Udayshivakumar Infra inventory and payables rise sharply

Udayshivakumar Infra Limited reported a Rs 21.9534 crore inventory increase to Rs 107.5487 crore in the half year ended 30 September 2026, while current creditor dues other than micro and small enterprises rose Rs 42.5400 crore to Rs 78.2006 crore, reshaping Udayshivakumar Infra’s working-capital position from 31 March 2026.

How much did Udayshivakumar Infra’s inventory rise?

Udayshivakumar Infra’s inventories increased to Rs 107.5487 crore at 30 September 2026 from Rs 85.5953 crore at 31 March 2026, a rise of Rs 21.9534 crore. The balance-sheet inventory was larger than other current assets of Rs 53.4318 crore and cash and cash equivalents of Rs 24.8919 crore at the half-year date.

The cash-flow statement records the same Rs 21.9534 crore inventory increase as a working-capital outflow for the half year ended 30 September 2026. The filing does not split inventory between materials, work in progress, finished goods or stock-in-trade, so it does not identify the operational or project-specific source of the build-up.

Inventory accounted for about 48% of Udayshivakumar Infra’s Rs 224.1882 crore of current assets at 30 September 2026, compared with about 41% of Rs 207.8170 crore at 31 March 2026. This change occurred while current trade receivables declined by Rs 11.3777 crore, showing that the composition of current assets shifted towards inventory during the six-month period.

Why did Udayshivakumar Infra’s current payables rise?

Udayshivakumar Infra does not disclose a reason for the payable increase, but its balance sheet shows current dues to creditors other than micro and small enterprises rising to Rs 78.2006 crore at 30 September 2026 from Rs 35.6606 crore at 31 March 2026. That is an increase of Rs 42.5400 crore over the half year.

Current dues to micro and small enterprises declined to Rs 20 lakh from Rs 25.48 lakh, while non-current trade payables fell to Rs 22.1337 crore from Rs 22.8393 crore. Combined trade payables therefore rose to Rs 100.5343 crore from Rs 58.7547 crore, an increase of Rs 41.7796 crore based on the balance-sheet classifications.

The cash-flow statement separately reports a Rs 41.7794 crore increase in trade payables during the half year ended 30 September 2026. This is Rs 200 lower than the change calculated from the balance-sheet payable categories; Udayshivakumar Infra provides no reconciliation or explanation for the difference in the filing.

How did the working-capital movements affect cash flow?

Udayshivakumar Infra’s cash-flow statement shows that the Rs 21.9534 crore inventory increase was more than offset by a Rs 41.7794 crore increase in trade payables within the disclosed working-capital movements. The statement also records a Rs 3.8336 crore decrease in trade receivables, which contributed cash under its operating-activity presentation.

Other movements listed in the cash-flow statement included a Rs 7.4846 crore increase in current and non-current financial assets, a Rs 1.2237 crore increase in other current assets, and a Rs 4.8830 crore decrease in current and non-current financial liabilities. Udayshivakumar Infra does not identify the financial-asset categories, suppliers or individual projects behind those cash-flow entries.

Cash and cash equivalents rose by Rs 10.1268 crore to Rs 24.8919 crore at 30 September 2026 from Rs 14.7651 crore at the start of the financial year. The half-year statement reports Rs 8.1547 crore of net cash used in investing activities and Rs 11.0022 crore used in financing activities, including finance cost of Rs 5.0778 crore and repayment of non-current borrowings of Rs 5.3549 crore.

The increase in cash occurred alongside a rise in bank balances other than cash and cash equivalents to Rs 23.7365 crore from Rs 22.0333 crore. Total immediately reported cash and other bank balances were therefore Rs 48.6284 crore at 30 September 2026, compared with Rs 36.7984 crore at 31 March 2026.

How did Udayshivakumar Infra’s liquidity coverage and performance change?

Udayshivakumar Infra’s reported current assets covered current liabilities by about 1.41 times at 30 September 2026, down from about 1.70 times at 31 March 2026. Current assets increased by Rs 16.3712 crore, whereas current liabilities rose by Rs 36.5483 crore, with the larger creditor balance accounting for most of the difference.

Current borrowings edged down by Rs 0.5695 crore to Rs 57.3404 crore, while other current financial liabilities declined by Rs 7.3514 crore to Rs 4.1279 crore. Other current liabilities increased by Rs 0.7389 crore to Rs 17.3073 crore, and current provisions rose by Rs 0.5715 crore to Rs 74.97 lakh.

The working-capital changes accompanied higher revenue in the half year ended 30 September 2026. Udayshivakumar Infra reported revenue from operations of Rs 148.9473 crore, compared with Rs 115.8715 crore in the corresponding half year ended 30 September 2025, while net profit was Rs 6.9221 crore against a loss of Rs 6.9122 crore a year earlier.

The September 2026 quarter generated Rs 102.6953 crore of revenue from operations, compared with Rs 46.2520 crore in the June 2026 quarter. Udayshivakumar Infra operates in one segment under Indian Accounting Standard 108, or Ind AS 108, and consequently provides no segment-level disclosure linking the inventory and payable movements to particular contracts or activities.

Conclusion

Udayshivakumar Infra’s half-year statements show that inventory grew by Rs 21.9534 crore while current creditor dues excluding micro and small enterprises increased by Rs 42.5400 crore. Although current trade receivables fell by Rs 11.3777 crore and cash and cash equivalents rose by Rs 10.1268 crore, current liabilities expanded faster than current assets, reducing reported current-asset coverage from about 1.70 times to 1.41 times.

The next reported balance sheet should show whether the Rs 107.5487 crore inventory balance converts into revenue, receivables or cash, and whether creditor dues remain near Rs 78.2006 crore. Udayshivakumar Infra disclosed no inventory target, payable-reduction plan or project-level explanation in the results approved by its board on 14 November 2026.