Upsurge Seeds inventory reaches Rs 102.64 crore in September

Upsurge Seeds of Agriculture Limited reported inventories of Rs 102.64 crore at September 30, 2026, up Rs 8.50 crore from Rs 94.14 crore at March 31, 2026. The increase accounted for most of the Rs 12.51 crore rise in current assets during the six-month period, while total assets rose Rs 11.76 crore to Rs 131.58 crore.

How much did Upsurge Seeds inventory increase?

Upsurge Seeds’ inventory increased by Rs 8.50 crore during the six months ended September 30, 2026, reaching Rs 102.64 crore from Rs 94.14 crore at March 31, 2026. The balance was also Rs 17.33 crore above the Rs 85.31 crore reported at March 31, 2025, based on the statement of assets and liabilities.

Inventory was the largest current-asset line in the September 2026 statement, exceeding trade receivables of Rs 9.82 crore by Rs 92.82 crore. The company reported total current assets of Rs 116.47 crore at September 30, 2026, meaning inventories represented about 88% of that reported total.

What changed in Upsurge Seeds’ asset base?

Upsurge Seeds’ total assets increased to Rs 131.58 crore at September 30, 2026 from Rs 119.82 crore at March 31, 2026, a rise of Rs 11.76 crore. Current assets increased by Rs 12.51 crore, while non-current assets declined by Rs 74.16 lakh, so the increase in current assets was greater than the overall asset expansion.

Trade receivables increased by Rs 2.22 crore to Rs 9.82 crore during the six months, while short-term loans and advances rose by Rs 1.09 crore to Rs 1.84 crore. Other current assets increased by Rs 69.35 lakh to Rs 1.95 crore, whereas cash and cash equivalents were Rs 21.27 lakh at September 30, 2026 compared with Rs 21.30 lakh at March 31, 2026.

The non-current asset balance was Rs 15.11 crore at September 30, 2026, compared with Rs 15.85 crore six months earlier. Tangible assets fell to Rs 14.83 crore from Rs 15.51 crore, while deferred tax assets increased to Rs 19.08 lakh from Rs 18.37 lakh and other non-current assets declined to Rs 9.29 lakh from Rs 15.36 lakh.

How was Upsurge Seeds’ asset increase reflected in funding?

Upsurge Seeds reported shareholders’ funds of Rs 65.32 crore at September 30, 2026, up Rs 3.32 crore from Rs 62.00 crore at March 31, 2026. Share capital was unchanged at Rs 10.09 crore, while reserves and surplus rose to Rs 55.24 crore from Rs 51.91 crore.

Non-current liabilities increased by Rs 4.32 crore to Rs 16.37 crore over the same period, and current liabilities increased by Rs 4.12 crore to Rs 49.89 crore. Together, the Rs 3.32 crore increase in shareholders’ funds, Rs 4.32 crore increase in non-current liabilities and Rs 4.12 crore increase in current liabilities equal the Rs 11.76 crore increase in total assets.

At March 31, 2025, Upsurge Seeds had total assets of Rs 118.14 crore, shareholders’ funds of Rs 54.43 crore, non-current liabilities of Rs 15.12 crore and current liabilities of Rs 48.44 crore. By September 30, 2026, inventory had risen by Rs 17.33 crore from that earlier year-end, while total assets were Rs 13.44 crore higher.

What does Upsurge Seeds disclose about its inventory?

Upsurge Seeds discloses a single total-inventory balance of Rs 102.64 crore at September 30, 2026 and does not provide a split by seed type, product category, ageing or storage location. The filing identifies the company’s business as the production and processing of agriculture hybrid seeds and says it operates in a single business segment.

The cash flow statement for the period ended September 30, 2026 separately includes an increase in inventories among working-capital adjustments in operating activities. However, the balance-sheet statement does not explain the operational reason for the Rs 8.50 crore increase from March 31, 2026 or identify how much stock relates to particular products.

Upsurge Seeds’ statement of assets and liabilities was part of the unaudited financial results approved by its board on October 30, 2026 for the half year ended September 30, 2026. D M A A and Associates issued a limited review report dated October 30, 2026 stating that nothing had come to its attention to suggest that the financial statements lacked required disclosures or contained a material misstatement.

When did Upsurge Seeds report the September 2026 figures?

Upsurge Seeds reported the September 30, 2026 figures in its board-meeting outcome dated October 30, 2026. The board meeting began at 4:00 p.m. and concluded at 4:30 p.m., and the board approved the unaudited financial results, statement of assets and liabilities, and cash flow statement.

The filing says comparative information for the six-month periods ended September 2026 and September 2025 had been audited or reviewed by the statutory auditors. It also says previous period figures were regrouped or reclassified where necessary, which is relevant when comparing the March 31, 2026 and September 30, 2026 balances.

Conclusion

Upsurge Seeds’ September 2026 balance sheet shows that inventory was the principal contributor to the six-month increase in current assets. Inventories rose Rs 8.50 crore to Rs 102.64 crore, while current assets rose Rs 12.51 crore and total assets increased Rs 11.76 crore to Rs 131.58 crore; receivables, short-term loans and advances, and other current assets also rose.

The next financial disclosure will show whether the Rs 102.64 crore inventory balance changes after September 30, 2026 and how it affects working-capital cash flow. The October 30, 2026 filing does not disclose an inventory-reduction plan, product-level stock composition or a sales-conversion target, leaving those matters unresolved in the reported period.