Read Shree TNB Polymers’ cash-flow statement as a three-part cash bridge: cash generated by operations, cash invested in assets, and cash raised or repaid through financing. In FY2025-26, operations generated ₹883.35 lakh, investing used ₹922.78 lakh (including ₹820.69 lakh for property, plant and equipment), and financing supplied ₹40.39 lakh. Those movements left a net increase of only ₹0.97 lakh and a reported closing cash balance of approximately ₹7.17 lakh. The statement therefore describes a business generating operating cash while spending almost all of it on investment and relying on a small net financing inflow.
The figures below use the company disclosure reproduced by India Infoline and dated 2026 unless a section is explicitly labelled as a rounded Screener comparison. Amounts from the company disclosure are in ₹ lakh. Check the newest annual report before making an investment decision, because a later filing or restatement can supersede FY2025-26.
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Start with the cash bridge
A cash-flow statement answers a different question from the income statement. Profit measures accounting performance for a period; cash flow shows how cash actually moved. For Shree TNB Polymers, begin at the bottom of the statement and work upward through the three sections.
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| Financial year | Operating cash flow (₹ lakh) | Investing cash flow (₹ lakh) | Financing cash flow (₹ lakh) | Net cash movement |
|---|---|---|---|---|
| FY2023-24 | 698.97 | Negative; exact amount not stated in the company figures reproduced here | -539.10 | Not stated in the reproduced company table |
| FY2024-25 | 433.51 | Negative; exact amount not stated in the company figures reproduced here | 560.31 | Not stated in the reproduced company table |
| FY2025-26 | 883.35 | -922.78 | 40.39 | Increase of 0.97 lakh |
Operating cash was positive in each of the three displayed years. Investing cash was negative in every year, indicating continuing expenditure or other investments. Financing changed direction: FY2023-24 was a financing outflow, while FY2024-25 and FY2025-26 were financing inflows.
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The FY2025-26 arithmetic is the key starting point: ₹883.35 lakh from operations minus ₹922.78 lakh invested plus ₹40.39 lakh from financing equals a ₹0.96 lakh increase before rounding; the statement reports ₹0.97 lakh. Small differences of this kind can result from rounding in reproduced figures.
Keep the units and dates straight
The company disclosure reports rupees in lakh. One lakh is ₹100,000, so ₹883.35 lakh equals ₹8.8335 crore, while ₹7.17 lakh equals ₹0.0717 crore. Do not mix these figures with websites that display rounded crore values without labelling the conversion.
The statement uses FY2025-26, ending March 31, 2026, as its latest year in the supplied disclosure. The operating-cash quotation in the reproduced management discussion states: “Net cash generated from operating activities was Rs. 883.35 lakhs in March 31, 2026.” That is a dated company-reported figure, not an analyst forecast.
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Shree TNB Polymers presents operating cash flow using the indirect method. The calculation starts with profit before tax, removes or adds non-cash and differently classified items, adjusts for working-capital movements, and then deducts tax paid. This section is the best place to test whether the core business is converting reported activity into cash.
1. Start with profit before tax
FY2025-26 profit before tax was ₹1,016.10 lakh. That is an accounting starting point, not cash generated. The next adjustments explain why the operating-cash calculation is much larger before working-capital movements and tax.
2. Add back non-cash depreciation and amortisation
Depreciation and amortisation of ₹385.71 lakh were added back. These charges reduce accounting profit but do not represent a cash payment in the current period. Adding them back does not mean the underlying assets are free: it reflects that the cash was generally spent when the assets were acquired, while the expense is recognized over time.
3. Add back interest expense classified outside operations
Interest expense of ₹565.29 lakh was added back in the operating reconciliation. The same interest amount appears in the financing section as a cash outflow classification, so adding it back prevents the payment from being counted in operating cash and financing cash at the same time. This treatment is important when assessing how much of the company’s operating generation is available before financing costs.
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4. Arrive at the pre-working-capital operating figure
After the profit-before-tax starting point and the stated adjustments, the pre-working-capital operating figure was ₹1,948.43 lakh. This is not the final operating cash flow. It shows the amount available before changes in operating assets and liabilities and before direct tax paid.
5. Identify assets that absorbed cash
Several working-capital movements reduced cash:
- Receivables absorbed ₹902.56 lakh. A rise in receivables means sales have been recognized but the corresponding cash has not yet been collected.
- Inventory absorbed ₹170.14 lakh. Cash tied up in inventory is unavailable for other uses until the inventory is sold and collected.
- Short-term loans and advances absorbed ₹119.46 lakh.
- Other current assets absorbed ₹39.80 lakh.
Receivables were the largest listed use of operating working capital. When reading future statements, compare this line with revenue and collection trends rather than treating a single-year increase as proof of a permanent problem.
6. Identify liabilities that supplied operating cash
Trade payables added ₹287.95 lakh and provisions added ₹59.82 lakh. Payables can temporarily support cash when the company takes longer to pay suppliers; provisions can represent expenses recognized before the related cash payment. These are sources of cash in the period, but they may reverse later.
7. Deduct direct tax paid
Direct tax paid was ₹173.92 lakh. After the working-capital movements and tax payment, FY2025-26 net cash from operating activities was ₹883.35 lakh.
The management discussion labels this measure “Net cash inflow from / (used in) Operating Activities.” That label is useful because it focuses on cash generated by the operating cycle rather than on profit alone.
Examine investing cash flow for reinvestment
Investing cash flow was negative ₹922.78 lakh in FY2025-26. A negative figure is not automatically bad: it can mean the company is buying productive assets, but it also means cash is leaving the business now and must eventually earn an adequate return.
Property, plant and equipment
Purchases of property, plant and equipment were ₹820.69 lakh, the largest investing outflow. This is the clearest evidence of capital expenditure in the disclosed period. To judge whether it is sensible, a reader would normally compare the spending with production capacity, expected demand, utilization, maintenance needs and future operating cash; those operational details are not established by the cash-flow table itself.
Other non-current assets
Other non-current assets used ₹96.68 lakh. The cash-flow statement identifies the amount but, in the supplied figures, does not provide enough detail to determine the exact asset categories. Avoid assuming that every rupee in this line is plant expansion.
Mutual-fund investment
The company invested ₹10.00 lakh in a mutual fund. This is an investing use of cash even though such an investment may be relatively liquid compared with machinery or buildings.
Interest income
Interest income of ₹4.59 lakh partly offset investing outflows. It is small relative to the asset purchases and does not change the conclusion that investing consumed nearly all operating cash.
Combining the disclosed items gives the investing pattern: ₹820.69 lakh for property, plant and equipment, ₹96.68 lakh for other non-current assets, and ₹10.00 lakh for a mutual fund, offset by ₹4.59 lakh of interest income, resulting in the reported ₹922.78 lakh net investing outflow.
Use financing cash flow to see how investment was funded
Financing cash flow shows whether the company raised equity, borrowed, repaid debt, paid interest or returned cash to owners. FY2025-26 financing cash flow was positive ₹40.39 lakh.
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Borrowing proceeds
Long-term borrowing proceeds were ₹200.56 lakh and short-term borrowing proceeds were ₹405.12 lakh. Together, the stated borrowing proceeds were ₹605.68 lakh. The financing section also includes the ₹565.29 lakh interest payment, along with other financing movements in the statement, leaving a net financing inflow of ₹40.39 lakh.
This is why positive financing cash flow should not be read as “the company received ₹40.39 lakh of new debt.” It is the net result after the listed financing inflows, interest and other financing entries.
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Earlier financing direction
In FY2023-24, financing used ₹539.10 lakh after borrowing repayments and interest. In FY2024-25, financing generated ₹560.31 lakh through increases in share capital and securities premium, borrowing movements and interest expense. The change from a large outflow to a large inflow means funding policy, capital raising or debt timing materially affected the year-to-year cash balance.
Why operating cash was positive while net cash barely changed
The apparent contradiction disappears when the sections are read together. FY2025-26 operations supplied ₹883.35 lakh, but investing used ₹922.78 lakh, a difference of ₹39.43 lakh more than operating cash. Financing supplied a net ₹40.39 lakh, almost exactly covering that gap. The resulting net increase was only ₹0.97 lakh.
In practical terms, the company generated cash from its operating cycle and deployed approximately the same amount into assets and other investments. Borrowing and other financing movements prevented a net decline, but they did not create a large cash surplus. The reproduced table shows closing cash of approximately ₹7.17 lakh. That small balance is why positive operating cash alone is not proof of strong liquidity.
A reader assessing liquidity should ask three separate questions:
- Can operations keep generating at least the cash required for routine payments?
- Is capital expenditure producing enough future cash to justify the outflow?
- Are borrowings and interest obligations leaving enough cash after debt service?
The FY2025-26 statement answers only the first question directly and shows the funding pressure relevant to the other two. It does not, by itself, establish undrawn credit lines, upcoming maturities, covenant headroom or the company’s current bank balance beyond the reproduced closing figure.
Compare the three displayed years without mixing sources
| Measure | FY2023-24 | FY2024-25 | FY2025-26 |
|---|---|---|---|
| Operating cash flow | ₹698.97 lakh | ₹433.51 lakh | ₹883.35 lakh |
| Investing cash flow | Negative; exact company amount not stated in the supplied figures | Negative; exact company amount not stated in the supplied figures | -₹922.78 lakh |
| Financing cash flow | -₹539.10 lakh | ₹560.31 lakh | ₹40.39 lakh |
| Operating-cash direction | Positive | Positive | Positive |
| Investing-cash direction | Negative | Negative | Negative |
Operating trend
Operating cash fell from ₹698.97 lakh in FY2023-24 to ₹433.51 lakh in FY2024-25, then rose to ₹883.35 lakh in FY2025-26. The latest year was therefore stronger on operating cash than either prior displayed year, but a single rebound does not establish a trend. Working-capital movements, especially receivables and inventory, should be tracked in the next filing to determine whether the improvement is repeatable.
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Investing cash remained negative in all three years. That consistency indicates continuing investment or other uses of cash, but the exact FY2023-24 and FY2024-25 company amounts are not stated in the supplied table, so they should not be reconstructed from the direction alone.
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Financing trend
Financing moved from a ₹539.10 lakh use in FY2023-24 to a ₹560.31 lakh source in FY2024-25 and a ₹40.39 lakh source in FY2025-26. The latest year was close to financing-neutral after interest and other entries, unlike the pronounced movement in each prior year.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Use Screener’s rounded figures as a cross-check, not a replacement
Screener displays rounded ₹ crore figures for March 2023 through March 2026. Its sequence is:
| March year | Cash from operating activity | Investing cash | Financing cash | Free cash flow |
|---|---|---|---|---|
| March 2023 | ₹8 crore | -₹16 crore | ₹8 crore | -₹9 crore |
| March 2024 | ₹7 crore | -₹2 crore | -₹5 crore | ₹5 crore |
| March 2025 | ₹4 crore | -₹10 crore | ₹6 crore | -₹6 crore |
| March 2026 | ₹9 crore | -₹9 crore | ₹0 crore | ₹1 crore |
These are rounded display values, so they should be used to check direction and broad scale rather than to replace the company’s lakh-denominated disclosure. For example, the March 2026 rounded ₹9 crore operating figure corresponds broadly to ₹883.35 lakh, and the rounded ₹0 crore financing figure corresponds to a small positive ₹40.39 lakh. Screener’s free-cash-flow sequence also shows why the latest year should not be described as a large cash surplus: free cash flow was shown as ₹1 crore after rounding.
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How to decide what the statement means for an investor
Positive operating cash is a necessary but incomplete signal
Three consecutive years of positive operating cash are better than repeated operating cash deficits, but the quality of that cash depends on collection and payment patterns. In FY2025-26, receivables absorbed ₹902.56 lakh while payables supplied ₹287.95 lakh. A reader should examine whether receivables are collected promptly and whether supplier balances are rising because of normal timing or payment stress.
Capital spending is the central use of cash
Property, plant and equipment purchases of ₹820.69 lakh explain most of the latest investing outflow. The relevant follow-up is not simply “is capital expenditure high?” but “what cash returns are expected from the assets, and can operating cash cover maintenance and expansion together?” The cash-flow statement records the payment; it does not provide the project economics.
Interest makes financing capacity important
Interest expense of ₹565.29 lakh is large relative to FY2025-26 operating cash of ₹883.35 lakh. Because the statement classifies that payment in financing, operating cash should not be mistaken for cash available after interest. Review debt balances, interest rates, repayment dates and coverage measures in the balance sheet and notes before concluding that borrowing is comfortable.
Closing cash deserves its own check
The approximately ₹7.17 lakh closing-cash figure is modest compared with the scale of the year’s operating and investing flows. Confirm the amount in the signed annual report and inspect cash equivalents, restricted balances, overdrafts and immediately due liabilities. A low reported cash balance can coexist with access to facilities, but the cash-flow statement alone does not establish that access.
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- Confirm the period and unit. Use the March 31, 2026 FY2025-26 figures and keep company amounts in ₹ lakh unless you explicitly convert them.
- Write the bridge. Operating cash ₹883.35 lakh, investing cash -₹922.78 lakh, financing cash ₹40.39 lakh, net increase ₹0.97 lakh.
- Rebuild operating cash. Start at ₹1,016.10 lakh profit before tax, add ₹385.71 lakh depreciation and amortisation and ₹565.29 lakh interest, then inspect working capital and tax.
- Find the largest working-capital movements. Receivables, inventory, short-term loans and advances, other current assets, payables and provisions explain the conversion from the pre-working-capital figure to cash.
- Separate maintenance from expansion questions. The statement identifies ₹820.69 lakh of property, plant and equipment purchases but does not classify their business purpose.
- Read financing after interest. Note ₹200.56 lakh of long-term borrowing proceeds, ₹405.12 lakh of short-term borrowing proceeds and the ₹565.29 lakh interest payment before relying on the ₹40.39 lakh net inflow.
- Compare years and source precision. Use the exact lakh figures for the company disclosure and the rounded crore figures only as a clearly labelled cross-check.
- Verify liquidity outside the cash-flow statement. Check the latest balance sheet, debt maturity schedule, bank facilities and subsequent events for information not shown in this bridge.
What this statement can—and cannot—prove
It can show that FY2025-26 operating activities generated ₹883.35 lakh, that investing activities used ₹922.78 lakh, that financing produced a net ₹40.39 lakh, and that the reported net cash increase was only ₹0.97 lakh. It can also show which listed working-capital items absorbed or supplied cash and that property, plant and equipment was the dominant disclosed investment.
It cannot, on its own, prove that the new assets will earn an acceptable return, that receivables are fully collectible, that borrowings are sustainable, or that the approximately ₹7.17 lakh closing cash balance is adequate for upcoming obligations. Those conclusions require the notes, balance sheet, income statement, debt terms and the latest filing.
For that reason, the most defensible reading is balanced: Shree TNB Polymers produced positive operating cash in all three displayed years and a stronger ₹883.35 lakh in FY2025-26, but heavy investing outflows and interest-bearing financing left almost no net increase in cash.
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