Thacker half-year operating cash flow rises to Rs 74.19 lakh

Thacker and Company Limited generated Rs 74.19 lakh of net operating cash in the half year ended 30 September 2026, up from Rs 20.42 lakh a year earlier, but deployed Rs 3.50 crore in intercorporate deposits, leaving cash and cash equivalents Rs 0.51 lakh lower at Rs 1.36 lakh.

What drove Thacker's higher operating cash flow?

Thacker's net cash generated from operating activities increased by Rs 53.77 lakh to Rs 74.19 lakh for the half year ended 30 September 2026, from Rs 20.42 lakh in the corresponding half year ended 30 September 2025. Cash generated from operations before tax rose to Rs 1.07 crore from Rs 48.43 lakh, while direct taxes paid increased to Rs 33.14 lakh from Rs 28.01 lakh.

Operating profit before working-capital changes was Rs 53.89 lakh, compared with Rs 30.37 lakh a year earlier. The cash-flow statement began with profit before extraordinary items and tax of Rs 2.56 crore, against Rs 2.38 crore, and adjusted for items including depreciation and amortisation of Rs 53.57 lakh, rental income and licence fees of Rs 1.11 crore, and dividend income of Rs 96.33 lakh.

Working-capital movements added to the change. Trade and current assets produced a Rs 49.16 lakh cash inflow, compared with Rs 29.11 lakh in the prior-year half, while current liabilities added Rs 4.28 lakh after using Rs 11.05 lakh in the comparable period. These movements explain the increase in cash generated from operations to Rs 1.07 crore before direct taxes.

How did Thacker allocate cash during the half year?

Thacker deployed Rs 3.50 crore in intercorporate deposits during the half year ended 30 September 2026, compared with Rs 3 crore in the corresponding 2025 period. Along with Rs 0.38 lakh of interest relating to right-of-use assets, the deployment resulted in net financing cash used of Rs 3.50 crore, against Rs 3.01 crore a year earlier.

The cash-flow statement classifies investment in intercorporate deposits under financing activities, rather than investing activities. The Rs 3.50 crore deployment exceeded the Rs 74.19 lakh generated from operations by Rs 2.76 crore, demonstrating that operating cash alone did not fund the half-year deposit allocation.

The assets-and-liabilities statement lists loans of Rs 18.50 crore at 30 September 2026, compared with Rs 15 crore in the comparative column for 30 September 2025. The Rs 3.50 crore difference equals the period's intercorporate-deposit cash-flow line, although the filing does not identify the deposit counterparties, interest rates, maturity dates or repayment terms.

Why did Thacker's cash balance fall despite operating inflows?

Thacker's cash and cash equivalents fell by Rs 0.51 lakh because operating and investing inflows together were marginally below financing cash use. The statement records Rs 74.19 lakh from operations and Rs 2.76 crore from investing activities, against Rs 3.50 crore used in financing activities.

Net cash generated from investing activities was Rs 2.76 crore, an increase of Rs 10.64 lakh from Rs 2.65 crore in the prior-year half. The 2026 inflow included Rs 1.56 crore from sale of investments, Rs 1.11 crore of rental income and Rs 96.33 lakh of dividend income, offset by Rs 87 lakh spent on purchasing investments.

The prior-year half recorded a larger cash reduction of Rs 15.09 lakh despite a lower financing outflow of Rs 3.01 crore. Operating cash generation was then Rs 20.42 lakh and investing cash inflow was Rs 2.65 crore, leaving total inflows of Rs 2.85 crore below financing cash use.

Cash and cash equivalents were Rs 1.87 lakh at the beginning of the 2026-27 financial year and Rs 1.36 lakh at 30 September 2026. In the comparable 2025 half-year statement, opening cash and cash equivalents were Rs 16.52 lakh and closing cash and cash equivalents were Rs 1.43 lakh.

What do Thacker's balance-sheet figures show?

Thacker reported cash and cash equivalents of Rs 1.36 lakh at 30 September 2026, while bank balances other than cash equivalents were Rs 56 lakh. The bank-balance figure was unchanged from the comparative column, whereas cash and cash equivalents declined from the Rs 1.87 lakh opening balance reported in the cash-flow statement.

Other financial assets stood at Rs 74.05 lakh at 30 September 2026, down from Rs 1.16 crore in the comparative column, while other current assets rose to Rs 8.26 lakh from Rs 4.11 lakh. The filing also shows current borrowings of Rs 6.10 lakh at 30 September 2026; no comparative borrowing amount is displayed.

The cash-flow statement records Rs 87 lakh of investment purchases and Rs 1.56 crore of investment-sale proceeds during the six months. Its balance-sheet statement shows Rs 70.33 lakh of current investments in the comparative column, but does not display a current-investment figure at 30 September 2026, so the filing does not establish a closing current-investment balance.

Thacker's unaudited results for the quarter and half year ended 30 September 2026 were taken on record by the board on 2 November 2026. The filing states that statutory auditors carried out a limited review under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015; the review report says it is not an audit opinion.

Conclusion

Thacker produced higher operating cash in the half year ended 30 September 2026, with net operating inflow rising to Rs 74.19 lakh from Rs 20.42 lakh. However, the Rs 3.50 crore intercorporate-deposit deployment, together with a Rs 0.38 lakh right-of-use asset interest payment, slightly exceeded combined operating and investing inflows and reduced cash and cash equivalents by Rs 0.51 lakh.

The next disclosures to watch are movements in the Rs 18.50 crore loans balance and any further detail on the Rs 3.50 crore intercorporate-deposit deployment. The 2 November 2026 filing does not disclose counterparties, rates, maturities or repayment schedules, so subsequent financial statements would show whether the deposits are repaid, renewed or increased.