Revenue and Profit Growth
Capri Global’s net sales have shown a remarkable upward trend, rising from ₹588.59 crores in March 2019 to ₹3,247.50 crores by March 2025. This represents a more than fivefold increase over six years, reflecting strong business expansion and market penetration. Correspondingly, the total operating income mirrored this growth, as other operating income remained nil throughout the period.
Operating profit before depreciation and interest (PBDIT) also surged significantly, climbing from ₹397.72 crores in 2019 to ₹2,005.29 crores in 2025. Despite rising expenses, the company maintained healthy operating profit margins, which, although showing some fluctuation, remained robust at 63.4% in the latest fiscal year.
Profit after tax (PAT) increased steadily from ₹135.66 crores in 2019 to ₹478.53 crores in 2025, underscoring effective cost management and operational efficiency. The PAT margin, however, experienced a decline from a high of 25.12% in 2021 to 15.13% in 2025, indicating increased interest costs and other financial charges impacting net profitability.
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Expense and Margin Analysis
The company’s total expenditure excluding depreciation rose from ₹190.87 crores in 2019 to ₹1,242.21 crores in 2025, driven largely by increases in employee costs and other expenses. Employee costs escalated from ₹117.55 crores to ₹742.96 crores, reflecting workforce expansion and inflationary pressures. Manufacturing expenses and other operational costs also contributed to the rising expenditure.
Interest expenses have notably increased, from ₹207.10 crores in 2019 to ₹1,273.60 crores in 2025, which has exerted pressure on gross profit and net margins. Depreciation charges also rose, consistent with asset growth and capital investments.
Despite these cost pressures, Capri Global has maintained a strong gross profit margin, though it declined from 35.53% in 2019 to 23.24% in 2025, indicating some margin compression amid rising costs.
Balance Sheet and Asset Growth
Capri Global’s total assets expanded substantially from ₹4,426.30 crores in 2020 to ₹20,746.57 crores in 2025, reflecting aggressive growth and capital deployment. Shareholders’ funds increased from ₹1,539.18 crores in 2020 to ₹4,304.10 crores in 2025, supported by rising reserves and equity capital.
The company’s debt levels have also escalated sharply, with total debt rising from ₹2,836.61 crores in 2020 to ₹15,576.81 crores in 2025. This increase in leverage corresponds with the company’s expansion strategy but also raises concerns about financial risk and interest burden.
Net block of fixed assets grew from ₹31.35 crores in 2020 to ₹341.43 crores in 2025, indicating ongoing investments in property, plant, and equipment. Meanwhile, cash and bank balances have improved significantly, reaching ₹1,531.20 crores in 2025, which provides liquidity support amid rising liabilities.
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Cash Flow and Liquidity Trends
Cash flow from operating activities has been negative in recent years, with a significant outflow of ₹4,311 crores in 2025, reflecting increased working capital requirements and business expansion. Changes in working capital have been a major drag, with outflows rising from ₹560 crores in 2021 to ₹4,722 crores in 2025.
Investing activities have fluctuated, with a modest inflow of ₹60 crores in 2025 after several years of mixed cash flows. Financing activities have provided substantial inflows, peaking at ₹5,118 crores in 2025, which has helped offset operating cash deficits and support growth.
Overall, the company’s net cash position improved to ₹1,506 crores in 2025, up from ₹639 crores in 2024, indicating improved liquidity despite operational challenges.
Summary of Historical Performance
Over the past six years, Capri Global has exhibited strong revenue and profit growth, underpinned by expanding operations and strategic investments. While operating margins remain healthy, rising interest costs and working capital demands have compressed net margins and pressured cash flows. The company’s balance sheet has grown substantially, with increased leverage reflecting its aggressive expansion approach.
Investors should weigh Capri Global’s impressive growth against its elevated debt levels and cash flow challenges. The company’s ability to manage financial risk and sustain profitability will be critical for its future performance in a competitive market environment.
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