Revenue and Operating Performance
Deco-Mica’s net sales have shown a gradual increase from ₹50.66 crores in March 2019 to ₹76.06 crores in March 2025. The company experienced a notable jump in sales between 2020 and 2021, rising from ₹48.55 crores to ₹53.44 crores, reflecting recovery from earlier market challenges. However, sales plateaued and slightly declined in the last two years, with ₹77.27 crores in March 2024 and ₹76.06 crores in March 2025, indicating a stabilisation phase.
Raw material costs have remained a significant expense, consistently accounting for over 60% of total operating income, with ₹47.09 crores spent in the latest fiscal year. Employee costs have steadily increased, reaching ₹11.21 crores in March 2025, signalling investment in human resources. Other expenses also rose to ₹14.25 crores in the same period, contributing to total expenditure of ₹70.59 crores excluding depreciation.
Operating profit before other income (PBDIT) showed fluctuations, peaking at ₹6.86 crores in March 2024 before slightly declining to ₹5.47 crores in March 2025. Including other income, operating profit remained relatively stable around ₹7 crores in recent years. The operating profit margin excluding other income ranged between 6.59% and 8.88%, with the latest figure at 7.19%, reflecting moderate operational efficiency.
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Profitability and Margins
Profit before tax (PBT) has improved steadily from ₹1.78 crores in March 2019 to ₹3.13 crores in March 2025, despite some year-on-year variations. Profit after tax (PAT) followed a similar trend, increasing from ₹1.42 crores in 2019 to ₹1.95 crores in 2025, with a peak of ₹2.31 crores in 2024. The PAT margin has remained modest, fluctuating between 1.77% and 2.99%, with the latest fiscal year recording 2.56%.
Earnings per share (EPS) have mirrored the profit trends, rising from ₹3.38 in 2019 to ₹4.64 in 2025, with a high of ₹5.50 in 2024. This indicates a steady enhancement in shareholder value over the period.
Balance Sheet and Financial Position
Deco-Mica’s shareholder funds have grown consistently, from ₹18.59 crores in 2021 to ₹26.92 crores in 2025, supported by increasing reserves which reached ₹22.72 crores. The company’s total liabilities have also expanded, reaching ₹79.20 crores in 2025, up from ₹48.38 crores in 2021, reflecting increased borrowing and trade payables.
Long-term borrowings have decreased slightly from ₹1.69 crores in 2021 to ₹0.90 crores in 2025, while short-term borrowings remain substantial at ₹18.92 crores. Trade payables and other current liabilities have risen significantly, indicating higher operational scale and working capital requirements.
On the asset side, total assets have increased from ₹48.38 crores in 2021 to ₹79.20 crores in 2025. Net block of fixed assets has grown steadily, reaching ₹12.20 crores, while current assets have expanded to ₹65.40 crores, driven by increases in inventories and sundry debtors. The company’s book value per share has improved from ₹44.26 in 2021 to ₹64.10 in 2025, signalling enhanced net worth per share.
Cash Flow Overview
Cash flow from operating activities has been positive in recent years, with ₹4 crores generated in 2025, although it showed some volatility in earlier years. Investing activities consistently reflect outflows, indicative of ongoing capital expenditure and asset investments. Financing activities have varied, with a net outflow of ₹3 crores in 2025, suggesting repayment or reduction of borrowings.
Overall, the company maintains a balanced cash flow position with no net cash inflow or outflow recorded in recent years, indicating stable liquidity management.
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Summary of Historical Performance
Deco-Mica’s historical performance over the past six years reveals a company that has steadily expanded its revenue base and strengthened its financial foundation. While sales growth has moderated in recent years, profitability margins have remained stable, supported by controlled expenditure and consistent operational efficiency. The balance sheet reflects a growing net worth and manageable debt levels, with increasing reserves enhancing shareholder equity.
Cash flow trends indicate prudent financial management, balancing operational inflows with investment and financing outflows. Earnings per share and book value per share improvements further underscore the company’s value creation for investors. Despite modest profit margins typical of the commodity chemicals sector, Deco-Mica’s consistent growth and financial discipline position it as a stable player within its industry segment.
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