Vilas Transcore deploys Rs 45.03 crore in half-year capex

Vilas Transcore Limited spent Rs 45.03 crore on property, plant and equipment in the half year ended September 30, 2026, up 55% from Rs 29.01 crore a year earlier. Vilas Transcore’s property, plant and equipment balance reached Rs 122.67 crore, while long-term borrowings rose to Rs 9.63 crore.

How much did Vilas Transcore spend on plant and equipment?

Vilas Transcore spent Rs 45.03 crore on purchases of property, plant and equipment during the half year ended September 30, 2026. This was Rs 16.03 crore above the Rs 29.01 crore reported under the same cash-flow line for the half year ended September 30, 2025, a 55% increase calculated from the disclosed figures.

The company reported net cash used in investing activities of Rs 45.04 crore in the latest half year, compared with Rs 28.96 crore in the prior-year period. Purchases of property, plant and equipment accounted for nearly all of the latest investing outflow, while net investments added Rs 1 lakh to investing cash use.

The purchase figure is a cash-flow measure and records acquisitions during the period rather than only the closing value of fixed assets. Vilas Transcore also reported depreciation and write-offs of Rs 3.11 crore in the latest half year, compared with Rs 1.78 crore a year earlier, affecting the carrying value of assets on the balance sheet.

How did Vilas Transcore’s fixed assets and work in progress change?

Vilas Transcore’s property, plant and equipment balance rose to Rs 122.67 crore at September 30, 2026, from Rs 81.43 crore at March 31, 2026. The Rs 41.24 crore increase followed Rs 45.03 crore of cash purchases, while reported depreciation and write-offs of Rs 3.11 crore were among the disclosed accounting movements affecting the asset base.

Capital work in progress, or CWIP, stood at Rs 24.03 crore at September 30, 2026, compared with Rs 23.35 crore at March 31, 2026. Property, plant and equipment plus CWIP therefore totalled Rs 146.70 crore, up Rs 41.92 crore from Rs 104.78 crore six months earlier.

The larger increase was in capitalised property, plant and equipment rather than CWIP. Vilas Transcore does not provide a project-by-project split of the Rs 45.03 crore purchases or individual commissioning dates, but identifies its sole business segment as manufacturing transformer components, including CRGO laminations, cores, coils and radiators.

How was the spending reflected in cash flow and borrowings?

Vilas Transcore generated Rs 36.92 crore of net operating cash flow in the half year ended September 30, 2026, while investing cash outflow was Rs 45.04 crore. Net cash used in financing activities was Rs 11.92 crore, and cash and bank balances ended the period at Rs 74.32 crore, down from Rs 94.29 crore at the start.

Working-capital movements accompanied the operating cash generation. Inventory rose by Rs 43.06 crore to Rs 115.40 crore on the September 30 balance sheet, while trade receivables increased by Rs 5.35 crore to Rs 82.84 crore. The cash-flow statement recorded a Rs 38.93 crore increase in trade payables and cash generated from operations of Rs 37.21 crore before net direct taxes paid of Rs 28.62 lakh.

Vilas Transcore’s long-term borrowings were Rs 9.63 crore at September 30, 2026, against nil at March 31, and the cash-flow statement records an equivalent increase. Short-term borrowings declined to Rs 18.68 crore from Rs 38.96 crore, a fall of Rs 20.29 crore; total disclosed borrowings consequently declined by Rs 10.65 crore to Rs 28.31 crore despite the addition of long-term debt.

Interest paid was Rs 1.27 crore in the latest half year, compared with Rs 59.08 lakh a year earlier. Finance costs in the profit and loss statement were Rs 1.59 crore, versus Rs 82.03 lakh in the half year ended September 2025, showing higher reported financing expense during the period of increased investment activity.

What IPO-funded projects has Vilas Transcore utilised?

Vilas Transcore disclosed full utilisation of Rs 20.10 crore of initial public offering, or IPO, proceeds allocated to factory-building construction and Rs 45.21 crore allocated to additional plant and machinery. These two capital-expenditure objects totalled Rs 65.31 crore of the Rs 95.26 crore total IPO proceeds.

The company reported total IPO utilisation of Rs 94.46 crore by September 30, 2026, leaving Rs 79.84 lakh unutilised. Of the Rs 5 crore allocated to strategic investment and acquisition, Rs 4.20 crore had been used, while Rs 24.95 crore allocated to general corporate purpose and issue expenses had been fully utilised.

The disclosure establishes use against IPO objects but does not directly link the Rs 45.03 crore half-year purchase figure to individual IPO-funded assets. Vilas Transcore acquired 100% of Leelajit Foundation on May 7, 2026, making it a wholly owned subsidiary; Leelajit Foundation reported nil revenue and nil profit or loss for the half year ended September 30, 2026.

Conclusion

Vilas Transcore’s disclosures show that the increase in fixed assets was driven primarily by capitalised property, plant and equipment, rather than a substantial build-up in CWIP. Operating cash flow of Rs 36.92 crore, changes in working capital and a shift from short-term to long-term borrowings occurred alongside the Rs 45.03 crore investment outflow.

The next financial results can show whether the Rs 24.03 crore CWIP balance is transferred to operating assets and how the expanded Rs 122.67 crore property, plant and equipment base affects depreciation, revenue and financing costs. The remaining Rs 79.84 lakh of IPO proceeds is allocated to strategic investment and acquisition, which remains the disclosed unutilised IPO balance.