Taurian MPS Limited CWIP rises to Rs 10.47 crore in September

Taurian MPS reported capital work-in-progress of Rs 10.47 crore at September 30, 2026, up from Rs 74.41 lakh at March 31, 2026, as it recorded Rs 10.47 crore of disclosed purchases across property, plant and equipment, intangible assets and CWIP during the half year. Short-term borrowings increased by Rs 6.75 crore over the same period.

Why did Taurian MPS's capital work-in-progress increase?

Taurian MPS's capital work-in-progress, or CWIP, increased by Rs 9.73 crore to Rs 10.47 crore at September 30, 2026 from Rs 74.41 lakh at March 31, 2026. CWIP was the largest reported increase among the company’s non-current asset lines during the six months ended September 30, 2026.

Taurian MPS recorded Rs 4.73 crore of purchases of CWIP in the half-year cash-flow statement. The balance-sheet increase of Rs 9.73 crore was larger than that cash-flow line item, and the filing does not provide a project-wise reconciliation, identify the assets under construction, or state when the CWIP balance may be transferred into completed assets.

The company’s total assets rose to Rs 148.67 crore at September 30, 2026 from Rs 134.28 crore at March 31, 2026. Alongside CWIP, tangible assets rose by Rs 5.85 crore and intangible assets under development increased by Rs 1.16 crore, showing that the asset expansion covered more than one capital-asset classification.

How much did Taurian MPS spend on fixed assets?

Taurian MPS disclosed Rs 10.47 crore of purchases across property, plant and equipment, intangible assets and CWIP for the half year ended September 30, 2026. The cash-flow statement reported Rs 4.58 crore of property, plant and equipment purchases, Rs 1.16 crore of intangible-asset purchases and Rs 4.73 crore of CWIP purchases.

Tangible assets reached Rs 26.43 crore at September 30, 2026, compared with Rs 20.58 crore at March 31, 2026. Intangible assets under development rose to Rs 3.57 crore from Rs 2.41 crore, while recognised intangible assets declined to Rs 25.66 lakh from Rs 31.48 lakh.

The reported net cash used in investing activities was Rs 17.77 crore in the September 2026 half year, compared with Rs 13.20 crore for the year ended March 31, 2026. The filing labels the September period as a half year and the March comparator as a full year, so the two cash-flow periods are not like-for-like.

How was Taurian MPS funding the asset build-out?

Taurian MPS funded the asset build-out alongside Rs 14.68 crore of net cash generated from operating activities and a Rs 6.75 crore increase in short-term borrowings in the half year ended September 30, 2026. Financing cash flow was positive by Rs 5.36 crore, while investing activities used Rs 17.77 crore of cash.

Short-term borrowings stood at Rs 29.13 crore at September 30, 2026, up from Rs 22.38 crore at March 31, 2026. In contrast, long-term borrowings declined by Rs 32.58 lakh to Rs 1.85 crore from Rs 2.17 crore, placing the reported increase in borrowings in current funding rather than long-term debt.

Finance costs were Rs 1.10 crore in the half year ended September 30, 2026, against Rs 87.17 lakh in the half year ended March 31, 2026 and Rs 65.34 lakh in the half year ended September 30, 2025. The filing does not disclose the facilities used, their interest rates or maturities, or link specific borrowings to individual capital projects.

Cash and cash equivalents on the balance sheet increased to Rs 2.36 crore at September 30, 2026 from Rs 9.87 lakh at March 31, 2026. Other bank balances also rose to Rs 4.20 crore from Rs 3.00 crore, while the cash-flow statement reported a net increase in cash and cash equivalents of Rs 2.27 crore.

What working-capital changes supported operating cash flow?

Taurian MPS generated Rs 14.68 crore of operating cash in the half year ended September 30, 2026 after working-capital movements that included a Rs 3.39 crore decrease in trade receivables and a Rs 7.79 crore decrease in other current assets. These movements were partly offset by a Rs 4.65 crore increase in inventories and a Rs 1.20 crore increase in other bank balances.

Trade receivables fell to Rs 46.07 crore at September 30, 2026 from Rs 49.46 crore at March 31, 2026. Other current assets declined to Rs 2.67 crore from Rs 10.46 crore, while inventories increased to Rs 51.49 crore from Rs 46.84 crore over the same six-month period.

On the liabilities side, trade payables other than dues to micro, small and medium enterprises declined by Rs 61.04 lakh to Rs 9.00 crore. Short-term provisions increased by Rs 2.63 crore to Rs 10.58 crore, while other current liabilities decreased to Rs 2.60 crore from Rs 4.64 crore.

Revenue from operations was Rs 56.01 crore for the half year ended September 30, 2026, below Rs 67.06 crore in the half year ended March 31, 2026 but above Rs 32.29 crore in the half year ended September 30, 2025. Taurian MPS did not provide segment information, order-book data or a product-level explanation for the working-capital movements in this filing.

What do Taurian MPS's half-year results show?

Taurian MPS reported profit after tax of Rs 7.65 crore for the half year ended September 30, 2026, compared with Rs 12.54 crore in the half year ended March 31, 2026 and Rs 3.67 crore in the half year ended September 30, 2025. Profit before tax was Rs 10.61 crore, while total revenue including other income was Rs 56.47 crore.

Total expenses were Rs 45.87 crore in the September 2026 half year, against Rs 50.97 crore in the preceding half year. Raw-material and component costs fell to Rs 37.36 crore from Rs 49.59 crore, while employee benefit expense increased to Rs 6.08 crore from Rs 5.17 crore.

Depreciation and amortisation expense was Rs 1.09 crore in the September 2026 half year, compared with Rs 1.05 crore in the March 2026 half year. Basic earnings per share were Rs 8.61 for the September 2026 half year, and the company stated that this half-year figure was not annualised.

The board approved the unaudited standalone results on November 2, 2026. The statutory auditor’s limited review said nothing had come to its attention that caused it to believe the results did not disclose the required information or contained a material misstatement; the September 2025 comparative half-year information was management-certified and had not been audited or reviewed.

Conclusion

Taurian MPS's September 2026 filing shows a substantial increase in assets under construction, with CWIP rising to Rs 10.47 crore from Rs 74.41 lakh in six months. The company also reported Rs 10.47 crore of disclosed asset purchases, Rs 14.68 crore of operating cash generation and a Rs 6.75 crore increase in short-term borrowings, while half-year profit after tax was Rs 7.65 crore.

The next disclosures to watch are whether Taurian MPS identifies the projects within its Rs 10.47 crore CWIP balance and reports any transfer of those assets into completed fixed assets. The November 2, 2026 filing does not disclose a completion timetable, capital-expenditure target or project-specific funding plan, leaving future asset classifications, short-term borrowings and finance costs as relevant reported measures.