How has been the historical performance of Cropster Agro?

Revenue and Profitability Trends

Cropster Agro’s financial history reveals a marked shift beginning in the fiscal year ending March 2024. Prior to this period, the company reported no sales or operating income, indicating either a nascent stage or a dormant operational status. However, in March 2024, net sales surged to ₹60.71 crores, followed by a remarkable leap to ₹194.30 crores in March 2025. This rapid revenue expansion underscores a significant operational ramp-up and market penetration within a short span.

Despite the initial absence of revenue, the company managed to contain its costs effectively. Raw material costs closely tracked sales, rising from ₹56.21 crores in March 2024 to ₹175.34 crores in March 2025, reflecting the scaling of production activities. Other expenses, including employee costs and miscellaneous charges, remained minimal, contributing to a controlled expenditure profile.

Operating profit before depreciation and interest (PBDIT) turned positive in March 2024 at ₹11.02 crores and further improved to ₹12.87 crores in March 2025. Including other income, operating profit reached ₹13.42 crores in the latest fiscal year. Correspondingly, profit after tax (PAT) mirrored this upward trend, moving from a loss position in earlier years to a profit of ₹12.99 crores in March 2025. The PAT margin, however, declined from 18.25% in March 2024 to 6.69% in March 2025, reflecting the impact of rapid revenue growth outpacing margin expansion.

Balance Sheet and Asset Growth

The company’s balance sheet reflects a substantial strengthening over the recent two-year period. Share capital increased significantly from ₹25 crores in March 2024 to ₹84 crores in March 2025, indicating fresh equity infusion to support expansion. Total reserves also improved from a negative position in earlier years to ₹23.93 crores by March 2025, contributing to a positive net worth of ₹107.93 crores.

On the asset side, total assets nearly doubled from ₹63.42 crores in March 2024 to ₹111.48 crores in March 2025. This growth was driven primarily by current assets, which rose from ₹63.37 crores to ₹92.14 crores, supported by increases in sundry debtors and short-term loans and advances. Non-current assets also saw a rise, mainly due to long-term loans and advances amounting to ₹18.61 crores in the latest fiscal year.

Liabilities remained modest, with total debt increasing marginally from ₹0.01 crores to ₹0.45 crores, reflecting a conservative leverage approach. Current liabilities decreased from ₹4.82 crores to ₹3.10 crores, indicating improved working capital management.

Cash Flow and Operational Efficiency

Cash flow analysis reveals challenges in operational cash generation despite profitability. Cash flow from operating activities was negative at ₹-36 crores in March 2024 and marginally improved to ₹-35 crores in March 2025. This negative cash flow was primarily due to significant changes in working capital, which absorbed substantial cash resources. Financing activities provided a positive inflow of ₹36 crores in both years, likely reflecting equity or debt funding to support growth initiatives.

Closing cash and cash equivalents stood at ₹1 crore in March 2025, up from negligible levels previously, signalling a cautious improvement in liquidity position.

Summary of Historical Performance

Cropster Agro’s historical performance is characterised by a transition from inactivity to active commercial operations within a short timeframe. The company’s revenue growth from zero to nearly ₹200 crores in two years is notable, accompanied by a turnaround from losses to profitability. However, margins have compressed amid rapid expansion, and operational cash flows remain under pressure due to working capital demands.

The balance sheet has strengthened considerably, with increased equity capital and reserves supporting asset growth and a manageable debt profile. Investors should note the company’s evolving financial profile, balancing impressive top-line growth with the need for improved cash flow management and margin stability.

Overall, Cropster Agro presents a case of rapid scaling with early signs of profitability, but with operational and financial metrics that warrant close monitoring as the company matures.

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