TBI Corn revenue rose 44% as operating cash flow fell 88%

TBI Corn Limited reported consolidated revenue from operations of Rs 196.46 crore for the half year ended September 30, 2026, up 44% from Rs 136.70 crore a year earlier, while net cash from operating activities fell 88% to Rs 2.69 crore as receivables and other current assets absorbed cash.

How did TBI Corn’s H1 revenue and profit change?

TBI Corn’s consolidated revenue from operations rose by Rs 59.76 crore year on year to Rs 196.46 crore in the half year ended September 30, 2026, compared with Rs 136.70 crore in the half year ended September 30, 2025. Other income declined to Rs 52.15 lakh from Rs 58.29 lakh, leaving total income at Rs 196.98 crore, against Rs 137.28 crore in the comparable half year.

Net profit increased 14% to Rs 11.70 crore from Rs 10.25 crore, a slower rate than revenue growth. Profit before tax rose to Rs 15.64 crore from Rs 13.70 crore, while total tax expense increased to Rs 3.93 crore from Rs 3.45 crore. Basic and diluted earnings per share were Rs 6.44, compared with Rs 5.64 a year earlier, on paid-up equity share capital of Rs 18.16 crore.

The sequential comparison was also positive on reported income: revenue rose from Rs 166.98 crore in the half year ended March 31, 2026 to Rs 196.46 crore in the latest half year. Net profit rose from Rs 8.36 crore. The September 2026 results were unaudited and limited reviewed, whereas the March 2026 half-year comparative was audited.

Why did TBI Corn’s operating cash flow decline?

TBI Corn generated Rs 2.69 crore of net cash from operating activities in the half year ended September 30, 2026, down from Rs 21.97 crore a year earlier. The decline occurred despite profit before tax increasing by Rs 1.94 crore to Rs 15.64 crore, because working-capital adjustments moved to a Rs 15.24 crore outflow from a Rs 10.01 crore inflow in the earlier period.

The largest operating cash use was a Rs 33.06 crore increase in trade receivables, compared with a Rs 14.26 crore increase in the half year ended September 30, 2025. Other current assets consumed Rs 17.32 crore, compared with a Rs 1.76 crore cash inflow a year earlier. Inventory rose by Rs 3.40 crore, following a Rs 2.69 crore increase in the prior-year period.

Trade payables provided Rs 10.81 crore of cash in the latest half year, reversing a Rs 11.44 crore outflow a year before. The cash-flow statement also recorded a Rs 24.94 crore increase in short-term borrowing as a working-capital adjustment, broadly similar to Rs 24.74 crore in the prior period. After Rs 3.98 crore of current tax paid, cash from operations before tax was Rs 6.67 crore, compared with Rs 25.54 crore a year earlier.

What changed in TBI Corn’s receivables and working capital?

TBI Corn’s trade receivables stood at Rs 109.80 crore on September 30, 2026, up Rs 33.06 crore from Rs 76.74 crore on March 31, 2026. This balance-sheet increase matches the principal receivables outflow in the operating cash-flow statement and was larger than the Rs 3.40 crore increase in inventories over the same six-month period.

Other current assets increased to Rs 21.78 crore from Rs 4.46 crore, a rise of Rs 17.32 crore. Short-term loans and advances rose to Rs 24.09 crore from Rs 22.45 crore, while long-term loans and advances increased to Rs 56.64 lakh from Rs 8.50 lakh. Together, these movements expanded current assets to Rs 277.85 crore from Rs 207.21 crore.

Current liabilities also increased, reaching Rs 158.19 crore on September 30 from Rs 118.00 crore at March 31. Trade payables rose by Rs 10.81 crore to Rs 56.51 crore, and short-term provisions increased to Rs 5.53 crore from Rs 1.90 crore. The filing does not provide ageing data, customer-level balances or an explanation for the change in receivables.

How did TBI Corn finance its cash increase?

TBI Corn’s cash and cash equivalents increased by Rs 15.22 crore during the half year to Rs 34.33 crore, from Rs 19.10 crore at March 31, 2026. The increase was principally supported by Rs 14.28 crore of net financing cash inflow, including Rs 18.90 crore of borrowing proceeds and Rs 4.62 crore of interest paid.

Investing activities used Rs 1.74 crore, lower than the Rs 3.50 crore used in the corresponding prior-year half. Purchases of property, plant and equipment accounted for Rs 1.26 crore, while cash advances and loans to other parties used Rs 48.14 lakh. Operating, investing and financing cash flows together produced a Rs 15.22 crore increase in cash, compared with Rs 15.93 crore in the previous year’s half.

Total borrowings on the consolidated balance sheet were Rs 115.21 crore on September 30, comprising Rs 94.20 crore of short-term borrowings and Rs 21.01 crore of long-term borrowings. This was Rs 43.84 crore higher than the Rs 71.37 crore total at March 31, including Rs 69.26 crore short-term and Rs 2.11 crore long-term borrowings. The debt-equity ratio was 0.88, compared with 0.59 at March 31.

What do TBI Corn’s costs and coverage ratios show?

TBI Corn’s cost of materials consumed rose 68% year on year to Rs 181.42 crore, exceeding the 44% increase in revenue. Inventory changes were a Rs 21.79 crore credit in the latest half year, compared with a Rs 2.17 crore credit in the prior-year period. Finance costs rose to Rs 4.62 crore from Rs 3.44 crore, while freight and transport expense increased to Rs 7.08 crore from Rs 5.11 crore.

Total expenses were Rs 181.34 crore, up from Rs 123.59 crore a year earlier, while total other expenses rose to Rs 13.98 crore from Rs 12.03 crore. Employee benefit expense increased to Rs 1.46 crore from Rs 56.65 lakh. The filing reports no exceptional or extraordinary items in either half-year period, so reported profit before tax of Rs 15.64 crore contained no such item.

The debt service coverage ratio was 0.19 at September 30, 2026, versus 0.45 a year earlier and 0.24 at March 31, 2026. Interest service coverage was 4.38, compared with 4.98 a year earlier and 3.40 at March 31. TBI Corn reports a single reportable segment under Accounting Standard 17, so the filing does not separate revenue, cost or cash flow by business line.

Conclusion

TBI Corn’s latest consolidated half-year filing shows a divergence between income growth and operating cash generation. Revenue added Rs 59.76 crore and net profit added Rs 1.45 crore year on year, but the Rs 33.06 crore receivables increase and Rs 17.32 crore rise in other current assets contributed to operating cash flow falling to Rs 2.69 crore.

The next point to watch is whether TBI Corn’s working-capital balances and borrowings change after September 30, 2026, since the filing provides no receivables ageing or explanation for the increase. The company disclosed that it had fully used Rs 44.94 crore of initial public offering proceeds, including Rs 17.00 crore for incremental working-capital requirements and Rs 16.80 crore for expansion of its existing unit.