Revenue and Operating Performance Trends
Bang Overseas’ net sales have demonstrated considerable volatility over the past seven years. After peaking at nearly ₹168 crores in March 2019, sales declined sharply to ₹57.12 crores by March 2021, before rebounding to ₹188.83 crores in March 2025. This recovery underscores a strong resurgence in business activity, with the latest fiscal year marking the highest sales figure in the period analysed.
Despite this growth in top-line revenue, the company’s operating profitability has been inconsistent. Operating profit before other income (PBDIT excl. OI) swung from a positive ₹2.32 crores in 2019 to a negative ₹8.47 crores in 2024, before narrowing losses to ₹3.05 crores in 2025. Including other income, operating profit remained negative in the last two years, reflecting ongoing cost pressures and operational challenges.
Cost management has been a critical factor, with raw material costs and purchase of finished goods constituting the bulk of expenses. Notably, purchase of finished goods rose sharply from ₹28.42 crores in 2021 to ₹136.10 crores in 2025, mirroring the sales recovery but also impacting margins. Other expenses have also increased significantly, reaching ₹43.76 crores in the latest year, which has weighed on profitability.
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Profitability and Margins
Profit before tax (PBT) and profit after tax (PAT) have mirrored the volatility seen in operating profit. The company recorded a PAT of just ₹0.09 crores in 2019, which surged to ₹7.29 crores in 2020, before declining sharply to losses of ₹8.38 crores in 2024 and ₹2.17 crores in 2025. Earnings per share (EPS) followed a similar pattern, peaking at ₹5.38 in 2020 and turning negative in the last two years.
Operating profit margins excluding other income have been under pressure, swinging from a positive 6.61% in 2022 to a negative 1.62% in 2025. PAT margins also declined from a healthy 6.59% in 2020 to -1.15% in 2025, indicating that despite revenue growth, profitability remains a concern.
Balance Sheet and Financial Position
The company’s balance sheet reveals a stable equity base with share capital consistently at ₹13.56 crores and reserves increasing moderately to ₹73.54 crores by March 2025. Shareholders’ funds have remained relatively steady, hovering around ₹87 to ₹98 crores over the years.
Debt levels have fluctuated, with total borrowings peaking at ₹33.12 crores in 2023 before easing to ₹26.23 crores in 2025. The company’s total liabilities have increased from ₹135.54 crores in 2021 to ₹168.68 crores in 2025, reflecting higher current liabilities, particularly trade payables which rose to ₹54.30 crores in the latest year.
On the asset side, net block values have slightly declined from ₹20.35 crores in 2020 to ₹18.05 crores in 2025, while current assets have grown steadily to ₹143.96 crores. Inventories and sundry debtors have increased significantly, indicating higher working capital requirements aligned with sales growth.
Cash Flow Overview
Cash flow from operating activities has been inconsistent, with a positive ₹10 crores in 2023 but negative ₹13 crores in 2024 and a slight negative ₹1 crore in 2025. Investing activities have seen inflows in recent years, notably ₹17 crores in 2024 and ₹5 crores in 2025, while financing activities have generally been outflows, reflecting debt repayments and other financing adjustments.
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Summary and Outlook
Bang Overseas’ historical performance reflects a company navigating through significant operational and market challenges. While revenue has shown a strong recovery to its highest level in recent years, profitability has been inconsistent, with recent losses indicating margin pressures and rising costs. The balance sheet remains stable with manageable debt levels, but working capital demands have increased alongside sales growth.
Investors should weigh the company’s ability to sustain revenue growth against its profitability challenges and cash flow volatility. The recent negative earnings and operating margins suggest a need for improved cost control and operational efficiency to translate top-line gains into consistent profits.
Overall, Bang Overseas presents a mixed picture with potential upside in sales but caution warranted on earnings and cash flow fronts.
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