Revenue and Profitability Trends
Keltech Energies’ net sales have exhibited a generally upward trend, rising from ₹226.29 crores in March 2019 to ₹489.41 crores in March 2025. Despite a dip in fiscal 2023, where sales peaked at ₹562.85 crores before declining, the overall trajectory indicates expansion in the company’s market presence. Operating profit margins, excluding other income, have fluctuated but improved to 7.76% in the latest fiscal year, up from 6.67% in 2019. This improvement is mirrored in the gross profit margin, which increased to 8.17% in 2025 from 5.86% six years prior.
Profit after tax (PAT) margins have also strengthened, reaching 5.1% in March 2025 compared to 2.66% in 2019. The company’s PAT rose significantly from ₹6.03 crores in 2019 to ₹24.94 crores in 2025, underscoring enhanced operational efficiency and cost management. Earnings per share (EPS) followed a similar pattern, surging from 60.3 in 2019 to 249.4 in 2025, reflecting strong shareholder value creation.
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Cost Structure and Expenditure
The company’s raw material costs have scaled in line with revenue growth, increasing from ₹144.44 crores in 2019 to ₹324.41 crores in 2025. Other expenses, including employee costs, have also risen steadily, with employee costs growing from ₹13.63 crores in 2019 to ₹33.80 crores in 2025. Despite these rising costs, Keltech Energies has managed to maintain a positive operating profit, aided by disciplined expenditure control and operational leverage.
Balance Sheet and Financial Position
Keltech Energies’ total assets have expanded from ₹131.96 crores in 2020 to ₹287.29 crores in 2025, reflecting investments in fixed assets and working capital. The net block of assets remained relatively stable, around ₹67-70 crores in recent years, while capital work in progress saw a notable increase to ₹8.77 crores in 2025, signalling ongoing capacity expansion.
Shareholders’ funds have grown robustly, from ₹62.17 crores in 2020 to ₹124.61 crores in 2025, supported by accumulated reserves. The company’s long-term borrowings increased to ₹10.90 crores in 2025, up from ₹2.80 crores in 2020, indicating moderate leverage to finance growth initiatives. Current liabilities also rose, with trade payables reaching ₹90.99 crores in 2025, consistent with the company’s expanding scale of operations.
Cash Flow Dynamics
Cash flow from operating activities has shown variability, with a negative outflow of ₹17 crores in 2025 contrasting with positive inflows in prior years, such as ₹51 crores in 2024. This shift is largely attributable to significant changes in working capital, which saw a ₹50 crore increase in 2025. Investing activities consistently reflected cash outflows, indicative of ongoing capital expenditure, while financing activities fluctuated, with a positive inflow of ₹9 crores in 2025 after previous years of outflows.
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Summary of Historical Performance
Over the six-year period ending March 2025, Keltech Energies has demonstrated consistent growth in revenue and profitability, supported by a strengthening balance sheet and prudent financial management. The company’s ability to enhance margins and earnings per share reflects operational improvements and effective cost control. While cash flow from operations experienced some pressure in the latest fiscal year due to working capital demands, the overall financial health remains solid with increasing shareholder equity and manageable debt levels.
Investors analysing Keltech Energies should note the company’s steady expansion and improving profitability metrics, balanced against the need to monitor working capital and cash flow trends closely. The firm’s ongoing investments in capital assets suggest a focus on future growth, which may further enhance its market position and financial returns.
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