Supriya Lifescience inventory rises Rs 105.57 crore in six months

For the six months ended September 30, 2026, Supriya Lifescience Limited increased inventory by Rs 105.57 crore to Rs 265.17 crore while trade receivables fell by Rs 93.87 crore to Rs 125.58 crore. Supriya Lifescience generated Rs 60.88 crore of operating cash flow despite the inventory-related cash outflow.

How did Supriya Lifescience's working capital change in six months?

Supriya Lifescience shifted its current-asset mix towards inventory in the six months to September 30, 2026. Inventories increased 66% from Rs 159.60 crore on March 31, 2026 to Rs 265.17 crore, while trade receivables declined 43% from Rs 219.45 crore to Rs 125.58 crore. The balance-sheet changes match the principal working-capital movements reported in the cash-flow statement.

The Rs 93.87 crore reduction in receivables was a cash inflow, whereas the Rs 105.57 crore inventory increase was a cash outflow. Together, the two movements represented a net Rs 11.70 crore use of cash. The filing quantifies these changes but does not give a specific operational reason for the inventory build.

Supriya Lifescience's total current assets rose by Rs 38.22 crore to Rs 570.52 crore, an increase smaller than the inventory addition because receivables and other asset balances moved in the opposite direction. Current liabilities increased by Rs 9.39 crore to Rs 130.43 crore over the same period. Other current assets fell to Rs 103.33 crore from Rs 115.14 crore, while cash and bank balances increased.

What was Supriya Lifescience's operating cash flow?

Supriya Lifescience generated Rs 60.88 crore of net cash from operating activities in the half year ended September 30, 2026. Profit before tax was Rs 78.57 crore and operating profit before working-capital changes was Rs 91.49 crore, after including Rs 18.40 crore of depreciation and amortisation and deducting Rs 3.89 crore of interest income net of expenses.

Working-capital movements reduced operating profit by Rs 15.84 crore before tax payments. Inventory used Rs 105.57 crore, other non-current and current assets used Rs 14.24 crore, and receivables supplied Rs 93.87 crore. Changes in operating liabilities contributed Rs 10.05 crore, including Rs 8.65 crore from other financial liabilities, partly offset by the Rs 3.74 crore decline in trade payables.

Supriya Lifescience paid Rs 14.77 crore of income tax, net of refunds, during the half year. That reduced cash generated from operations after working-capital movements to Rs 60.88 crore. The cash-flow statement's comparison column, covering the year ended March 31, 2026, reported Rs 137.48 crore of operating cash flow, with a Rs 129.24 crore working-capital outflow and Rs 61.40 crore of tax paid.

The income statement also reported a negative Rs 74.41 crore change in inventories of finished goods, work in progress and stock in trade for the half year, compared with negative Rs 16.96 crore in the corresponding half year ended September 30, 2025. This expense-line movement is distinct from the Rs 105.57 crore balance-sheet increase in total inventories, and the filing does not link the two measures.

Where did Supriya Lifescience's cash increase come from?

Supriya Lifescience ended September 30, 2026 with cash and cash equivalents of Rs 41.02 crore, up Rs 13.54 crore from Rs 27.48 crore on March 31, 2026. Bank balances other than cash and cash equivalents rose by Rs 24.85 crore to Rs 34.91 crore, and were separately presented on the balance sheet.

The cash-and-cash-equivalents increase followed Rs 60.88 crore of operating inflow, Rs 38.83 crore of investing outflow and Rs 8.51 crore of financing outflow. Investing cash use included Rs 35.43 crore for fixed-asset purchases and Rs 8.12 crore for investment purchases, partly offset by Rs 4.72 crore of interest income. Net investing outflow was Rs 176.17 crore for the year ended March 31, 2026.

Financing activities included Rs 8.05 crore of dividends paid and Rs 0.83 crore of finance cost in the half year. The cash-flow statement also presents Rs 0.37 crore against repayment of lease liability, resulting in total financing cash outflow of Rs 8.51 crore. Supriya Lifescience reported no current or non-current borrowings at either September 30, 2026 or March 31, 2026.

How did Supriya Lifescience's liabilities and fixed assets move?

Supriya Lifescience's trade payables fell by Rs 3.74 crore to Rs 107.11 crore, but the supplier categories moved differently. Payables to micro enterprises and small enterprises rose by Rs 25.93 crore to Rs 42.93 crore, while payables to other suppliers declined by Rs 29.67 crore to Rs 64.18 crore. Other financial liabilities increased by Rs 8.65 crore to Rs 10.69 crore.

Property, plant and equipment increased by Rs 45.29 crore to Rs 728.61 crore at September 30, 2026. Capital work in progress declined by Rs 28.42 crore to Rs 7.13 crore, while the cash-flow statement showed Rs 35.43 crore of fixed-asset purchases. The filing gives no project-level explanation for the movement between property, plant and equipment and capital work in progress.

Total assets increased by Rs 64.57 crore to Rs 1,421.68 crore, while total equity rose by Rs 44.87 crore to Rs 1,242.60 crore. Non-current liabilities increased by Rs 10.32 crore to Rs 48.65 crore, principally reflecting a Rs 10.38 crore increase in deferred tax liabilities to Rs 41.62 crore. Lease liabilities totalled Rs 5.80 crore at September 30, 2026, comprising Rs 5.49 crore of non-current liabilities and Rs 0.32 crore of current liabilities.

Conclusion

Supriya Lifescience's September 2026 half-year accounts show that the Rs 105.57 crore inventory increase was substantially offset by a Rs 93.87 crore reduction in receivables. The company nevertheless generated Rs 60.88 crore of operating cash flow, increased cash and cash equivalents by Rs 13.54 crore, and recorded no borrowings on its standalone balance sheet.

The next disclosed matter to watch is material intended for export in the first quarter of FY2026-27 that was detained by Customs during transit. Supriya Lifescience said the material was cleared and successfully exported on October 2, 2026; subsequent results may show its effect on revenue, receivables, inventory and cash conversion after September 30, 2026.