Revenue and Operating Performance Trends
ISL Consulting's net sales have exhibited significant volatility over the past seven years. The company recorded its highest sales in the fiscal year ending March 2019, with ₹48.60 crores, followed by a sharp decline in subsequent years. Sales dropped to ₹28.42 crores in March 2020 and further fluctuated, reaching ₹24.47 crores in March 2025. Notably, the fiscal years 2022 and 2025 saw sales figures close to ₹25 crores, indicating some recovery after the dip in 2023.
The total operating income mirrored this trend, as there was no other operating income reported during this period. The purchase of finished goods constituted the largest expenditure, consistently accounting for the majority of costs, ranging from ₹14.76 crores in 2021 to ₹44.52 crores in 2019. Changes in stock levels also impacted expenditure, with increases and decreases affecting the cost structure variably across years.
Operating profit margins have been inconsistent, with the company experiencing negative margins in several years, including a notable -7.36% in March 2025. Conversely, the fiscal year 2024 marked a peak operating margin of 15.53%, reflecting a period of profitability. The operating profit before depreciation and interest (PBDIT) followed a similar pattern, swinging between losses and gains, with a loss of ₹1.70 crores in 2025 and a profit of ₹3.96 crores in 2024.
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Profitability and Earnings Analysis
Profit before tax (PBT) and profit after tax (PAT) figures have also reflected the company's uneven performance. ISL Consulting posted losses in several years, including a PAT loss of ₹1.73 crores in March 2025 and ₹1.01 crores in March 2023. However, the company achieved positive PAT in fiscal years 2024 and 2022, with ₹3.10 crores and ₹1.51 crores respectively. The PAT margin followed this trend, swinging from a negative 7.07% in 2025 to a positive 12.8% in 2024.
Earnings per share (EPS) have been similarly volatile, with negative EPS in years of losses and positive EPS during profitable years. The EPS stood at -₹0.72 in 2025, contrasting with ₹1.29 in 2024. This volatility underscores the challenges ISL Consulting has faced in maintaining consistent profitability.
Balance Sheet and Financial Position
The company's balance sheet reveals a stable equity base, with share capital consistently at ₹12 crores over the years. Shareholders' funds have fluctuated moderately, peaking at ₹14.74 crores in 2024 before declining to ₹13.01 crores in 2025. Reserves have shown variability, moving from negative figures in earlier years to a positive ₹1.01 crore in 2025, indicating some improvement in retained earnings or other reserves.
ISL Consulting has maintained a debt-free position throughout the period, with no long-term or short-term borrowings reported. This absence of debt reduces financial risk but also limits leverage for growth. Total liabilities have decreased from ₹15.29 crores in 2024 to ₹12.78 crores in 2025, reflecting a reduction in current liabilities and other obligations.
On the asset side, net block values have declined from ₹0.25 crores in 2022 to ₹0.07 crores in 2025, indicating limited capital expenditure or asset disposals. Current assets have remained relatively stable, with total current assets around ₹4.76 crores in 2025, supported by inventories and sundry debtors. Cash and bank balances have diminished over time, standing at ₹0.09 crore in 2025, which may impact liquidity.
Cash Flow and Operational Efficiency
Cash flow from operating activities has been inconsistent, with positive inflows in some years and negative in others. For instance, the company generated ₹17 crores in operating cash flow in 2020 but faced negative cash flows in 2021 and 2024. Changes in working capital have also influenced cash flow, with fluctuations reflecting inventory and receivables management challenges.
Investing and financing activities have been minimal, with no significant cash flows reported in these categories in recent years. The net cash inflow/outflow has been close to neutral in most years, indicating limited cash movement outside core operations.
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Summary and Investor Considerations
ISL Consulting's historical performance reflects a company navigating through fluctuating revenues and profitability challenges. While the firm has demonstrated the ability to return to profitability in certain years, the inconsistency in earnings and operating margins suggests ongoing operational and market pressures. The absence of debt provides a conservative financial structure, but limited cash reserves and volatile cash flows may constrain growth initiatives.
Investors should weigh the company's recent improvements in reserves and profitability against its historical volatility. The stable equity base and debt-free status offer a foundation for potential recovery, but sustained operational efficiency and revenue growth will be critical for long-term value creation.
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