Revenue Growth and Operating Performance
In the early years up to 2015, Haz.Multi Proj. reported minimal operating income, with total operating income barely registering above zero. From 2011 through 2015, the company’s sales and other operating income were negligible, reflecting either a nascent stage or limited operational scale. However, a marked shift occurred in the subsequent decade, with net sales escalating to ₹544.56 crores in March 2024 and further rising to ₹637.68 crores by March 2025. This represents a robust growth trajectory, underscoring the company’s successful expansion and market penetration.
Operating profit margins, excluding other income, have moderated from exceptionally high levels in the early years—such as 63.96% in 2014 and 26.29% in 2015—to more sustainable figures of 15.35% in 2024 and 13.87% in 2025. This normalisation is typical as companies scale and face increased competition and operational costs. The gross profit margin similarly declined from a peak of 66.43% in 2014 to 12.57% in 2025, reflecting higher expenditure levels associated with growth.
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Profitability Trends and Expense Analysis
Profit after tax (PAT) has shown a similar pattern of recovery and growth. From losses in the early 2010s, with a negative PAT of ₹-1.72 crores in 2011 and ₹-0.56 crores in 2012, the company turned profitable by 2013 and steadily improved its bottom line. PAT reached ₹63.77 crores in March 2024 before moderating to ₹39.98 crores in March 2025. The PAT margin, which was negative in the early years, peaked at 59.28% in 2015 but has since stabilised to 11.71% in 2024 and 6.27% in 2025, reflecting a more balanced profitability profile amid growth.
Operating expenses have increased in line with sales expansion. Manufacturing expenses rose from negligible amounts in the early years to ₹445.69 crores in 2024 and ₹461.61 crores in 2025. Employee costs also increased significantly, from zero in the early years to ₹4.79 crores in 2024 and ₹12.90 crores in 2025, indicating workforce expansion. Notably, power cost showed a negative figure in 2025, which may suggest adjustments or credits in accounting. Other expenses similarly rose, consistent with the company’s scaling operations.
Cash Flow and Capital Structure
Cash flow analysis reveals challenges in operational cash generation despite profitability. Cash flow from operating activities was negative at ₹-122 crores in 2024 and further declined to ₹-145 crores in 2025. This was driven by substantial increases in working capital requirements, with changes in working capital amounting to ₹-164 crores in 2024 and ₹-223 crores in 2025. Such cash outflows may be linked to inventory build-up or receivables growth as the company expands.
Investing activities saw a positive inflow of ₹19 crores in 2024 but a significant outflow of ₹-104 crores in 2025, indicating increased capital expenditure or acquisitions. Financing activities provided strong support, with inflows of ₹170 crores in 2024 and ₹187 crores in 2025, likely reflecting debt or equity raising to fund growth and working capital needs. Despite these inflows, the net cash position declined from ₹67 crores at the end of 2024 to ₹5 crores in 2025, signalling tighter liquidity.
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Equity and Earnings Per Share Evolution
The company’s equity capital has grown from ₹10.15 crores in 2015 to ₹18.71 crores in 2024 and ₹22.30 crores in 2025, reflecting capital infusion to support expansion. Earnings per share (EPS) followed the profit trend, rising from a modest ₹0.05 in 2015 to ₹3.41 in 2024 before easing to ₹1.79 in 2025. Diluted EPS showed a similar pattern, indicating consistent shareholder value creation over the years.
Reserves have nearly doubled from ₹217.89 crores in 2024 to ₹435.49 crores in 2025, signalling retained earnings accumulation and strengthening of the company’s financial base.
Summary of Historical Performance
Overall, Haz.Multi Proj. has transitioned from a loss-making entity with negligible sales in the early 2010s to a growing mid-sized company with substantial revenues and profits by 2025. The company’s operating and net profit margins have normalised from early high volatility to more sustainable levels. While profitability has improved, cash flow from operations remains under pressure due to working capital demands, necessitating reliance on financing activities. The equity base and reserves have expanded, supporting the company’s growth ambitions.
Investors should note the company’s strong sales growth and profit recovery, balanced against cash flow challenges and margin compression typical of scaling businesses. The historical data suggests a firm on a growth trajectory but one that requires careful monitoring of liquidity and operational efficiency.
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