Revenue and Profit Growth
Over the past seven years, Anant Raj’s net sales have surged impressively, rising from under ₹350 crores in the fiscal year ending March 2019 to over ₹2,000 crores by March 2025. This more than sixfold increase reflects the company’s successful expansion and market penetration strategies. Correspondingly, total operating income has mirrored this growth, with no other operating income reported, indicating a core focus on its primary business activities.
Operating profit before depreciation and interest (PBDIT) excluding other income has also shown a robust upward trend, climbing from approximately ₹75 crores in 2019 to nearly ₹492 crores in 2025. When factoring in other income, operating profit reached over ₹530 crores in the latest fiscal year, underscoring improved operational efficiency and income diversification.
Profit before tax has exhibited a similar pattern, escalating from around ₹40 crores in 2019 to nearly ₹491 crores in 2025. After accounting for taxes, the profit after tax surged from a modest ₹29 crores to over ₹421 crores, reflecting strong bottom-line growth. The consolidated net profit, which includes minority interests and share in associates, rose from ₹42.7 crores in 2019 to ₹425.54 crores in 2025, highlighting the company’s enhanced profitability and effective management of associated entities.
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Margins and Earnings Per Share
Operating profit margins have steadily improved, rising from 21.6% in 2019 to nearly 24% in 2025, indicating enhanced cost control and pricing power. Gross profit margins have also expanded, reaching over 25% in the latest fiscal year. The profit after tax margin has seen a significant uplift, from a low single-digit percentage in earlier years to above 20% in 2025, signalling stronger profitability relative to sales.
Earnings per share (EPS) have followed this positive trend, increasing from ₹1.45 in 2019 to ₹12.4 in 2025. This growth in EPS reflects not only higher net profits but also a relatively stable equity base, with share capital remaining consistent around ₹68 crores. The diluted EPS figures closely track the basic EPS, confirming minimal dilution effects.
Balance Sheet Strength and Capital Structure
Anant Raj’s shareholder funds have expanded significantly, from approximately ₹2,500 crores in 2020 to over ₹4,160 crores in 2025, supported by rising reserves. The company has successfully reduced its long-term borrowings from over ₹1,400 crores in 2021 to under ₹400 crores in 2025, reflecting a strategic deleveraging effort. Short-term borrowings have also declined, contributing to a healthier debt profile.
Total liabilities have increased moderately in line with asset growth, reaching over ₹5,200 crores in 2025. On the asset side, net block values have more than doubled since 2019, indicating ongoing capital investments. Capital work in progress has decreased from earlier highs, suggesting completion of major projects. Non-current investments remain substantial, supporting the company’s long-term financial stability.
Current assets have remained robust, with inventories and cash balances showing healthy levels. Notably, cash and bank balances have increased significantly, rising from single-digit crores in 2019 to over ₹340 crores in 2025, enhancing liquidity. Net current assets have also improved, supporting operational needs and working capital management.
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Cash Flow and Financial Health
Cash flow from operating activities has fluctuated over the years but showed a positive turnaround in the latest fiscal year, reaching ₹96 crores after a negative cash flow in the previous year. Changes in working capital have been a significant factor, with a large outflow in 2025 reflecting increased operational scale. Investing activities have generally involved outflows consistent with capital expenditure, while financing activities have varied, including debt repayments and occasional borrowings.
The company’s net cash inflow in 2025 was ₹25 crores, with closing cash and cash equivalents rising to ₹330 crores, indicating improved liquidity and financial flexibility. This cash position supports ongoing business operations and potential growth initiatives.
Overall, Anant Raj’s historical performance reveals a company that has successfully scaled its operations, improved profitability, strengthened its balance sheet, and enhanced shareholder returns over the past several years. While challenges such as working capital management remain, the firm’s financial metrics suggest a resilient and growing enterprise well-positioned in its sector.
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