Revenue and Operating Income Trends
Examining the company’s net sales reveals a stark contrast between earlier years and the most recent fiscal periods. From a robust ₹73.48 crores in March 2019, sales plummeted dramatically to ₹3.63 crores by March 2024, before a modest recovery to ₹6.50 crores in March 2025. This sharp decline over the last half-decade indicates significant operational challenges or market shifts impacting the company’s core business. Other operating income has consistently remained at zero, indicating no supplementary revenue streams.
Total operating income mirrors this trend, with a peak in 2019 followed by a steep drop in subsequent years. The contraction in revenue has inevitably pressured the company’s ability to cover its costs and maintain profitability.
Cost Structure and Profitability
Raw material costs have historically constituted the largest expense, closely tracking revenue movements. For instance, raw material costs were ₹76.70 crores in 2019, exceeding total sales for that year, which contributed to operating losses. By March 2025, raw material costs had reduced to ₹5.64 crores, aligning with the lower sales volume but still representing a significant proportion of revenue.
Employee costs have remained relatively stable, hovering around ₹3 crores annually in recent years, suggesting a fixed cost base that may strain margins when sales decline. Manufacturing expenses and other costs have fluctuated but generally remain modest compared to raw materials and employee expenses.
The total expenditure excluding depreciation consistently exceeded operating income in recent years, culminating in operating losses. For example, in March 2025, total expenditure was ₹12.01 crores against operating income of ₹6.50 crores, resulting in a negative operating profit margin of approximately -85%. This pattern of operating losses has persisted since 2019, with only brief periods of marginal profitability in earlier years.
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Profitability and Earnings Per Share
Profit before tax has been negative for most years since 2017, with losses widening significantly in recent periods. The company reported a loss before tax of ₹5.92 crores in March 2025, an improvement from the ₹9.87 crores loss in March 2024 but still indicative of ongoing financial distress. Correspondingly, profit after tax has remained negative, with the latest figure at a loss of ₹6.06 crores.
Earnings per share (EPS) have reflected these losses, with a steep decline from a negative ₹3.21 in 2017 to a negative ₹15.95 in 2024, before improving slightly to negative ₹9.63 in 2025. This negative EPS trajectory underscores the company’s struggle to generate shareholder value over the years.
Cash Flow and Financial Stability
Cash flow from operating activities has been volatile, with negative cash flow reported in the most recent fiscal year at ₹-2 crores. Prior years showed some positive cash flow, but the overall trend suggests challenges in sustaining liquidity. Cash flow from financing activities has fluctuated, with a modest inflow of ₹2 crores in 2025, possibly reflecting efforts to shore up finances.
The company’s cash and cash equivalents have remained at zero across the reported years, indicating limited liquid reserves. This lack of cash buffer may constrain operational flexibility and investment capacity.
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Summary of Historical Performance
Integ. Thermopl.’s historical financial performance reveals a company grappling with declining revenues and persistent losses. The sharp drop in sales since 2019 has not been matched by a proportional reduction in costs, resulting in negative operating margins and net losses. Despite some improvement in recent years, profitability remains elusive, and cash flow challenges persist.
The company’s earnings per share have consistently been negative, reflecting the ongoing erosion of shareholder value. The absence of cash reserves further complicates the financial outlook, suggesting limited capacity to absorb shocks or invest in growth initiatives.
Investors analysing Integ. Thermopl. should weigh these historical trends carefully, considering the structural challenges evident in the financial data. While recent modest improvements offer some hope, the company’s performance underscores the need for strategic interventions to restore profitability and financial stability.
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