Revenue and Profit Growth Over the Years
Federal-Mogul Go’s net sales have shown a robust increase from ₹1,341.83 crores in March 2019 to ₹1,800.19 crores in March 2025. This represents a compound growth trend, with notable acceleration post-2020, reflecting the company’s expanding market presence and operational scale. The total operating income mirrors this growth, maintaining parity with net sales as other operating income remains nil throughout the period.
Operating profit before depreciation, interest, and tax (PBDIT) excluding other income rose from ₹225.60 crores in 2019 to ₹284.32 crores in 2025, with the inclusion of other income further boosting operating profit to ₹328.25 crores in the latest fiscal year. This improvement is indicative of enhanced operational efficiency and cost management, despite rising raw material and employee costs.
Profit before tax surged significantly from ₹148.95 crores in 2019 to ₹234.87 crores in 2025, while profit after tax climbed from ₹95.50 crores to ₹169.88 crores over the same period. The consolidated net profit followed suit, increasing from ₹87.41 crores in 2019 to ₹162.03 crores in 2025, underscoring the company’s strengthened bottom line and effective tax management.
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Margins and Efficiency Metrics
The operating profit margin excluding other income improved from 16.81% in 2019 to 15.79% in 2025, with a dip in the intervening years reflecting cost pressures and market conditions. Gross profit margin also showed a positive trend, rising from 17.49% in 2019 to 17.91% in 2025, signalling effective control over production and raw material costs despite inflationary challenges.
Profit after tax margin expanded from 7.12% in 2019 to 9.44% in 2025, highlighting the company’s ability to convert revenue growth into higher net earnings. Earnings per share (EPS) followed a similar trajectory, increasing from ₹15.71 in 2019 to ₹29.13 in 2025, reflecting enhanced shareholder returns and consistent profitability.
Balance Sheet Strength and Asset Management
Federal-Mogul Go’s shareholder funds have grown steadily from ₹820.72 crores in 2021 to ₹1,267.94 crores in 2025, supported by rising reserves which reached ₹1,212.31 crores in the latest fiscal year. The company maintains a debt-free position, with no long-term or short-term borrowings reported during this period, underscoring a strong capital structure and prudent financial management.
Net block of fixed assets has remained relatively stable, with a slight decrease from ₹533.92 crores in 2021 to ₹509.91 crores in 2025, indicating controlled capital expenditure and asset utilisation. Current assets have increased significantly, particularly cash and bank balances which surged from ₹213.02 crores in 2021 to ₹610.17 crores in 2025, enhancing liquidity and financial flexibility.
Cash Flow Trends
Operating cash flow has shown a positive trend, rising from ₹152 crores in 2021 to ₹220 crores in 2025, reflecting strong cash generation from core business activities. Investing activities have consistently been cash outflows, primarily due to capital expenditure, but at a moderated pace in recent years. Financing activities have remained modestly negative, indicating limited debt servicing or dividend payouts.
Net cash inflow improved markedly from ₹123 crores in 2021 to ₹191 crores in 2025, contributing to the substantial increase in closing cash and cash equivalents. This healthy cash position supports the company’s operational needs and potential strategic investments.
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Summary of Historical Performance
Over the past six years, Federal-Mogul Go has demonstrated consistent growth in revenue and profitability, supported by disciplined cost control and a strong balance sheet. The company’s operating and net margins have improved, reflecting enhanced operational efficiency and effective management of expenses. Its debt-free status and rising cash reserves provide a solid foundation for future expansion and resilience against market volatility.
Investors can note the steady increase in earnings per share and book value per share, which have nearly doubled since 2019, signalling value creation and shareholder wealth enhancement. The company’s ability to generate strong operating cash flows while maintaining prudent capital expenditure highlights its sustainable business model.
While raw material costs and employee expenses have risen in line with business growth, Federal-Mogul Go has managed to maintain healthy profitability margins, indicating robust pricing power and operational leverage. The absence of exceptional or extraordinary items in recent years further underscores the stability of its earnings profile.
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