Revenue and Profitability Trends
Looking back to the fiscal year ending March 2018, KCL Infra reported consolidated net sales of approximately ₹20.39 crores. The operating profit margin excluding other income was notably low at 0.39%, reflecting tight operational efficiencies. However, the inclusion of other income boosted the operating profit before depreciation and interest to ₹0.91 crore, indicating some reliance on ancillary income streams.
Profit before tax stood at ₹0.35 crore, with a net profit after tax of ₹0.25 crore, translating to a PAT margin of 1.23%. Earnings per share were modest, at ₹0.05 on a face value of ₹2.0. These figures suggest that while the company was profitable, margins were thin, characteristic of a microcap operating in a competitive infrastructure sector.
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Balance Sheet Evolution and Capital Structure
Over the period from March 2020 to March 2025, KCL Infra's standalone balance sheet shows a significant increase in shareholder's funds, rising from around ₹19.17 crores to ₹55.16 crores. This growth was supported by an increase in share capital, which expanded notably from ₹5.27 crores in 2020 to ₹33.78 crores in 2025, reflecting possible equity infusions or capital restructuring.
Total reserves also grew steadily, reaching ₹21.38 crores by March 2025, indicating retained earnings accumulation. The company's total liabilities increased from ₹33.35 crores in 2020 to ₹70.97 crores in 2025, with long-term borrowings remaining relatively stable around ₹3.7 crores, suggesting prudent debt management without aggressive leveraging.
Trade payables and current liabilities fluctuated, with trade payables peaking at ₹11.48 crores in 2022 before moderating to ₹7.74 crores in 2025. The overall asset base expanded from ₹33.35 crores to ₹70.97 crores during this timeframe, supported by growth in non-current assets, particularly long-term loans and advances, which surged to ₹33.36 crores by 2025.
Cash Flow and Operational Efficiency
Examining cash flow patterns, KCL Infra experienced variability in operating cash flows over recent years. In the fiscal year ending March 2025, cash flow from operating activities was positive at ₹9 crores, a recovery from negative cash flows in prior years such as March 2023. Investing activities consistently reflected cash outflows, with ₹12 crores spent in 2025, indicating ongoing investments or capital expenditures.
Financing activities showed sporadic inflows, notably ₹22 crores in 2024 and ₹19 crores in 2023, likely linked to equity or debt financing events. The net cash position fluctuated, with a slight outflow of ₹3 crores in 2025, but the company maintained a reasonable cash and bank balance, albeit reduced to ₹0.38 crores by March 2025.
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Key Financial Ratios and Shareholder Value
Book value per share has shown some volatility, decreasing from ₹7.28 in 2020 to ₹3.27 in 2025, reflecting changes in equity capital and reserves. Despite this, the steady increase in shareholder funds suggests a gradual build-up of net worth. The company’s debt levels have remained manageable, with total debt hovering around ₹3.7 crores, supporting a conservative capital structure.
Profitability margins remain slim, consistent with the infrastructure sector's capital-intensive nature and competitive pressures. The company’s ability to maintain positive net profits and generate operating cash flows in recent years is a positive sign, though investors should be mindful of the modest scale and margin constraints.
Conclusion
KCL Infra’s historical performance reflects a microcap infrastructure firm with steady growth in equity and assets, cautious debt usage, and modest profitability. While revenue and profit margins have been limited, the company has demonstrated resilience through incremental balance sheet strengthening and improving cash flow generation. Investors considering KCL Infra should weigh these factors alongside sector dynamics and alternative investment opportunities.
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