Revenue Expansion and Operating Performance
Over the six-year period ending March 2025, Centrum Capital’s net sales surged from ₹377 crores in 2019 to ₹3,493 crores in 2025, reflecting a compound growth that underscores the company’s expanding market presence. Total operating income mirrored this trend, rising consistently year-on-year without any contribution from other operating income. This growth was accompanied by a substantial increase in employee costs, which climbed from ₹228 crores in 2019 to nearly ₹698 crores in 2025, indicating investment in human capital to support expansion.
Other expenses also escalated significantly, from ₹238 crores in 2019 to ₹1,362 crores in 2025, contributing to a total expenditure (excluding depreciation) that rose sharply. Despite these rising costs, the company managed to improve its operating profit (PBDIT) excluding other income from a loss of ₹89 crores in 2019 to a profit of ₹1,318 crores in 2025. Including other income, operating profit reached ₹1,486 crores in the latest fiscal year, demonstrating operational resilience.
Patience pays off here! This Micro Cap from Fertilizers sector has delivered steady gains quarter after quarter. Now proudly part of our Reliable Performers list.
- - New Reliable Performer
- - Steady quarterly gains
- - Fertilizers consistency
Discover the Steady Winner →
Profitability Challenges and Margins
Despite robust operating profits, Centrum Capital has struggled with high interest expenses, which escalated from ₹154 crores in 2019 to ₹1,564 crores in 2025. This surge in interest costs has led to negative gross profits (PBDT) in recent years, with the company reporting a gross loss of ₹77 crores in 2025. Consequently, profit before tax remained in the red from 2021 onwards, culminating in a loss of ₹188 crores in 2025.
Profit after tax followed a similar pattern, with losses widening to ₹149 crores in 2025 after a brief positive result in 2020. Earnings per share have reflected this downturn, declining from a positive ₹1.77 in 2019 to a negative ₹4.51 in 2025. Operating profit margins excluding other income have improved significantly, reaching over 43% in 2025 compared to negative margins in 2019, but net profit margins remain negative, underscoring the impact of financing costs.
Balance Sheet and Asset Growth
Centrum Capital’s total assets have expanded markedly, from ₹2,874 crores in 2020 to over ₹21,700 crores in 2025. This growth is driven primarily by increases in non-current investments and long-term loans and advances, which together constitute the bulk of non-current assets. The company’s net block of fixed assets also rose substantially, indicating capital expenditure and asset accumulation.
Shareholders’ funds have declined from ₹621 crores in 2020 to ₹279 crores in 2025, reflecting accumulated losses. Minority interest, however, has increased significantly, reaching ₹1,346 crores in 2025. Total liabilities have ballooned, particularly current liabilities, which surged to ₹22,580 crores in 2025, driven by short-term borrowings that have nearly doubled since 2020.
Cash Flow Dynamics
Cash flow from operating activities has shown a strong recovery, with ₹2,532 crores generated in 2025 compared to negative cash flows in prior years. Investing activities have consistently been cash outflows, reflecting ongoing investments in the business. Financing activities fluctuated, with a notable outflow of ₹590 crores in 2025 after a significant inflow in 2024. Overall, the company reported a positive net cash inflow of ₹238 crores in 2025, improving its cash and bank balances to ₹1,455 crores.
Centrum Capital or something better? Our SwitchER feature analyzes this Smallcap Non Banking Financial Company (NBFC) stock and recommends superior alternatives based on fundamentals, momentum, and value!
- - SwitchER analysis complete
- - Superior alternatives found
- - Multi-parameter evaluation
Summary of Historical Performance
Centrum Capital’s historical performance is characterised by rapid revenue growth and improved operating profitability, offset by substantial interest expenses that have led to net losses in recent years. The company’s asset base has expanded significantly, supported by increased investments and loans, while liabilities, particularly short-term borrowings, have also risen sharply. Cash flow from operations has turned positive, signalling improved liquidity management despite ongoing investing and financing outflows.
Investors should weigh the company’s strong top-line growth and operational improvements against the challenges posed by high financing costs and net losses. The evolving balance sheet and cash flow trends suggest a company in transition, with potential for recovery contingent on managing debt and sustaining operational momentum.
Limited Time Only! Subscribe for Rs. 12,999 and get 1 Year of MojoOne + an Additional Year Completely FREE. Don't miss out on this exclusive offer. Claim Your Free Year →
