Revenue and Operating Performance
Over the three-year period, Agro Phos India’s net sales demonstrated volatility, with ₹131.02 crores recorded in March 2023, declining to ₹103.82 crores in March 2024, before rebounding to ₹119.88 crores in March 2025. The absence of other operating income throughout this period indicates that the company’s revenue is primarily derived from its core operations.
Raw material costs, a significant component of total expenditure, mirrored the revenue trend, peaking at ₹103.13 crores in March 2023, dropping sharply to ₹65.35 crores in March 2024, and rising again to ₹90.91 crores in March 2025. Purchase of finished goods and other expenses also fluctuated, with other expenses remaining relatively stable around ₹27 crores annually.
Interestingly, the company experienced notable changes in stock levels, with a decrease of ₹26.78 crores in March 2025 contrasting with an increase of ₹10.84 crores in March 2024, reflecting inventory management dynamics that impacted working capital.
Operating profit before depreciation and interest (PBDIT) excluding other income swung from a positive ₹10.46 crores in March 2023 to a negative ₹5.99 crores in March 2024, before recovering to ₹13.97 crores in March 2025. Including other income, operating profit followed a similar pattern, underscoring a challenging year in 2024 but a strong recovery thereafter.
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Profitability and Margins
Profit before tax (PBT) and net profit figures reveal a significant dip in the fiscal year ending March 2024, with PBT turning negative at ₹-10.51 crores and net profit after tax also negative at ₹-7.66 crores. This contrasts with positive profits in March 2023 and March 2025, where net profits stood at ₹5.00 crores and ₹5.26 crores respectively.
The earnings per share (EPS) followed this trend, registering a loss of ₹3.79 in March 2024, sandwiched between positive EPS of ₹2.47 and ₹2.49 in the preceding and succeeding years. Operating profit margins excluding other income also reflected this volatility, dropping to -5.77% in March 2024 from 7.98% in March 2023, before improving to 11.65% in March 2025.
Similarly, the profit after tax margin dipped to -7.4% in March 2024 but recovered to 4.2% in March 2025, indicating a return to profitability and operational efficiency.
Balance Sheet and Financial Position
Agro Phos India’s balance sheet shows growth in shareholder’s funds from ₹60.16 crores in March 2024 to ₹65.37 crores in March 2025, supported by an increase in reserves from ₹39.89 crores to ₹45.10 crores. The company maintained a stable equity capital base of ₹20.27 crores throughout the period.
Total liabilities rose from ₹109.72 crores in March 2024 to ₹157.90 crores in March 2025, driven largely by an increase in current liabilities, particularly trade payables and other current liabilities. Short-term borrowings remained relatively steady around ₹28 crores.
On the asset side, total assets expanded from ₹109.72 crores to ₹157.90 crores, with current assets increasing significantly, notably inventories and short-term loans and advances. The net block of fixed assets slightly declined, reflecting depreciation exceeding capital expenditure.
Book value per share improved from ₹29.67 in March 2024 to ₹32.24 in March 2025, signalling enhanced net asset value for shareholders.
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Cash Flow and Liquidity
Cash flow from operating activities remained positive at ₹3 crores in March 2025, up from ₹2 crores in March 2024, despite challenges in working capital management. Investing activities showed no significant outflows in the latest year, while financing activities reflected a net outflow of ₹3 crores, indicating debt repayments or other financing adjustments.
Net cash inflow/outflow was neutral in both years, with closing cash and cash equivalents effectively at zero, suggesting limited liquidity buffers but stable cash management.
Overall, Agro Phos India’s historical performance reveals resilience with a recovery from a difficult fiscal year in 2024. The company’s ability to restore profitability, improve margins, and strengthen its balance sheet in 2025 offers a cautiously optimistic outlook for investors analysing its financial health and operational efficiency.
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