Susan Electricals receivables more than double to Rs 96.07 crore

Susan Electricals India Limited reported trade receivables of Rs 96.07 crore at September 30, 2026, more than double the Rs 46.31 crore recorded at March 31, 2026. Short-term borrowings also rose to Rs 114.67 crore from Rs 65.18 crore over the same six-month period.

How did Susan Electricals' receivables and short-term debt change?

Susan Electricals' trade receivables increased by Rs 49.76 crore in the six months to September 30, 2026, reaching Rs 96.07 crore from Rs 46.31 crore at March 31, 2026. The increase was about 107%, leaving the September receivables balance slightly more than twice the March balance. The cash-flow statement also records a Rs 49.76 crore increase in trade receivables during the half year.

Short-term borrowings increased by Rs 49.49 crore over the same period, to Rs 114.67 crore at September 30 from Rs 65.18 crore at March 31. The cash-flow statement records Rs 31.82 crore of net proceeds from short-term borrowings, while the notes state that outstanding amounts under Trade Receivables Discounting System, or TReDS, and invoice-discounting facilities are classified as short-term borrowings.

What does Susan Electricals' September balance sheet show about working capital?

Susan Electricals reported current assets of Rs 206.04 crore at September 30, 2026, compared with Rs 109.25 crore at March 31, while current liabilities rose to Rs 133.87 crore from Rs 89.91 crore. The increase in current assets included the Rs 49.76 crore receivables movement, cash and bank balances of Rs 30.55 crore against Rs 0.85 crore, and current investments of Rs 18.57 crore.

Inventory changed relatively little beside receivables, rising by Rs 1.22 crore to Rs 51.88 crore. Trade payables declined by Rs 4.69 crore to Rs 14.08 crore, comprising Rs 9.84 crore due to micro and small enterprises and Rs 4.24 crore due to other creditors. Other current liabilities increased to Rs 1.92 crore from Rs 0.27 crore, while short-term provisions fell to Rs 3.20 crore from Rs 5.70 crore.

Total assets rose to Rs 246.65 crore at September 30 from Rs 130.05 crore at March 31. Non-current assets increased to Rs 40.61 crore from Rs 20.80 crore, with property, plant and equipment at Rs 17.37 crore versus Rs 12.83 crore, capital work-in-progress of Rs 3.69 crore, and long-term loans and advances of Rs 6.18 crore at the September reporting date.

How did Susan Electricals' operating cash flow compare with last year?

Susan Electricals generated net cash from operating activities of Rs 6.02 crore in the half year ended September 30, 2026, compared with net operating cash used of Rs 10.72 crore in the corresponding 2025 period. The improvement occurred despite the Rs 49.76 crore receivables increase, which was the largest disclosed working-capital outflow in the 2026 half year.

Profit before tax rose to Rs 17.71 crore from Rs 6.01 crore, and operating profit before working-capital changes was Rs 25.13 crore versus Rs 9.47 crore. The cash-flow statement also shows inventory increasing by Rs 1.22 crore, trade payables declining by Rs 4.69 crore and income tax payments of Rs 7.22 crore in the half year ended September 30, 2026.

The notes disclose Rs 39.67 crore of supplier payments made directly by financiers under TReDS or invoice-discounting facilities during the period. Susan Electricals says these transactions are excluded from operating and financing activities, while the related outstanding amount is classified as short-term borrowings. Repayments of bills discounted under TReDS were Rs 21.99 crore in financing cash flows, including amounts outstanding at March 31, 2026.

How were Susan Electricals' IPO proceeds allocated by September?

Susan Electricals had utilised Rs 48.87 crore of Rs 60.22 crore in net fresh-issue proceeds from its initial public offering, or IPO, by September 30, 2026, leaving Rs 11.35 crore unutilised. The company listed on BSE's small and medium enterprises platform on June 18, 2026, after issuing 47.42 lakh fresh equity shares at Rs 127 each; the IPO also included an offer for sale of 8 lakh shares by selling shareholders.

Working-capital requirements accounted for Rs 24.95 crore of the Rs 33 crore earmarked for that purpose, leaving Rs 8.05 crore unutilised. Susan Electricals had also used Rs 8.69 crore out of Rs 10.29 crore proposed for expansion of its Sahibabad manufacturing facility. The company manufactures aluminium- and copper-based electrical winding wires, conductors and cables in various specifications, sizes and configurations.

General corporate purposes had used Rs 7.27 crore of the Rs 8.94 crore allocated by September 30, while issue-related expenses had used Rs 7.96 crore of Rs 7.98 crore proposed. The financing cash-flow statement records Rs 60.22 crore of proceeds from the fresh equity issue and Rs 6.77 crore of IPO expenses paid. Long-term borrowings increased to Rs 6.93 crore from Rs 1.54 crore on the balance sheet.

Conclusion

Susan Electricals' September 2026 balance sheet shows receivables and short-term borrowings each rising by about Rs 49.5 crore from March, while inventory was broadly stable and trade payables declined. Net operating cash turned to an inflow of Rs 6.02 crore from an outflow of Rs 10.72 crore in the corresponding 2025 period, although receivables remained the largest disclosed working-capital outflow.

The disclosed use of the remaining Rs 11.35 crore in IPO proceeds is the next identified item to watch, including Rs 8.05 crore allocated to working-capital requirements and Rs 1.61 crore for manufacturing-facility expansion. Subsequent statements will also show whether the Rs 96.07 crore receivables balance, Rs 114.67 crore short-term borrowings and Rs 25.90 crore of lien and margin deposits change.