How has been the historical performance of Centenial Surgic?

Dec 02 2025 10:56 PM IST

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Centenial Surgic's historical performance shows fluctuating net sales, increasing from 51.19 Cr in Mar'24 to 53.52 Cr in Mar'25, but it reported a loss with a profit after tax of -1.46 Cr in Mar'25, despite improved operating efficiency and cash flow from operations. Total liabilities and assets rose to 84.55 Cr in Mar'25, indicating financial challenges.

Revenue and Operating Performance Trends

Examining Centenial Surgic’s net sales from fiscal 2019 through 2025 reveals a generally stable but somewhat inconsistent revenue pattern. The company recorded net sales of approximately ₹56 crores in 2019 and 2020, followed by a dip to ₹36.93 crores in 2021. This was succeeded by a recovery phase, with sales rising to ₹44.43 crores in 2022 and further to ₹53.52 crores in 2025. Despite this rebound, the sales figures have not consistently surpassed the peak levels seen in 2019 and 2020.

Operating profit margins, excluding other income, have fluctuated notably. The margin peaked at 13.54% in 2021 but declined to 11.7% by 2025. This indicates some pressure on operational efficiency, possibly due to rising raw material and other expenses. Raw material costs, for instance, decreased from ₹24.48 crores in 2019 to ₹16.56 crores in 2025, but other expenses surged from ₹16.29 crores to ₹18.17 crores over the same period, impacting overall profitability.

Profitability and Earnings Analysis

Centenial Surgic’s operating profit (PBDIT) showed a gradual increase from ₹5.25 crores in 2019 to ₹6.38 crores in 2025, despite some fluctuations in between. However, the company’s interest expenses have risen sharply, from ₹1.75 crores in 2019 to ₹3.75 crores in 2025, which has weighed heavily on gross profit before depreciation and tax.

Depreciation costs also increased significantly, reaching ₹4.25 crores in 2025 from just ₹0.69 crores in 2019, reflecting higher capital investments or asset base expansion. These factors contributed to a negative profit before tax of ₹-1.62 crores in 2025, a reversal from positive profits in prior years. Consequently, the company reported a loss after tax of ₹-1.46 crores in 2025, compared to a profit of ₹2.02 crores in 2019.

Earnings per share (EPS) mirrored this trend, declining from ₹5.53 in 2019 to a negative ₹4.0 in 2025, signalling challenges in maintaining shareholder returns amid rising costs and debt servicing.

Balance Sheet and Financial Position

On the balance sheet front, Centenial Surgic’s total assets increased from ₹69.29 crores in 2020 to ₹84.55 crores in 2025, driven largely by growth in net block assets and current assets such as inventories and sundry debtors. The net block rose from ₹10.44 crores in 2020 to ₹18.11 crores in 2025, indicating ongoing capital expenditure.

However, the company’s debt profile has expanded considerably. Total debt surged from ₹1.20 crores in 2020 to ₹30.01 crores in 2025, with long-term borrowings rising sharply to ₹17.75 crores. This increase in leverage has likely contributed to the higher interest burden and pressure on profitability.

Shareholders’ funds have remained relatively stable, increasing modestly from ₹28.61 crores in 2020 to ₹30.75 crores in 2025, supported by reserves. The book value per share has also shown a steady rise, reaching ₹56.7 in 2025 from ₹52.74 in 2020, reflecting incremental net asset growth despite earnings volatility.

Cash Flow and Liquidity Overview

Cash flow from operating activities has improved over the years, reaching ₹17 crores in 2025 from just ₹2 crores in 2020, indicating better cash generation despite profitability challenges. However, investing activities have consistently been cash outflows, with ₹11 crores spent in 2025, reflecting ongoing investments in fixed assets or other long-term assets.

Financing activities show mixed trends, with a net outflow of ₹5 crores in 2025 after some inflows in prior years. The company’s cash and bank balances remain minimal, suggesting tight liquidity management.

Overall, Centenial Surgic’s historical performance reveals a company navigating growth and investment phases while facing profitability pressures from rising costs and debt servicing. Investors should weigh the improving operational cash flows against the increased leverage and recent losses when considering the stock’s prospects.

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