How has been the historical performance of BAG Films?

Dec 03 2025 10:45 PM IST

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BAG Films has shown fluctuating financial performance, with net sales increasing from INR 100.47 crore in March 2021 to INR 135.96 crore in March 2025, and a recovery in profitability, achieving a profit after tax of INR 9.99 crore in March 2025. Total assets and liabilities rose to INR 395.71 crore, while cash flow from operating activities improved to INR 2.00 crore.

Revenue and Operating Performance Trends

Examining BAG Films’ consolidated net sales from March 2019 to March 2025 reveals a mixed pattern. The company recorded its highest sales in March 2019, with ₹144.83 crores, followed by a decline in subsequent years, reaching a low of ₹100.47 crores in March 2021. However, a recovery phase ensued, with sales rising steadily to ₹135.96 crores by March 2025. This rebound indicates a positive turnaround after the dip experienced during the pandemic-affected years.

Operating profit margins, excluding other income, have mirrored this volatility. The margin peaked at 20.17% in March 2019 but contracted sharply to 3.67% in March 2021, reflecting operational pressures. Since then, margins have improved, reaching 15.24% in March 2025, signalling enhanced operational efficiency and cost management. The operating profit (PBDIT) also followed a similar trajectory, with a notable low in March 2021 and a recovery to ₹20.72 crores by March 2025.

Profitability and Earnings Analysis

BAG Films’ profit before tax (PBT) and profit after tax (PAT) figures underscore the company’s struggle with profitability in certain years. The PBT swung from a positive ₹4.95 crores in March 2019 to negative territory in March 2020 and March 2021, with losses of ₹10.65 crores and ₹14.40 crores respectively. Recovery was evident by March 2025, with PBT rising to ₹12.24 crores.

Similarly, PAT followed this pattern, with losses recorded in 2020 and 2021 but returning to a positive ₹9.99 crores in March 2025. The consolidated net profit, which factors in minority interests, also improved from a loss of ₹11.72 crores in March 2021 to a profit of ₹6.21 crores in March 2025. Earnings per share (EPS) reflect this turnaround, moving from negative values in 2020 and 2021 to a positive ₹0.31 in March 2025.

Margins have shown significant improvement, with the PAT margin recovering from a negative 14.48% in March 2021 to a positive 7.35% in March 2025, indicating a healthier bottom line and better cost control.

Balance Sheet and Financial Position

The company’s balance sheet reveals steady growth in shareholder’s funds, increasing from ₹132.73 crores in March 2021 to ₹157.26 crores in March 2025. Reserves have also grown consistently, supporting the company’s equity base. Total liabilities have risen moderately, with total debt showing a gradual decline from ₹134.51 crores in March 2020 to ₹119.36 crores in March 2025, suggesting some deleveraging efforts.

Net block assets have decreased over the years, reflecting depreciation and possibly asset optimisation, from ₹45.27 crores in March 2020 to ₹22.07 crores in March 2025. Current assets have increased, driven by higher inventories and short-term loans and advances, which may indicate increased operational scale or working capital requirements. The net current assets have improved from ₹40.24 crores in March 2021 to ₹113.18 crores in March 2025, signalling better liquidity management.

Cash Flow and Liquidity

Cash flow from operating activities has been volatile, with negative cash flows in 2021 and 2022 but a positive ₹2 crores in March 2025. Investing activities have generally been positive or neutral, while financing activities have consistently been negative, reflecting debt repayments or dividend payments. The closing cash and cash equivalents have fluctuated, with a notable dip in 2023 but a recovery to ₹11 crores by March 2025, supporting the company’s liquidity position.

Summary of Historical Performance

Overall, BAG Films has experienced a challenging yet improving financial journey over the past six years. The company’s revenue has rebounded after pandemic-related setbacks, and profitability margins have shown marked improvement. The balance sheet reflects a stable equity base with manageable debt levels, while cash flow trends suggest cautious liquidity management. Investors should note the company’s recovery trajectory and monitor future earnings consistency and working capital efficiency as key indicators of sustained performance.

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