Revenue and Profitability Trends
The company's net sales demonstrated notable volatility, peaking at ₹71.87 crores in March 2023 before declining to ₹41.55 crores by March 2025. This decline follows a period of growth from ₹30.05 crores in 2019 to a high in 2023, reflecting shifting market conditions or operational challenges. Total operating income mirrored this pattern, with no other operating income reported across the years.
Operating profit before other income (PBDIT excl. other income) remained negative throughout the period, indicating persistent operational pressures. The margin was particularly strained in March 2025 at -33.0%, a sharp deterioration from -5.26% in 2024. However, the inclusion of other income, which consistently contributed between ₹22.71 crores and ₹98.55 crores annually, turned the operating profit positive, with PBDIT reaching ₹14.97 crores in 2025.
Profit before tax (PBT) showed a downward trend from a peak of ₹82.02 crores in 2021 to ₹6.15 crores in 2025. Correspondingly, profit after tax (PAT) declined from ₹44.60 crores in 2021 to ₹1.47 crores in 2025. The consolidated net profit followed a similar trajectory, falling from ₹45.47 crores in 2021 to ₹2.34 crores in 2025. Earnings per share (EPS) also reflected this decline, dropping from 35.92 in 2021 to 1.98 in 2025.
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Cost Structure and Margins
Raw material costs fluctuated, peaking at ₹40.46 crores in 2022 before settling at ₹31.33 crores in 2025. Purchase of finished goods showed significant variation, notably high at ₹23.99 crores in 2023 but much lower in other years. Employee costs steadily increased from ₹3.83 crores in 2019 to ₹9.29 crores in 2025, reflecting possible workforce expansion or wage inflation. Other expenses remained substantial, ranging from ₹9.52 crores in 2019 to ₹16.92 crores in 2022, before easing to ₹12.17 crores in 2025.
The gross profit margin, which includes other income, was robust in earlier years, reaching an exceptional 155.21% in 2021, but normalised to 27.15% by 2025. The PAT margin similarly declined from a high of 81.0% in 2021 to 3.54% in 2025, underscoring the pressure on profitability despite other income support.
Balance Sheet and Financial Position
Shareholders' funds remained relatively stable, with a slight decrease from ₹533.26 crores in 2021 to ₹490.77 crores in 2025. The company’s total liabilities decreased from ₹614.40 crores in 2021 to ₹554.61 crores in 2025, indicating some deleveraging. Long-term borrowings increased moderately to ₹9.78 crores in 2025, while short-term borrowings saw a significant rise to ₹40.31 crores, suggesting a shift in the debt profile.
Net block assets grew from ₹37.07 crores in 2020 to ₹127.98 crores in 2025, reflecting capital investments over the years. Non-current assets, including investments and loans, increased substantially, reaching ₹339.59 crores in 2025. Current assets remained steady around ₹215 crores in 2025, with inventories and sundry debtors showing moderate fluctuations.
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Cash Flow and Liquidity
Cash flow from operating activities has been inconsistent, with negative cash flows in recent years, including a ₹15 crore outflow in 2025. Investing activities showed mixed results, with a ₹13 crore outflow in 2025 following inflows in prior years. Financing activities fluctuated significantly, with a ₹28 crore inflow in 2025 after a ₹10 crore outflow in 2024. Despite these swings, the company maintained a neutral net cash inflow/outflow position across the years, with closing cash and cash equivalents reported as zero.
Overall, Guj Apollo Inds has faced challenges in sustaining revenue growth and operational profitability in recent years. While other income has cushioned operating losses, the decline in net profit and EPS signals caution for investors. The balance sheet shows moderate stability with manageable debt levels, but the rise in short-term borrowings warrants attention. Cash flow volatility further underscores the need for careful financial management going forward.
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