Uniparts cash falls Rs 11.368 crore as receivables rise

Uniparts India Limited reported a Rs 11.368 crore decline in cash and cash equivalents in the half year ended September 30, 2026, as trade receivables rose Rs 75.194 crore and inventories increased Rs 30.998 crore despite Rs 74.446 crore of net cash from operating activities.

How did Uniparts' cash position change in H1 2026-27?

Uniparts' cash and cash equivalents, including other bank balances in the cash-flow reconciliation, fell by Rs 11.368 crore during the half year ended September 30, 2026, from Rs 47.265 crore at the opening to Rs 35.894 crore at the close. The cash-flow statement also recorded a Rs 30,000 adverse exchange difference on foreign-currency cash balances.

The balance sheet separately reported cash and cash equivalents of Rs 35.429 crore at September 30, 2026, compared with Rs 46.947 crore at March 31, 2026. Other balances with banks were Rs 4.65 lakh at September 30, 2026 and Rs 3.18 lakh at March 31, 2026, reconciling the respective cash-flow closing and opening totals.

Did Uniparts generate cash from operations?

Yes. Uniparts generated Rs 74.446 crore of net cash from operating activities in the half year ended September 30, 2026, after paying Rs 36.392 crore of income tax. Cash generated from operations before tax payments was Rs 110.838 crore.

Operating profit before working-capital changes was Rs 162.436 crore, compared with profit before tax of Rs 147.427 crore. The cash-flow bridge included Rs 23.707 crore of depreciation and amortisation expense, Rs 5.761 crore of interest expense and Rs 7.856 crore of interest income.

The six-month operating cash inflow was lower than the Rs 173.639 crore reported for the full year ended March 31, 2026, although the two disclosed periods are not like for like. During the September 2026 half year, the operating cash bridge included Rs 76.343 crore used for higher trade receivables and Rs 30.998 crore used for higher inventories.

Why did working capital absorb Uniparts' cash?

Working capital absorbed cash mainly because Uniparts recorded a Rs 76.343 crore increase in trade receivables and a Rs 30.998 crore increase in inventories in the half year ended September 30, 2026. Other non-current assets increased by Rs 18.563 crore and other current assets increased by Rs 9.292 crore, creating further cash outflows.

Trade payables partly offset those uses, rising by Rs 36.657 crore, while other current liabilities increased by Rs 38.689 crore. Current tax assets declined by Rs 3.138 crore, which also added cash in the operating cash-flow bridge.

Trade receivables on the balance sheet were Rs 216.445 crore at September 30, 2026, compared with Rs 141.251 crore at March 31, 2026. The Rs 75.194 crore balance-sheet increase differs from the Rs 76.343 crore movement reported in the cash-flow statement, which presents the period's working-capital adjustment.

What were Uniparts' investment cash outflows?

Uniparts used Rs 38.214 crore in investing activities in the half year ended September 30, 2026, compared with an investing inflow of Rs 20.048 crore in the year ended March 31, 2026. Investment or redemption in financial instruments used Rs 25.424 crore during the half year.

Payments for property, plant and equipment and capital work in progress totalled Rs 17.394 crore, while purchases of intangible assets used Rs 4.153 crore. Those outflows were partly offset by Rs 7.856 crore of interest received and Rs 9.01 lakh of proceeds from the sale of property, plant and equipment.

The balance sheet showed capital work in progress at Rs 7.062 crore on September 30, 2026, compared with Rs 3.333 crore at March 31, 2026. Intangible assets under development increased to Rs 9.725 crore from Rs 5.594 crore, while property, plant and equipment declined to Rs 197.538 crore from Rs 199.402 crore.

How did Uniparts' earnings and liquidity metrics move?

Uniparts reported revenue from operations of Rs 725.885 crore for the half year ended September 30, 2026, up from Rs 550.475 crore in the corresponding half of 2025. Profit for the period rose to Rs 111.035 crore from Rs 73.849 crore, while basic earnings per share increased to Rs 24.59 from Rs 16.36.

The September 2026 quarter included a Rs 1.286 crore net increase in profit before tax from import-tariff refunds received by Uniparts' United States subsidiaries from U.S. Customs and Border Protection. Uniparts said the tariffs had previously been paid on certain goods imported into the United States and expensed in profit or loss.

The current ratio, defined as current assets divided by current liabilities, was 2.78 times at September 30, 2026, compared with 3.08 times at March 31, 2026 and 3.53 times a year earlier. Debtors turnover was 4.03 times for the half year, down from 4.40 times in the corresponding 2025 half year.

Current assets rose to Rs 1,000.109 crore at September 30, 2026 from Rs 868.059 crore at March 31, 2026, while current liabilities increased to Rs 359.351 crore from Rs 281.712 crore. Total borrowings, combining current and non-current borrowings, were Rs 94.489 crore, compared with Rs 92.157 crore at March 31, 2026.

Conclusion

The half-year statement shows that Uniparts' higher revenue and profit did not translate fully into retained cash because receivables, inventories and other assets absorbed operating funds. Investing outflows and financing cash uses exceeded the operating inflow after working-capital movements, while debtors turnover declined from the prior-year half.

The next disclosure to watch is whether the Rs 216.445 crore receivables balance and Rs 461.074 crore inventory balance convert into operating cash in subsequent periods. Updates on capital work in progress of Rs 7.062 crore and intangible assets under development of Rs 9.725 crore will also indicate how the disclosed investment balances develop.