How has been the historical performance of Beryl Securities?

Revenue and Operating Performance

Over the past seven years, Beryl Securities has seen its net sales rise from ₹0.62 crore in March 2018 to ₹1.78 crore in March 2025, reflecting a near threefold increase. Total operating income, which includes other operating income, followed a similar upward trend, reaching ₹1.87 crore in the latest fiscal year. This growth is particularly notable given the relatively flat sales figures between 2018 and 2021, indicating a recent acceleration in business activity.

Operating profit before depreciation and interest (PBDIT) has fluctuated, peaking at ₹0.57 crore in 2018 and stabilising around ₹0.43 crore in 2025. Despite a dip in operating profit margins from a high of 65.07% in 2018 to 24.16% in 2025, the company has maintained positive earnings, signalling operational resilience amid rising expenses, particularly employee costs which increased substantially to ₹0.98 crore in 2025 from ₹0.14 crore in 2018.

Profit after tax (PAT) has shown variability, with a peak of ₹0.44 crore in 2018, a decline in subsequent years, and a recovery to ₹0.26 crore in 2025. Correspondingly, PAT margins have contracted from 50.4% in 2018 to 14.61% in 2025, reflecting increased cost pressures and competitive market conditions.

Balance Sheet and Financial Position

Beryl Securities’ balance sheet reflects a stable financial position with shareholder’s funds increasing steadily from ₹8.26 crore in 2018 to ₹9.72 crore in 2024. The company has maintained a consistent equity capital base of approximately ₹4.85 crore over the years, with reserves growing to ₹4.67 crore by March 2024, indicating retained earnings accumulation.

Notably, the company has no long-term or short-term borrowings reported in recent years, underscoring a debt-free status that reduces financial risk. Total liabilities have increased moderately from ₹8.52 crore in 2018 to ₹10 crore in 2024, primarily due to current liabilities and other long-term liabilities, but remain manageable relative to assets.

Asset composition shows minimal fixed assets, with net block values declining from ₹0.48 crore in 2018 to a mere ₹0.02 crore in 2024, suggesting limited capital expenditure or asset disposals. Current assets have decreased significantly from ₹6.53 crore in 2018 to ₹1.06 crore in 2024, largely due to reductions in sundry debtors and cash balances, which may warrant closer monitoring for liquidity management.

Book value per share has improved from ₹16.36 in 2018 to ₹19.24 in 2024, reflecting incremental value creation for shareholders despite fluctuating earnings.

Cash Flow and Earnings Metrics

Cash flow data for Beryl Securities is limited, with no significant inflows or outflows reported in recent years. The company’s cash and cash equivalents have fluctuated modestly, peaking at ₹1.06 crore in 2024. The absence of debt and stable equity base suggest a conservative financial approach, though the lack of robust cash flow generation may be a point of consideration for investors.

Earnings per share (EPS) have varied, reaching a high of 0.91 in 2018 before moderating to 0.54 in 2025. Diluted EPS follows a similar pattern, indicating consistent earnings quality. The decline in EPS and profit margins over the years may reflect increased competition or rising operational costs, but the company’s ability to sustain profitability is a positive sign.

Overall, Beryl Securities has shown a pattern of gradual growth in revenue and shareholder value, balanced by margin pressures and limited capital investment. Its debt-free status and steady reserves accumulation provide a solid foundation, though investors should weigh the company’s modest scale and earnings volatility when considering its prospects.

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