Revenue and Operating Performance Trends
Net sales for Automotive Stamp demonstrated a general upward trend from ₹339.13 crores in March 2021 to a peak of ₹880.33 crores in March 2024, before declining to ₹775.28 crores in March 2025. This growth trajectory reflects a recovery phase post the pandemic-affected years, with sales nearly doubling between 2021 and 2024. However, the dip in the latest fiscal year suggests challenges in maintaining momentum amid market or operational headwinds.
Operating profit (PBDIT) excluding other income improved steadily from a loss of ₹9.55 crores in March 2020 to a positive ₹50.82 crores in March 2024, before a slight decline to ₹48.36 crores in March 2025. The operating profit margin correspondingly rose from negative territory (-2.64% in 2020) to a healthier 6.24% in 2025, indicating improved cost management and operational efficiency despite the recent sales contraction.
Raw material costs remained the largest expenditure, scaling with revenue but showing some moderation in the latest year. Employee costs increased gradually, reflecting possible workforce expansion or wage inflation. Other expenses also rose consistently, which may have impacted net profitability.
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Profitability and Earnings Analysis
Profit before tax (PBT) and profit after tax (PAT) have shown marked volatility. After a significant loss in 2021 (PAT of -₹29.70 crores), the company rebounded strongly in 2022 with a PAT of ₹52.31 crores. However, this was followed by a decline to ₹20.17 crores in 2024 and further down to ₹16.78 crores in 2025. The earnings per share (EPS) mirrored this pattern, peaking at 32.98 in 2022 before settling at 10.58 in 2025.
The PAT margin improved from negative levels in 2019-2021 to a positive 2.16% in 2025, though it remains modest relative to peak performance. Interest expenses have remained relatively stable, but depreciation charges have increased steadily, reflecting ongoing capital investments.
Balance Sheet and Financial Position
Shareholders’ funds have transitioned from a negative net worth position in earlier years to a positive ₹8.74 crores in March 2025, signalling gradual balance sheet repair. Total liabilities increased from ₹174.83 crores in 2021 to ₹294.30 crores in 2025, driven largely by current liabilities and short-term borrowings, which nearly doubled over this period. Long-term borrowings were eliminated by 2023, indicating a shift in debt structure.
Net block of fixed assets remained relatively stable around ₹80-85 crores, with capital work in progress fluctuating but generally low. Current assets increased steadily, but net current assets remained negative, reflecting working capital pressures. Contingent liabilities have been moderate and stable.
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Cash Flow and Liquidity Overview
Cash flow from operating activities has been inconsistent, with positive inflows in 2022 and 2024 but a negative outflow in 2025. Investing activities mostly reflected outflows, except for a notable inflow in 2022, likely due to asset sales or other non-recurring items. Financing activities showed a mix of inflows and outflows, with a significant outflow in 2022 corresponding to debt repayments or capital restructuring.
Overall, net cash inflows have been minimal, with closing cash and cash equivalents fluctuating between ₹1 crore and ₹4.4 crores over the years, indicating tight liquidity management.
Summary of Historical Performance
Automotive Stamp’s historical performance reveals a company that has navigated through challenging periods marked by losses and negative equity to achieve a degree of recovery in recent years. Revenue growth was strong post-2021, but profitability remains modest and volatile. The balance sheet shows improvement in net worth but increased reliance on short-term borrowings and current liabilities. Cash flow patterns suggest cautious liquidity management amid operational pressures.
Investors should weigh the company’s progress in restoring profitability and equity against the risks posed by working capital deficits and fluctuating earnings. The historical data underscores the importance of monitoring future operational efficiency and financial discipline to sustain growth and value creation.
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