Revenue and Profit Growth
Over the past six years, Bella Casa Fashi’s net sales have shown a robust upward trend, rising from ₹146.85 crores in March 2019 to ₹348.55 crores in March 2025. This represents a compound growth that underscores the company’s expanding market presence and operational scale. The total operating income mirrors this growth, as other operating income remained negligible throughout the period.
Operating profit before depreciation, interest, and tax (PBDIT) excluding other income has also improved, reaching ₹28.66 crores in March 2025 from ₹17.18 crores in March 2019. Including other income, operating profit rose to ₹29.57 crores in the latest fiscal year. Profit before tax climbed steadily, culminating at ₹21.29 crores in March 2025, while profit after tax (PAT) increased to ₹15.80 crores, reflecting enhanced operational efficiency and cost management.
Despite rising raw material and manufacturing expenses, the company maintained a relatively stable operating profit margin, hovering around 8.2% in the most recent year. The PAT margin, while slightly lower than earlier years, remained above 4.5%, indicating consistent profitability amid expanding scale.
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Cost Structure and Expense Analysis
The company’s raw material costs have risen in line with sales growth, reaching ₹130.70 crores in March 2025 from ₹71.11 crores in March 2019. Manufacturing expenses have also increased significantly, reflecting higher production volumes and possibly inflationary pressures, standing at ₹163.15 crores in the latest fiscal year. Employee costs have grown steadily but remain a modest portion of total expenditure.
Interestingly, Bella Casa Fashi reported no selling and distribution expenses or power costs during this period, which may indicate a lean operational model or cost allocation practices. Other expenses have nearly tripled since 2019, aligning with the company’s expansion.
Total expenditure excluding depreciation rose to ₹319.89 crores in March 2025, up from ₹129.67 crores in March 2019, consistent with the company’s scaling operations.
Balance Sheet Strength and Capitalisation
Bella Casa Fashi’s shareholder funds have more than doubled over the period, reaching ₹149.52 crores in March 2025 from ₹59.97 crores in March 2021, supported by rising reserves. The equity capital also increased modestly, reflecting possible equity infusion or share issuance. The book value per share improved substantially, indicating enhanced net asset value per share.
The company has successfully reduced its long-term borrowings to zero by March 2025, down from ₹8.04 crores in March 2021, signalling a strengthening financial position. However, short-term borrowings remain significant at ₹18.43 crores, though markedly lower than the ₹50.64 crores recorded in March 2022.
Total liabilities increased to ₹213 crores in March 2025, reflecting the company’s growth and investment activities. On the asset side, net block of fixed assets rose steadily to ₹24.13 crores, while current assets expanded to ₹168.43 crores, driven by higher inventories and sundry debtors, consistent with increased business activity.
Cash Flow and Liquidity
Cash flow from operating activities has fluctuated but showed improvement in the latest fiscal year, reaching ₹11 crores. Investing activities reflected significant outflows in March 2025, likely due to capital expenditure or acquisitions, while financing activities saw a positive inflow, indicating fresh capital or debt restructuring. The net cash inflow/outflow remained balanced, suggesting prudent cash management.
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Summary of Historical Performance
In summary, Bella Casa Fashi has exhibited strong revenue growth and improved profitability over the last six years. The company’s ability to expand its operating income while maintaining stable margins is a positive indicator of operational resilience. The reduction in long-term debt and growth in shareholder equity further reinforce its financial stability. However, rising short-term borrowings and increased expenditure warrant close monitoring.
Investors should note the company’s consistent earnings per share growth, which rose from under ₹8 in 2019 to nearly ₹12 in 2025, reflecting enhanced shareholder value. The steady increase in book value per share also highlights the strengthening asset base.
Overall, Bella Casa Fashi’s historical financial performance suggests a company on a growth path with improving fundamentals, balanced by prudent financial management and expanding operational scale.
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