How has been the historical performance of Aeonx Digital?

Revenue and Profit Trends

Aeonx Digital’s net sales have shown a fluctuating pattern over the past seven years. After peaking at ₹171.56 crores in March 2019, sales sharply declined to ₹112.51 crores in March 2020, followed by a steep drop to ₹17.18 crores in March 2022. However, the company has since stabilised, with revenues rising to ₹34.81 crores by March 2025, marking a recovery phase. This rebound is significant given the prior steep declines and indicates a potential turnaround in business operations.

Operating profit margins excluding other income have mirrored this volatility, with negative margins recorded from 2019 through 2022, reaching a low of -12.14% in March 2020. The margin improved to a positive 5.03% in March 2025, signalling enhanced operational efficiency. The inclusion of other income has further bolstered operating profits, with the company reporting a positive operating profit of ₹6.78 crores in March 2025 compared to a loss in earlier years.

Profit after tax (PAT) has followed a similar trajectory. The company posted losses in 2019 and 2020 but returned to profitability from 2021 onwards. PAT rose from ₹1.10 crores in March 2022 to ₹4.05 crores in March 2025, with the PAT margin improving to 11.63% in the latest fiscal year. Earnings per share (EPS) also reflect this recovery, increasing from a negative ₹6.28 in 2019 to a positive ₹8.80 in 2025.

Balance Sheet and Financial Position

The company’s shareholder funds have steadily increased from ₹37.27 crores in March 2020 to ₹51.40 crores in March 2025, supported by rising reserves. This growth in net worth is a positive indicator of financial stability. Aeonx Digital has successfully reduced its long-term borrowings from ₹5.99 crores in 2020 to zero by 2023, eliminating long-term debt and improving its leverage position.

Total liabilities have remained relatively stable, with a slight decrease from ₹62.62 crores in 2020 to ₹62.78 crores in 2025, reflecting controlled liabilities despite growth in assets. The company’s total assets have fluctuated but show a modest increase from ₹56.57 crores in 2021 to ₹62.78 crores in 2025, indicating asset base expansion.

Cash and bank balances have varied, peaking at ₹11.02 crores in 2024 before settling at ₹7.97 crores in 2025. The company’s net current assets have improved to ₹48.12 crores in 2025, up from ₹27.56 crores in 2020, highlighting better liquidity management. Book value per share has also risen consistently, reaching ₹111.74 in March 2025 from ₹81.01 in 2020, underscoring enhanced shareholder value.

Cash Flow Analysis

Cash flow from operating activities has been negative in recent years, with a ₹4 crore outflow in 2025 and ₹3 crore in 2024, contrasting with positive cash flows in earlier years. Investing activities have seen mixed results, with a ₹1 crore outflow in 2025 following a ₹6 crore inflow in 2024. Financing activities have contributed positively in 2025 with ₹3 crore inflow, indicating some capital raising or debt management efforts. Overall, net cash outflow was ₹3 crore in 2025, reflecting cautious cash management amid ongoing operational challenges.

Summary of Historical Performance

In summary, Aeonx Digital’s historical performance has been marked by a sharp decline in revenues and profitability during 2019-2020, followed by a gradual recovery phase. The company has improved its operating and net profit margins, reduced debt, and strengthened its balance sheet over the last three years. While cash flow from operations remains a concern, the overall financial health shows signs of stabilisation and growth potential. Investors should weigh these improvements against the company’s past volatility and current liquidity trends when considering Aeonx Digital’s prospects.

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