How has been the historical performance of Excel Realty?

Dec 02 2025 10:52 PM IST

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Excel Realty's historical performance shows significant sales growth, with net sales increasing from 2.58 Cr in Mar'24 to 13.63 Cr in Mar'25, but it faced rising expenditures leading to an operating loss of -4.27 Cr. Despite a profit before tax of 0.70 Cr in Mar'25, profitability and cash flow remain challenging.

Revenue and Operating Income Trends

Excel Realty's net sales have experienced considerable volatility between March 2019 and March 2025. Starting at ₹10.58 crores in March 2019, sales dipped to ₹2.58 crores in March 2024 before rebounding sharply to ₹13.63 crores in March 2025. This recent surge marks the highest revenue recorded in the period under review, indicating a potential turnaround in business activity. Other operating income remained consistently nil throughout, making total operating income synonymous with net sales figures.

Despite the revenue fluctuations, the company’s expenditure patterns have generally outpaced income, with total expenditure excluding depreciation peaking at ₹17.90 crores in March 2025. Purchase of finished goods constitutes the largest expense, closely tracking revenue movements but often exceeding sales, which has pressured operating margins.

Profitability and Margins

Operating profit before depreciation and interest (PBDIT) excluding other income has been negative for most years, reflecting operational challenges. However, inclusion of other income has helped the company report a positive operating profit in the latest fiscal year at ₹0.95 crores, a recovery from losses in prior years. Profit before tax and profit after tax also turned positive in March 2025, with net profit at ₹0.69 crores, reversing losses seen in 2022 and 2023.

Margins have mirrored these trends. Operating profit margins excluding other income were deeply negative in earlier years, reaching a low of -80.62% in March 2024, but improved to -31.33% in March 2025. Gross profit margin similarly rebounded to 6.9% in the latest year. The profit after tax margin stood at 5.06% in March 2025, a significant improvement from the negative margins recorded in 2022.

Balance Sheet and Capital Structure

Excel Realty’s shareholder funds have remained relatively stable, increasing slightly from ₹171.30 crores in March 2020 to ₹173.25 crores in March 2025. The company’s equity capital rose in 2022 due to a change in face value, stabilising thereafter. Total liabilities have hovered around ₹177 crores, with a modest increase in long-term borrowings to ₹0.78 crores in March 2025. The company maintains a low debt profile, with total debt effectively negligible in recent years.

Non-current assets have declined from over ₹128 crores in 2022 to approximately ₹80 crores in 2025, reflecting a reduction in long-term loans and advances. Current assets have increased steadily, reaching nearly ₹97 crores in March 2025, supported by rising short-term loans and advances and sundry debtors. The company’s net current assets have improved, indicating better liquidity management.

Cash Flow and Liquidity

Cash flow from operating activities has been inconsistent, with a significant negative outflow of ₹5 crores in March 2025 following a positive inflow of ₹45 crores in March 2023. Investing activities have shown inflows in recent years, suggesting asset disposals or repayments. The company has not engaged in financing activities during the period, maintaining a conservative approach to external funding. Closing cash and cash equivalents have fluctuated but remain modest, standing at ₹1 crore in March 2025.

Summary of Historical Performance

Over the past seven years, Excel Realty has faced considerable operational and financial challenges, reflected in volatile revenues and recurring operating losses. The company’s ability to generate positive net profit and operating profit in the latest fiscal year signals a potential stabilisation and recovery phase. Its balance sheet remains robust with stable shareholder funds and minimal debt, while liquidity metrics show cautious improvement. Investors should note the cyclical nature of the company’s earnings and closely monitor future revenue growth and margin expansion to confirm a sustained turnaround.

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