How has been the historical performance of Integ. Capital?

Dec 01 2025 11:03 PM IST

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Integ. Capital has experienced significant fluctuations in financial performance, with net sales dropping from 1.59 Cr in Mar'23 to 0.66 Cr in Mar'25, and profitability declining from a profit of 0.74 Cr to a loss of 0.05 Cr in the same period, despite a recovery in cash flow from operating activities. Overall, the company has struggled to maintain consistent revenue growth and profitability.

Revenue and Operating Performance Trends

Over the seven-year period, Integ. Capital's net sales have exhibited considerable variability. The company recorded its highest revenue in the fiscal year ending March 2023 at ₹1.59 crore, followed closely by ₹1.58 crore in March 2019. However, recent years have seen a decline, with net sales dropping to ₹0.66 crore by March 2025. Total operating income mirrored this trend, as other operating income remained consistently nil throughout the period.

Operating expenses, excluding depreciation, have generally decreased from a peak of ₹5.98 crore in March 2022 to ₹0.60 crore in March 2025, reflecting a significant reduction in other expenses which were notably high in 2022. Employee costs have remained relatively stable, averaging around ₹0.20 crore annually in recent years, down from ₹0.57 crore in 2019.

Operating profit before other income (PBDIT) showed marked volatility, swinging from a loss of ₹5.23 crore in March 2022 to a peak profit of ₹0.98 crore in March 2023. Including other income, operating profit improved to ₹0.14 crore in March 2025, though this remains modest compared to prior highs.

Profitability and Earnings Analysis

Profit before tax (PBT) and profit after tax (PAT) have reflected the company's operational challenges and recovery phases. The fiscal year ending March 2021 was a standout, with a PAT of ₹1.86 crore and a consolidated net profit of ₹5.16 crore, driven in part by a significant share in profit of associates amounting to ₹3.30 crore. Conversely, the company faced losses in multiple years, including a substantial net loss of ₹4.60 crore in March 2022 and smaller losses in 2019, 2020, 2024, and 2025.

Earnings per share (EPS) have followed a similar pattern, peaking at ₹1.45 in March 2021 before turning negative in recent years, with a slight recovery to positive territory in March 2023 at ₹0.21, then declining again to negative values by March 2025.

Operating profit margins excluding other income have been highly erratic, ranging from a negative margin of over -697% in 2022 to a robust 61.64% in 2023. PAT margins have similarly fluctuated, with an exceptional 793.85% in 2021, reflecting the impact of associate profits, and negative margins in other years, including -7.58% in the latest fiscal year.

Balance Sheet and Financial Position

Integ. Capital's balance sheet shows a gradual increase in shareholder's funds from ₹5.77 crore in March 2021 to ₹9.06 crore in March 2025, supported by rising reserves. The company's equity capital has remained steady at ₹3.56 crore throughout the period. Total liabilities have remained relatively stable, hovering around ₹11 crore, with a notable reduction in long-term borrowings from ₹4.47 crore in 2020 to nil by March 2025.

Short-term borrowings increased to ₹2.50 crore in March 2025, indicating a shift in the company's debt profile. Deferred tax liabilities have consistently been negative, reflecting deferred tax assets. The net block of fixed assets has grown moderately from ₹7.75 crore in 2021 to ₹8.55 crore in 2025, while non-current investments have declined from ₹3.12 crore in 2020 to ₹0.57 crore in 2025.

Current assets have remained relatively stable, around ₹1.7 crore in recent years, with cash and bank balances improving to ₹1.53 crore in March 2025. However, net current assets have turned negative in the latest fiscal year, suggesting liquidity pressures.

Cash Flow and Liquidity Overview

Cash flow data indicates fluctuating operating cash flows, with positive inflows of ₹1 crore in March 2025 and ₹2 crore in 2022, contrasted by negative cash flow of ₹2 crore in 2021. Investing activities have been minimal in recent years, except for a ₹3 crore inflow in 2021. Financing activities show a net outflow of ₹2 crore in 2025, reflecting debt repayments or other financing adjustments.

Closing cash and cash equivalents have remained modest, with ₹1 crore recorded in 2023 and 2022 but nil in the latest fiscal year, signalling tight liquidity conditions. The company’s working capital management appears to have been challenging, with net current assets turning negative in the most recent year.

Overall, Integ. Capital’s historical performance reveals a company navigating through periods of profitability and losses, with a cautious approach to debt reduction and asset management. Investors should weigh these factors carefully when considering the company’s future prospects.

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