How has been the historical performance of Inani Marbles?

Dec 01 2025 11:27 PM IST

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Inani Marbles has shown a significant decline in financial performance, with net sales dropping from 81.55 Cr in Mar'22 to 42.80 Cr in Mar'25, and profit after tax decreasing from 3.25 Cr to 0.71 Cr during the same period. Total liabilities and assets also fell, while cash flow from operating activities decreased from 8.00 Cr to 4.00 Cr.

Revenue and Operating Performance Trends

Inani Marbles’ net sales demonstrated a strong upward trend from ₹31.92 crores in FY20 to a peak of ₹81.55 crores in FY22, reflecting robust demand and operational expansion. However, this growth was not sustained, with sales declining to ₹42.80 crores by FY25, representing a significant contraction of nearly 47.5% from the peak. The absence of other operating income throughout this period indicates that the company’s revenue is solely reliant on its core marble business.

Operating profit margins, excluding other income, have varied over the years, peaking at 11.57% in FY19 and maintaining a healthy 11.28% in FY21. Margins dipped to a low of 6.82% in FY23 before recovering slightly to 10.3% in FY25. This volatility suggests fluctuating cost pressures and operational efficiencies. The gross profit margin followed a similar pattern, with a high of 10.42% in FY19 and a low of 5.92% in FY23, before improving to 8.67% in FY25.

Profitability and Earnings Analysis

Profit after tax (PAT) has mirrored the revenue and margin trends, with a peak PAT of ₹3.25 crores in FY22 and a sharp decline to ₹0.71 crores in FY25. The PAT margin has fluctuated accordingly, reaching a high of 3.99% in FY22 but falling to 1.66% in FY25. Earnings per share (EPS) followed a similar trajectory, peaking at ₹1.75 in FY22 before dropping to ₹0.38 in FY25. Notably, the company experienced a loss in FY20, with a negative PAT margin of -0.97% and EPS of -₹0.19, indicating a challenging period likely linked to broader economic disruptions.

Operating profit (PBDIT) excluding other income also declined from ₹6.97 crores in FY22 to ₹4.41 crores in FY25, despite a slight recovery in operating margins. Interest expenses have remained relatively stable, averaging around ₹2 crores annually, which has exerted consistent pressure on net profitability.

Balance Sheet and Financial Position

Inani Marbles’ shareholder funds have steadily increased from ₹42.97 crores in FY20 to ₹53.64 crores in FY25, supported by rising reserves. The book value per share has also improved from ₹26.42 in FY20 to ₹28.84 in FY25, reflecting incremental value creation for shareholders despite earnings volatility.

Total liabilities have decreased from ₹103.69 crores in FY22 to ₹91.37 crores in FY25, with a notable reduction in long-term borrowings from ₹7.13 crores in FY22 to ₹2.20 crores in FY25. However, short-term borrowings remain elevated at ₹19.80 crores in FY25, indicating reliance on working capital financing. The company’s net block of fixed assets has declined from ₹36.02 crores in FY22 to ₹28.14 crores in FY25, suggesting asset depreciation or divestment.

Cash Flow and Liquidity Overview

Cash flow from operating activities has been positive but variable, with ₹8 crores generated in FY22 dropping to ₹4 crores in FY25. Investing activities have consistently been cash outflows, reflecting ongoing capital expenditure or investments, though the outflow has moderated to ₹1 crore in FY25. Financing activities have generally been cash outflows, indicating debt repayments or dividend payments, with a ₹2 crore outflow in FY25. The company’s cash and bank balances remain minimal, underscoring tight liquidity conditions.

Summary and Investor Considerations

Inani Marbles’ historical performance reveals a company that has experienced significant revenue growth followed by a marked contraction in recent years. Profitability has been inconsistent, with operating and net margins under pressure due to fluctuating costs and stable interest expenses. The balance sheet shows a gradual strengthening of equity but persistent reliance on short-term borrowings, which may pose liquidity risks. Cash flow generation remains positive but modest, with limited cash reserves.

Investors should weigh the company’s capacity to stabilise revenues and improve margins against its debt profile and cash flow constraints. While the book value per share has shown resilience, the earnings volatility and declining asset base warrant cautious analysis. The company’s performance should be monitored in the context of sector dynamics and broader economic conditions impacting the marble industry.

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