Revenue and Profit Growth
Over the past six years, Filatex India’s net sales have shown robust expansion, rising from ₹1,275.62 crores in March 2016 to ₹4,252.15 crores by March 2025. This near tripling of sales underscores the company’s successful scaling and market penetration. Correspondingly, total operating income mirrored this growth, reflecting the company’s core business strength without reliance on other operating income, which has been negligible in recent years.
Profitability metrics have also improved markedly. Operating profit before depreciation, interest, and tax (PBDIT) increased from ₹87.42 crores in 2016 to ₹274.47 crores in 2025, indicating enhanced operational efficiency despite rising raw material and other expenses. The profit after tax (PAT) rose from ₹26.22 crores to ₹133.86 crores over the same period, reflecting a healthy bottom-line expansion. Notably, the PAT margin improved from 2.05% to 3.15%, signalling better cost management and pricing power.
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Cost Structure and Margins
Filatex India’s cost of raw materials has naturally increased in line with sales growth, rising from ₹966.71 crores in 2016 to ₹3,398.46 crores in 2025. However, the company has managed to maintain a relatively stable gross profit margin, which improved from 4.21% in 2016 to 5.95% in 2025. Operating profit margins, excluding other income, have fluctuated but remained healthy, with a slight dip from 7.93% in 2018 to 5.98% in 2025, reflecting some margin pressure possibly due to rising input costs or competitive dynamics.
Employee costs have nearly tripled, consistent with business expansion, while other expenses have varied, with a notable increase in 2025. Interest expenses have significantly declined from ₹51.19 crores in 2016 to ₹21.63 crores in 2025, indicating effective debt management and deleveraging efforts.
Balance Sheet Strength and Capitalisation
The company’s shareholder funds have surged from ₹209.48 crores in 2016 to ₹1,330.34 crores in 2025, driven by retained earnings and capital infusion. This growth in net worth is a positive indicator of financial stability and investor confidence. Meanwhile, total debt has been substantially reduced from ₹445.38 crores in 2016 to ₹124.10 crores in 2025, reflecting a strategic focus on lowering leverage and improving solvency.
Asset base expansion is evident, with total assets increasing from ₹880.79 crores in 2016 to ₹2,275.33 crores in 2025. The net block of fixed assets has more than doubled, signalling ongoing investments in capacity and infrastructure. The company’s book value per share has also appreciated significantly, rising from ₹3.07 in 2016 to ₹29.93 in 2025, highlighting enhanced shareholder value.
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Cash Flow and Liquidity
Filatex India’s cash flow from operating activities has shown a strong upward trend, increasing from ₹63.14 crores in 2016 to ₹312 crores in 2025. This robust cash generation supports the company’s investment and debt repayment activities. Cash flow from investing activities has been negative in recent years, reflecting capital expenditure and expansion initiatives, while financing activities have seen net outflows, consistent with debt reduction and shareholder returns.
Net cash inflow has remained positive in recent years, with closing cash and bank balances improving to ₹57.64 crores in 2025 from ₹12.54 crores in 2016, indicating a comfortable liquidity position.
Summary
Overall, Filatex India’s historical performance reveals a company on a steady growth path, characterised by expanding revenues, improving profitability, prudent debt management, and strengthening equity base. While operating margins have faced some pressure, the firm’s ability to generate cash and reduce debt enhances its financial resilience. Investors may find these trends encouraging as the company continues to consolidate its market position and pursue growth opportunities.
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