How has been the historical performance of Atishay?

Revenue and Profitability Trends

Examining Atishay's consolidated annual results for the fiscal years ending March 2015 and March 2016, net sales experienced a slight decline from ₹19.03 crores to ₹18.60 crores. Total operating income mirrored this trend, decreasing marginally from ₹19.04 crores to ₹18.61 crores. Despite this, the company managed to control its expenditure, with total operating costs excluding depreciation rising only slightly from ₹14.37 crores to ₹14.54 crores.

Operating profit before depreciation, interest, and tax (PBDIT) excluding other income decreased from ₹4.67 crores to ₹4.07 crores, while other income also saw a reduction from ₹1.15 crores to ₹0.99 crores. Consequently, the overall operating profit (PBDIT) declined from ₹5.82 crores to ₹5.06 crores. Interest expenses remained relatively stable, with a minor increase from ₹0.13 crores to ₹0.15 crores, and depreciation expenses decreased from ₹0.99 crores to ₹0.64 crores.

Profit before tax fell from ₹4.69 crores to ₹4.17 crores, and after accounting for taxes, profit after tax declined from ₹3.42 crores to ₹3.00 crores. Earnings per share (EPS) correspondingly dropped from 3.89 to 3.41, reflecting the slight dip in profitability. Operating profit margin excluding other income contracted from 24.53% to 21.89%, while the gross profit margin decreased from 29.87% to 25.82%. The profit after tax margin also narrowed from 17.94% to 16.11%.

Balance Sheet Strength and Asset Growth

Atishay's standalone balance sheet data from March 2020 through March 2025 indicates a consistent strengthening of shareholder equity and reserves. Share capital increased modestly from ₹10.98 crores in March 2020 to ₹11.32 crores in March 2025, while total reserves grew substantially from ₹23.22 crores to ₹37.28 crores over the same period. This resulted in shareholder's funds rising from ₹34.20 crores to ₹48.60 crores, signalling improved financial stability.

Total liabilities increased from ₹42.56 crores in March 2020 to ₹58.40 crores in March 2025, reflecting growth in both current and non-current obligations. Long-term borrowings decreased significantly from ₹1.07 crores to ₹0.80 crores, while short-term borrowings fluctuated but ended higher at ₹2.96 crores in March 2025 compared to ₹2.98 crores in March 2020. Trade payables and other current liabilities also rose, consistent with the company's expanding operations.

On the asset side, total assets grew from ₹42.56 crores to ₹58.40 crores, supported by increases in net block from ₹5.51 crores to ₹6.53 crores and non-current investments remaining relatively stable around ₹16-18 crores. Current assets saw a notable rise from ₹14.85 crores to ₹22.76 crores, driven by higher sundry debtors and cash and bank balances, which nearly quadrupled from ₹1.72 crores to ₹6.99 crores.

Cash Flow and Operational Efficiency

Cash flow data for the years ending March 2020 to March 2025 shows an improving trend in profitability and liquidity. Profit before tax increased from ₹2.00 crores in March 2020 to ₹9.00 crores in March 2025, indicating enhanced earnings capacity. Cash flow from operating activities improved from a neutral position in 2020 to a positive ₹4.00 crores in 2025, despite some fluctuations in working capital changes.

Investing activities saw occasional outflows, notably a ₹6.00 crores outflow in 2024, but no investing cash flow was recorded in 2025. Financing activities generally reflected repayments or reductions in borrowings, with minor outflows in earlier years and no activity in 2025. Overall, net cash inflow was positive in 2025 at ₹2.00 crores, supporting a closing cash and cash equivalent balance of ₹3.00 crores, up from negligible or zero balances in prior years.

Summary of Historical Performance

In summary, Atishay's historical performance over recent years reflects a company with stable revenue levels and a slight decline in profitability margins during the 2015-2016 period, followed by a gradual improvement in standalone profitability and cash flow through to 2025. The balance sheet has strengthened considerably, with rising reserves and shareholder funds supporting asset growth and operational expansion. The company has managed its borrowings prudently, reducing long-term debt and maintaining manageable short-term liabilities.

While operating margins experienced some contraction in the mid-2010s, the overall financial health has improved, as evidenced by increasing profits before tax and positive cash flows from operations in recent years. The growth in cash and bank balances alongside stable investments indicates enhanced liquidity and financial flexibility. Investors analysing Atishay's historical data should note the company's resilience and steady progress in building a robust financial foundation.

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