Revenue Trends and Operating Performance
Bisil Plast's net sales have exhibited considerable volatility over the past seven years. Starting from a minimal ₹0.06 crore in March 2019, sales surged to ₹4.03 crore in both March 2023 and March 2024, before declining sharply to ₹0.93 crore in March 2025. This fluctuation indicates challenges in maintaining consistent top-line growth. Other operating income remained nil throughout this period, underscoring reliance solely on core sales.
Raw material costs have closely tracked sales trends, peaking at ₹3.71 crore in March 2023 and easing to ₹0.45 crore by March 2025. Employee costs remained relatively stable and low, ranging between ₹0.02 crore and ₹0.04 crore annually. Other expenses showed a slight upward trend, reaching ₹0.18 crore in the latest fiscal year.
Despite the sales volatility, Bisil Plast has demonstrated a marked improvement in operating profitability. The operating profit before depreciation and interest (PBDIT) rose from a negative ₹0.11 crore in March 2019 to a positive ₹0.26 crore in March 2025. Correspondingly, the operating profit margin improved significantly, reaching 27.96% in the latest year compared to a deeply negative margin in 2019. This suggests enhanced operational efficiency and cost control measures.
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Profitability and Earnings
Profit before tax (PBT) followed a similar trajectory, moving from losses in the early years to a positive ₹0.23 crore in March 2025. The company recorded a profit after tax (PAT) of ₹0.15 crore in the latest fiscal year, a significant turnaround from the negative ₹0.11 crore in 2019. The PAT margin improved to 16.13% in March 2025, reflecting better bottom-line performance relative to sales.
Earnings per share (EPS) also mirrored this recovery, rising from a negative ₹0.02 in 2019 to a positive ₹0.03 in March 2025. The consistency of EPS growth, albeit modest, indicates gradual value creation for shareholders.
Balance Sheet and Financial Position
Bisil Plast's equity capital remained constant at ₹5.40 crore throughout the period, while reserves, though negative, showed a slight improvement from -₹4.68 crore in 2019 to -₹4.22 crore in 2025. Shareholder funds increased steadily from ₹0.72 crore in 2019 to ₹1.19 crore in 2025, signalling a strengthening equity base despite accumulated losses.
The company maintained a debt-free status across all years, with no long-term or short-term borrowings reported. Total liabilities decreased from ₹3.56 crore in 2024 to ₹1.72 crore in 2025, indicating a reduction in current liabilities, including trade payables and other obligations.
On the asset side, total assets declined from ₹3.56 crore in 2024 to ₹1.72 crore in 2025, reflecting the contraction in business scale. Non-current assets remained minimal, with net block values around ₹0.23 crore in recent years. Current assets, including sundry debtors and cash balances, also decreased, consistent with lower sales volumes.
Cash Flow and Liquidity
Cash flow data for Bisil Plast shows no reported inflows or outflows from operating, investing, or financing activities over the years. This absence of cash flow movement may indicate limited transactional activity or reporting gaps, but the company maintained a small cash and bank balance around ₹0.14 crore in the latest year, supporting basic liquidity needs.
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Summary and Outlook
Overall, Bisil Plast's historical performance reflects a company that has faced significant challenges in sustaining revenue growth but has managed to improve profitability and strengthen its financial position in recent years. The absence of debt and the gradual increase in shareholder funds are positive indicators of financial stability. However, the sharp decline in sales in the latest fiscal year and limited cash flow activity suggest caution for investors seeking consistent growth.
Investors analysing Bisil Plast should weigh its improving margins and profitability against the volatility in sales and asset base. The company’s ability to maintain cost discipline and generate positive earnings despite fluctuating revenues is noteworthy, but future performance will depend on stabilising sales and enhancing operational scale.
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