Veegaland Homes posts Rs 55.8 crore H1 operating cash flow

Veegaland Developers Limited, referred to here as Veegaland Homes, generated Rs 55.8 crore of net cash from operating activities in the six months ended 30 Sep-26, reversing an Rs 18.2 crore outflow a year earlier. The reversal reflected Rs 28.9 crore of positive working-capital changes, while financing activities supplied Rs 168.4 crore.

How did Veegaland Homes reverse operating cash flow?

Veegaland Homes reversed operating cash flow by moving from Rs 18.2 crore of net cash used in operating activities at 30 Sep-25 to Rs 55.8 crore generated at 30 Sep-26. Profit before tax increased to Rs 34.5 crore from Rs 15.7 crore, while working-capital changes moved to a Rs 28.9 crore inflow from an Rs 27.8 crore outflow.

Operating profit before working-capital changes was Rs 34.4 crore at 30 Sep-26, compared with Rs 18.4 crore a year earlier. Cash generated from operations therefore reached Rs 63.3 crore, versus an Rs 9.4 crore outflow in the prior-year period; after direct taxes paid, net of refunds, of Rs 7.6 crore, net operating cash was Rs 55.8 crore.

What did working capital contribute to Veegaland Homes' cash flow?

Working capital was the largest disclosed change in Veegaland Homes' operating cash calculation, adding Rs 28.9 crore at 30 Sep-26 after using Rs 27.8 crore at 30 Sep-25. The Rs 56.7 crore swing was larger than the Rs 16.0 crore rise in operating profit before working-capital changes between the two periods.

The presentation does not reconcile the Rs 28.9 crore movement by individual account. Its balance sheet shows inventories declining to Rs 273.8 crore at 30 Sep-26 from Rs 288.0 crore at 31 Mar-26, and trade receivables falling to Rs 42.6 crore from Rs 45.1 crore, while trade payables rose to Rs 17.7 crore from Rs 7.2 crore.

Other current liabilities increased to Rs 123.9 crore at 30 Sep-26 from Rs 109.0 crore at 31 Mar-26. These balance-sheet movements occurred during the same six months as the positive working-capital result, but Veegaland Homes does not attribute the cash-flow movement to inventory, collections, payables or any other specific line item.

How were investing and financing cash flows positioned?

Veegaland Homes reported Rs 152.3 crore of net cash used in investing activities and Rs 168.4 crore of net cash from financing activities for the six months ended 30 Sep-26. The investing outflow was Rs 132.1 crore higher than the Rs 20.2 crore reported at 30 Sep-25, while the financing inflow rose Rs 124.2 crore from Rs 44.2 crore.

Financing inflows exceeded investing outflows by Rs 16.1 crore in the 30 Sep-26 period. The cash-flow statement does not split either total into instruments, equity transactions, borrowings, projects or investments, so it does not establish which source of financing was linked to a particular investing use.

Together, Rs 55.8 crore of operating cash and Rs 168.4 crore of financing cash offset the Rs 152.3 crore investing outflow, resulting in a reported Rs 71.8 crore increase in cash and cash equivalents. The cash-flow statement records opening cash and cash equivalents of Rs 20.5 crore and closing cash and cash equivalents of Rs 92.4 crore at 30 Sep-26.

What changed on Veegaland Homes' balance sheet?

Veegaland Homes' total assets and total equity and liabilities increased to Rs 709.2 crore at 30 Sep-26 from Rs 483.8 crore at 31 Mar-26. Shareholders' funds rose Rs 217.4 crore to Rs 484.3 crore, comprising Rs 48.8 crore of share capital and Rs 435.5 crore of other equity.

Non-current financial assets increased to Rs 97.6 crore at 30 Sep-26 from Rs 44.6 crore at 31 Mar-26. Cash and cash equivalents on the balance sheet rose to Rs 92.3 crore from Rs 20.5 crore, while bank balances other than cash increased to Rs 92.3 crore from Rs 12.7 crore.

Long-term borrowings rose to Rs 34.2 crore from Rs 27.2 crore between 31 Mar-26 and 30 Sep-26, whereas short-term borrowings declined to Rs 36.3 crore from Rs 58.4 crore. Current liabilities were Rs 186.4 crore at 30 Sep-26, compared with Rs 184.5 crore at 31 Mar-26, with higher trade payables and other current liabilities offsetting lower short-term borrowings.

How did operating cash compare with reported profitability?

Veegaland Homes' Rs 55.8 crore operating cash generation at 30 Sep-26 was higher than its Rs 25.7 crore profit after tax for H1 FY27. Revenue from operations increased to Rs 180.66 crore from Rs 124.16 crore in H1 FY26, while the cash-flow statement began with Rs 34.5 crore of profit before tax.

Earnings before interest, tax, depreciation and amortisation, including other income, rose to Rs 37.09 crore in H1 FY27 from Rs 18.92 crore in H1 FY26. The corresponding EBITDA margin increased to 20.1% from 15.1%, and profit after tax rose from Rs 11.53 crore to Rs 25.71 crore.

The presentation contains two slightly different closing cash figures for 30 Sep-26. The cash-flow statement reports Rs 92.4 crore of cash and cash equivalents, while the balance sheet reports Rs 92.3 crore, a difference of Rs 10 lakh; the presentation does not explain the difference.

Conclusion

Veegaland Homes' cash-flow position changed materially in the six months ended 30 Sep-26. A Rs 28.9 crore working-capital inflow and Rs 34.4 crore of operating profit before working-capital changes produced Rs 55.8 crore of operating cash, while Rs 168.4 crore of financing inflows supported Rs 152.3 crore of investing outflows and a Rs 71.8 crore increase in cash.

The next disclosures to watch are the components of the Rs 152.3 crore investing outflow and Rs 168.4 crore financing inflow, which this presentation does not split. Readers can also monitor whether working capital remains a cash source after the Rs 28.9 crore inflow, and whether the Rs 92.4 crore cash-flow closing figure is reconciled with the Rs 92.3 crore balance-sheet amount.