VAS Infrastructure cash falls to Rs 33.77 lakh after H1 outflow

VAS Infrastructure Limited ended the half year to September 30, 2026 with Rs 33.77 lakh of cash and cash equivalents after using Rs 17.05 crore in operating activities. Cash declined by Rs 16.91 crore from Rs 17.25 crore at March 31, 2026, while the company reported negative equity of Rs 259.41 crore.

Why did VAS Infrastructure’s cash balance fall?

VAS Infrastructure’s cash balance fell because operating activities used Rs 17.05 crore in the half year ended September 30, 2026, while financing activities recorded no cash movement. Investing activities generated Rs 14.34 lakh, described in the cash-flow statement as rent received, but this did not offset the operating outflow.

Cash and cash equivalents declined by Rs 16.91 crore during the six-month period, from Rs 17.25 crore at the beginning of the year to Rs 33.77 lakh at the end. The cash-flow statement reports a Rs 16.91 crore net decrease in cash and cash equivalents after combining operating, investing and financing cash flows.

The September 30 closing amount comprised Rs 1,100 of cash on hand, Rs 23.76 lakh in current bank accounts and Rs 10 lakh in deposit accounts with maturity above 12 months. At March 31, 2026, the company reported Rs 17.12 crore in deposit accounts with maturity above 12 months, compared with Rs 10 lakh at September 30.

How did VAS Infrastructure’s cash flow compare with the previous year?

VAS Infrastructure reported a Rs 17.05 crore operating cash outflow for the half year ended September 30, 2026, compared with a Rs 13.85 crore operating cash inflow for the year ended March 31, 2026. The two periods are not like-for-like because one covers six months and the other a full year, but the reported direction changed from an inflow to an outflow.

Investing cash inflow was Rs 14.34 lakh in the September 2026 half year, against Rs 89.04 lakh for the year ended March 31, 2026. The filing showed no financing cash flow in either period, with the financing section listing no movement in long-term borrowings, short-term borrowings, share allotment or finance cost.

The year ended March 31, 2026 began with cash and cash equivalents of Rs 2.51 crore and ended with Rs 17.25 crore, a reported increase of Rs 14.74 crore. The September 2026 half year then began with that Rs 17.25 crore balance and ended at Rs 33.77 lakh after the reported Rs 16.91 crore decrease.

What caused VAS Infrastructure’s operating cash outflow?

VAS Infrastructure’s operating outflow chiefly reflected a Rs 17.27 crore decrease in other current liabilities during the half year ended September 30, 2026. That movement outweighed a Rs 58.40 lakh decrease in current financial assets and followed an operating loss before working-capital changes of Rs 33.11 lakh.

The company reported a loss before tax of Rs 19.07 lakh for the six months, compared with a loss before tax of Rs 8.83 lakh in the half year ended September 30, 2025. The cash-flow calculation included Rs 14.34 lakh of interest income and Rs 29,900 of depreciation and amortisation among its adjustments.

Other working-capital movements included a Rs 13.40 lakh increase in other current assets, a Rs 17.02 lakh reduction in trade payables and a Rs 50,000 reduction in provisions. The half-year cash-flow statement showed no movement in inventories or trade receivables and no income-tax payment or refund.

VAS Infrastructure reported no revenue from operations for the quarter or half year ended September 30, 2026. Half-year total income was Rs 14.34 lakh, entirely classified as other income, while total expenses were Rs 33.41 lakh, including Rs 31.55 lakh of other expenditure and Rs 1.56 lakh of employee-benefit expense.

What does VAS Infrastructure’s September balance sheet show?

VAS Infrastructure reported total equity attributable to owners of negative Rs 259.41 crore at September 30, 2026, compared with negative Rs 259.22 crore at March 31, 2026. The Rs 19.07 lakh movement corresponds with the loss reported for the half year ended September 30.

Total liabilities were Rs 397.85 crore at September 30, 2026, down from Rs 415.14 crore at March 31, 2026. Total assets declined to Rs 138.44 crore from Rs 155.02 crore, leaving reported liabilities above assets and total equity negative at the September reporting date.

Non-current borrowings were unchanged at Rs 108.31 crore and current borrowings were unchanged at Rs 11.58 crore between March 31 and September 30. Other current financial liabilities were Rs 274.80 crore at both dates, while other current liabilities decreased to Rs 1.59 crore from Rs 18.86 crore.

On the asset side, non-current investments remained Rs 84.62 crore and inventories remained Rs 53.14 crore at September 30, 2026. Property, plant and equipment declined to Rs 33,000 from Rs 64,000 at March 31, while the cash-flow statement reported cash and cash equivalents of Rs 33.77 lakh at the half-year end.

What insolvency status did VAS Infrastructure disclose?

VAS Infrastructure said it was admitted into the Corporate Insolvency Resolution Process, or CIRP, under an order dated March 11, 2024 from the National Company Law Tribunal, Mumbai Bench. The company’s September 2026 financial results were reviewed and approved by the Resolution Professional Committee on November 3, 2026.

The tribunal replaced the earlier Resolution Professional with Bimal Kumar Agarwal through an August 13, 2026 order in IA No. 3523/2026 in C.P. (IB) No. 314/MB/2023. VAS Infrastructure said management of the corporate debtor’s affairs vests with the newly appointed Resolution Professional, who is undertaking statutory compliances related to the quarter and half year ended September 30, 2026.

The company’s results state that they were prepared under Indian Accounting Standards, or Ind AS, prescribed under Section 133 of the Companies Act, 2013. VAS Infrastructure also reported no investor complaints pending at September 30, 2026, no complaints received during the year and none unresolved at November 3, 2026.

Conclusion

VAS Infrastructure’s first-half figures show that the Rs 17.05 crore operating cash outflow was the main driver of cash and cash equivalents falling to Rs 33.77 lakh at September 30, 2026. The cash movement coincided with a Rs 17.27 crore reduction in other current liabilities, no operating revenue, a Rs 19.07 lakh half-year loss and negative equity of Rs 259.41 crore.

The disclosed matter to watch next is the statutory compliance work being undertaken by the Resolution Professional in the CIRP. VAS Infrastructure said Bimal Kumar Agarwal took over as Resolution Professional following the August 13, 2026 tribunal order, after the company entered CIRP under the March 11, 2024 order.