United Van Der Horst deploys Rs 23.9501 crore in six months

United Van Der Horst Limited deployed Rs 23.9501 crore on property, plant and equipment and capital work-in-progress in the half year ended 30 September 2026, while reporting Rs 19.6341 crore of net loans taken. Capital work-in-progress reached Rs 21.9743 crore and cash and cash equivalents declined to Rs 36.34 lakh.

How much did United Van Der Horst invest in capital assets?

United Van Der Horst recorded Rs 23.9501 crore of purchases of property, plant and equipment and capital work-in-progress, or CWIP, in the half year ended 30 September 2026. This purchase outflow exceeded the Rs 4.313 crore recorded for the full year ended 31 March 2026, although the reported periods cover six and 12 months respectively and are therefore not directly comparable.

Most of the movement was recorded as CWIP rather than completed property, plant and equipment. CWIP increased to Rs 21.9743 crore at 30 September 2026 from Rs 19.07 lakh at 31 March 2026, while property, plant and equipment increased by Rs 68.84 lakh to Rs 69.3922 crore. Total non-current assets rose to Rs 92.4111 crore from Rs 69.8896 crore.

United Van Der Horst did not identify individual projects, equipment categories, commissioning dates or expected output associated with the Rs 21.9743 crore CWIP balance. Its results note says it designs, manufactures and supplies marine-engine parts, hydraulic and pneumatic cylinders, connectors and ring gaskets, and also undertakes repair and remanufacturing work, without assigning the capital expenditure to those activities.

How was United Van Der Horst’s spending financed?

United Van Der Horst reported Rs 19.6341 crore of net loans taken in the six months ended 30 September 2026, against the Rs 23.9501 crore purchase outflow for property, plant and equipment and CWIP. The cash-flow statement does not identify whether particular borrowings were used for particular assets, but the net loan drawdown was the largest financing inflow in the period.

Total borrowings increased to Rs 52.3479 crore at 30 September 2026 from Rs 32.7138 crore at 31 March 2026. Non-current borrowings rose to Rs 19.9427 crore from Rs 13.5964 crore, while current borrowings increased to Rs 32.4052 crore from Rs 19.1174 crore, showing that both maturity categories increased.

United Van Der Horst’s cash and cash equivalents fell by Rs 69.37 lakh to Rs 36.34 lakh over the half year. Bank balances not treated as cash equivalents also declined, to Rs 34.48 lakh from Rs 60.85 lakh, leaving the two reported cash categories at Rs 70.82 lakh compared with Rs 1.6656 crore at 31 March 2026.

What did operating and financing cash flows contribute?

United Van Der Horst generated Rs 4.462 crore of net cash from operating activities in the half year ended 30 September 2026, after Rs 32.40 lakh of net income-tax payments. The operating inflow was lower than the Rs 23.6864 crore net cash used in investing activities, which included the Rs 23.9501 crore asset-purchase outflow and a Rs 26.37 lakh movement in bank balances not treated as cash equivalents.

Financing activities generated Rs 18.5307 crore of net cash, combining Rs 19.6341 crore of net loans taken and Rs 1.1034 crore of interest paid. No dividend payment was recorded for the half year, whereas the cash-flow statement for the year ended 31 March 2026 included Rs 3.4475 crore of dividends. The combined operating, investing and financing movements produced the Rs 69.37 lakh reduction in cash equivalents.

Working-capital changes reduced and supported cash generation in different areas. Sundry debtors increased by Rs 5.185 crore and inventories increased by Rs 60.98 lakh, while other current assets released Rs 2.0739 crore and current liabilities supplied Rs 2.5281 crore. These movements left cash generated from operations at Rs 4.786 crore before tax, compared with operating profit before working-capital changes of Rs 6.0511 crore.

What was the earnings context for the investment?

United Van Der Horst reported revenue from operations of Rs 19.1634 crore for the half year ended 30 September 2026, compared with Rs 17.7389 crore in the corresponding half year of 2025. Job work and reconditioning generated Rs 12.0885 crore of revenue, ahead of manufacturing at Rs 7.0749 crore; the company says expenses, assets and liabilities are used interchangeably and are not separately identified by those segments.

Profit before tax declined to Rs 3.0932 crore from Rs 6.0332 crore in the previous corresponding half year. Finance costs increased to Rs 1.4136 crore from Rs 1.1463 crore, while depreciation and amortisation rose to Rs 1.446 crore from Rs 1.4024 crore. The cash-flow statement separately records Rs 1.367 crore of interest expense and Rs 1.1034 crore of interest paid, which differ from the income-statement finance-cost measure.

Profit after tax was Rs 2.3882 crore, compared with Rs 4.0362 crore a year earlier, and basic earnings per share were Rs 0.35 versus Rs 0.59. United Van Der Horst restated comparative per-share figures for the share split effective 22 January 2026, under which each Rs 5 face-value share was subdivided into five Rs 1 shares.

Conclusion

United Van Der Horst’s half-year statements show a capital-intensive period in which Rs 23.9501 crore of asset purchases drove investing cash outflow and CWIP rose to Rs 21.9743 crore. Net operating cash of Rs 4.462 crore and net loan drawdowns of Rs 19.6341 crore partly funded that outflow, while total borrowings rose to Rs 52.3479 crore and cash equivalents ended at Rs 36.34 lakh.

The next results will show whether United Van Der Horst transfers the Rs 21.9743 crore CWIP balance into completed property, plant and equipment and how the higher borrowing balance affects finance costs, which were Rs 1.4136 crore in the half year. The filing discloses no capital-spending target, project-completion schedule or specific purpose for the CWIP balance, leaving those matters unresolved.