How has been the historical performance of Jet Freight?

Revenue and Operating Income Trends

Examining Jet Freight's net sales from fiscal year ending March 2019 through March 2025, the company experienced a general upward trajectory with some volatility. Sales increased from ₹343.59 crores in 2019 to a peak of ₹460.51 crores in 2022, before moderating to ₹443.76 crores in 2025. This growth reflects the company's ability to expand its market presence despite sectoral headwinds. Total operating income mirrored this pattern, as other operating income remained negligible throughout the period.

Notably, the purchase of finished goods constituted the bulk of operating expenses, rising in line with sales, indicating a cost structure heavily reliant on procurement rather than raw materials. Employee costs showed a steady increase, reaching ₹20.45 crores in 2025, signalling investment in human resources to support operations. Manufacturing expenses were reported only in the last two years, suggesting possible operational changes or reclassification of costs.

Profitability and Margins

Jet Freight's operating profit before depreciation, interest, and tax (PBDIT) excluding other income showed improvement from a loss in 2020 to ₹14.10 crores in 2025. Including other income, operating profit rose to ₹15.67 crores in 2025, more than doubling from ₹7.89 crores in 2024. Despite this, interest expenses increased steadily, reaching ₹7.16 crores in 2025, which weighed on gross profit before depreciation and tax.

Profit before tax fluctuated significantly, with a loss in 2020 followed by recovery to ₹6.33 crores in 2025. The company’s profit after tax (PAT) also reflected this volatility, swinging from a loss of over ₹10 crores in 2020 to a modest profit of ₹3.75 crores in 2025. Correspondingly, the PAT margin remained thin, at 0.85% in 2025, indicating tight profitability despite revenue growth. Earnings per share followed a similar pattern, recovering from negative values in 2020 and 2023 to ₹0.81 in 2025.

Balance Sheet and Financial Position

On the balance sheet front, Jet Freight's shareholder funds expanded from ₹19.64 crores in 2020 to ₹64.45 crores in 2025, supported by rising reserves. The company’s total liabilities increased in tandem with assets, which grew from ₹91.10 crores in 2020 to ₹173.88 crores in 2025, reflecting business expansion. Long-term borrowings rose moderately, while short-term borrowings nearly doubled from ₹26.47 crores in 2020 to ₹48.29 crores in 2025, suggesting increased reliance on working capital financing.

Net block of fixed assets showed a gradual increase, indicating ongoing capital investment. Current assets grew substantially, driven by higher sundry debtors and cash balances, although net current assets remained modestly positive in 2025 after several years of negative working capital. Contingent liabilities surged notably in recent years, which investors should monitor closely.

Cash Flow and Operational Efficiency

Cash flow from operating activities has been inconsistent, with negative cash flow reported in 2023 and 2025, contrasting with positive inflows in 2021 and 2024. Changes in working capital have exerted significant pressure, particularly in 2023 and 2025, reflecting challenges in managing receivables and payables. Investing activities generally involved modest outflows, while financing activities fluctuated, including a substantial inflow in 2023 followed by outflows in other years.

Overall, Jet Freight's historical performance depicts a company that has managed to grow its top line steadily but has faced hurdles in maintaining stable profitability and cash flow. The financial leverage has increased, and working capital management remains an area requiring attention. Investors should weigh these factors carefully when assessing the company's future prospects.

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