Revenue and Operating Performance
India Gelatine’s net sales have shown a consistent upward trend, rising from ₹111.99 crores in March 2019 to ₹198.53 crores in March 2025. The company experienced a significant jump between 2021 and 2022, with sales increasing from ₹143.87 crores to ₹159.84 crores, reflecting a recovery phase post-pandemic. However, sales slightly dipped in the latest fiscal year 2025 compared to 2024, indicating some market or operational challenges.
Operating profit margins excluding other income have fluctuated over the years. Margins were modest at around 4.87% in 2019 but improved substantially to a peak of 17.02% in 2024 before contracting to 10.66% in 2025. This volatility suggests periods of cost pressures or pricing adjustments. Gross profit margins followed a similar pattern, peaking above 20% in 2024 before easing to 14.18% in 2025.
Profit after tax (PAT) margins have mirrored operating profitability trends, rising from a low 3.51% in 2022 to a high of 13.79% in 2024, before settling at 8.76% in 2025. Absolute PAT increased from ₹5.75 crores in 2019 to ₹17.39 crores in 2025, with a notable surge between 2021 and 2024. Earnings per share (EPS) also reflected this growth, peaking at 40.04 in 2024 before moderating to 24.53 in 2025.
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Cost Structure and Expenses
The company’s raw material costs have risen in line with sales, increasing from ₹45.48 crores in 2019 to ₹91.28 crores in 2025. Power costs have also escalated, reaching ₹27.85 crores in 2025 from ₹20.40 crores in 2019, reflecting inflationary pressures and possibly higher production volumes. Employee costs have remained relatively stable, hovering around ₹12 crores in recent years.
Other expenses have increased steadily, from ₹26.83 crores in 2019 to ₹40.29 crores in 2025, indicating rising operational overheads. Despite these cost increases, the company managed to maintain positive operating profits, though margins have been under pressure in the latest fiscal year.
Balance Sheet and Financial Position
India Gelatine’s shareholder funds have grown robustly, rising from ₹104.20 crores in 2020 to ₹171.50 crores in 2025. This growth is supported by increasing reserves, which climbed from ₹95.15 crores in 2019 to ₹164.41 crores in 2025, signalling retained earnings accumulation and financial prudence.
The company’s total liabilities have also increased, reaching ₹194.52 crores in 2025 from ₹123.50 crores in 2020, with a notable rise in long-term borrowings in recent years. Total debt stood at ₹5.77 crores in 2025, down from a peak of over ₹10 crores in 2023, indicating some deleveraging efforts.
On the asset side, net block value has expanded from ₹40.42 crores in 2021 to ₹68.24 crores in 2025, reflecting capital investments. Current assets have also increased, with total current assets reaching ₹94.41 crores in 2025, supported by higher current investments and inventories.
Cash Flow and Liquidity
Cash flow from operating activities has generally improved, rising from ₹7 crores in 2021 to ₹21 crores in 2025. However, cash flow from investing activities has been consistently negative, reflecting ongoing capital expenditure and investments. Financing activities have mostly seen outflows in recent years, consistent with debt repayments and dividend payments.
Despite these outflows, the company has maintained a stable cash and cash equivalents balance around ₹2 crores in 2025, ensuring liquidity for operational needs.
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Summary of Historical Performance
Over the past six years, India Gelatine has exhibited steady revenue growth, with a compound annual increase from ₹111.99 crores in 2019 to nearly ₹200 crores in 2025. Profitability has improved markedly, especially between 2021 and 2024, though the latest fiscal year saw some margin contraction. The company’s balance sheet has strengthened with rising reserves and shareholder funds, while debt levels have been managed prudently.
Operational cash flows have improved, supporting ongoing investments and maintaining liquidity. The company’s financial discipline and growth trajectory position it as a resilient player in its sector, though recent margin pressures warrant close monitoring by investors.
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