Thakkers Group borrowings rise Rs 19.6189 crore by September

Thakkers Group Limited reported calculated total borrowings of Rs 43.905 crore at September 30, 2026, an increase of Rs 19.6189 crore from Rs 24.2861 crore at March 31, 2026, while total equity declined to Rs 59.1499 crore from Rs 62.0443 crore. The half-year balance sheet was unaudited.

How did Thakkers Group’s borrowings change by September?

Thakkers Group’s non-current borrowings increased to Rs 34.0592 crore at September 30, 2026, from Rs 20.8429 crore at March 31, 2026, while current borrowings rose to Rs 9.8458 crore from Rs 3.4432 crore. Adding the two reported categories gives calculated total borrowings of Rs 43.905 crore, compared with Rs 24.2861 crore six months earlier.

The increase comprised Rs 13.2163 crore in non-current borrowings and Rs 6.4026 crore in current borrowings. Current borrowings rose to nearly three times their March balance, while non-current borrowings remained the larger component of the Rs 43.905 crore total at September 30. The filing does not set out lenders, interest rates, repayment dates, security or the stated purpose of the borrowings.

Which balance-sheet lines moved alongside the debt?

Total assets increased to Rs 250.4301 crore at September 30, 2026, from Rs 236.4739 crore at March 31, 2026, a rise of Rs 13.9562 crore. Current assets grew to Rs 161.2078 crore from Rs 152.9341 crore, while non-current assets rose to Rs 89.2223 crore from Rs 83.5399 crore. The filing does not attribute these asset movements to the Rs 19.6189 crore rise in calculated borrowings.

Investment property rose to Rs 41.5352 crore at September 30 from Rs 36.4942 crore at March 31, an increase of Rs 5.0410 crore. Current investments increased to Rs 145.6655 crore from Rs 139.9603 crore, adding Rs 5.7052 crore, while inventories rose to Rs 5.3613 crore from Rs 4.7616 crore. Capital work-in-progress also increased to Rs 71.15 lakh from Rs 23.40 lakh over the same period.

The asset-side movement was not uniform across all lines. Property, plant and equipment declined to Rs 22.3761 crore from Rs 23.0047 crore, and right-of-use assets declined to Rs 1.5507 crore from Rs 1.6153 crore. Other non-current assets increased to Rs 21.7429 crore from Rs 20.9285 crore, while current tax assets increased to Rs 1.8076 crore from Rs 1.1723 crore.

What happened to equity and half-year earnings?

Thakkers Group’s total equity fell by Rs 2.8944 crore to Rs 59.1499 crore at September 30, 2026, as other equity declined to Rs 57.5667 crore from Rs 60.4611 crore. Equity share capital was unchanged at Rs 1.5833 crore in both balance sheets. The Rs 2.8944 crore decrease in total equity numerically matches the reported loss for the half year ended September 30, 2026.

Thakkers Group reported a loss of Rs 2.8944 crore for the half year ended September 30, 2026, compared with a profit of Rs 4.7170 crore in the corresponding half year ended September 30, 2025. Total income from operations decreased to Rs 11.3937 crore from Rs 13.0841 crore, while total expenses increased to Rs 14.2881 crore from Rs 8.3671 crore. No exceptional items or tax expense were reported for the September 2026 half year.

Finance costs declined to Rs 4.2392 crore in the September 2026 half year from Rs 4.8236 crore a year earlier, even as the September balance sheet showed higher borrowings than at March 31. Cost of materials consumed increased to Rs 4.9595 crore from Rs 18.74 lakh, and changes in inventories were Rs 1.8552 crore against nil in the prior-year half year. The filing does not provide a calculation connecting period-end borrowings with the finance-cost movement.

What does the filing say about liquidity and review status?

Thakkers Group reported cash and cash equivalents of Rs 17.94 lakh at September 30, 2026, down from Rs 24.29 lakh at March 31, 2026. Bank balances other than cash and cash equivalents were Rs 2.9261 crore, compared with Rs 2.8901 crore at March 31. The separate cash-flow statement records a Rs 6.35 lakh decrease in cash and cash equivalents during the period.

The September 2026 balance sheet reported current liabilities of Rs 53.2984 crore, compared with Rs 28.4674 crore at March 31, 2026. Contract liabilities were Rs 20.1919 crore versus Rs 22.5899 crore, while trade payables to creditors other than micro and small enterprises were Rs 66.22 lakh versus Rs 35.72 lakh. Current lease liabilities were Rs 8.23 lakh, compared with Rs 7.73 lakh.

The board took the unaudited quarter and half-year results on record on November 13, 2026. Karwa Malani Kalantri and Associates conducted a limited review under Standard on Review Engagements 2410 and stated that nothing had come to its attention suggesting a material misstatement. The report says no audit was performed and no audit opinion was expressed, while a company note refers to an unmodified auditor opinion for the quarter ended September 30, 2026.

Conclusion

Thakkers Group’s September 2026 filing shows a changed funding position, with calculated borrowings increasing by Rs 19.6189 crore to Rs 43.905 crore and equity decreasing by Rs 2.8944 crore to Rs 59.1499 crore. Assets increased by Rs 13.9562 crore to Rs 250.4301 crore, led by higher current investments and investment property, while the company recorded a Rs 2.8944 crore first-half loss.

The next point to watch is whether later disclosures explain the lenders, interest rates, maturity dates, security and use of the additional Rs 19.6189 crore of calculated borrowings, as these details are not provided in the September 30, 2026 filing. Future results would also show whether finance costs, which were Rs 4.2392 crore in the September half year, move with the higher period-end borrowing balance.