026 half year from Rs 33.98 lakh a year earlier. The Board approved the standalone unaudited results on November 13, 2026, and the limited review report stated that nothing had come to the reviewer’s attention indicating a material misstatement in the financial results.

Conclusion

SPL Industries’ September 2026 balance sheet shows a substantial reduction on both sides of reported trade working capital: receivables fell by Rs 7.81 crore and current trade payables by Rs 9.73 crore. Total current liabilities declined by Rs 9.46 crore, more than the Rs 4.79 crore fall in current assets, while total equity increased to Rs 217.16 crore.

The filing does not explain the customer collections, supplier payments, purchasing activity or classifications behind the trade-balance changes. The next financial results can show whether receivables remain near Rs 8.46 crore, trade payables remain near Rs 2.87 crore, and operating cash flow improves from the Rs 4.54 crore outflow reported for the half year ended September 30, 2026.