Revenue and Operating Income Trends
Kemistar Corp.'s net sales have shown notable volatility, with a peak of ₹20.92 crores in March 2022, followed by a decline to ₹18.14 crores in March 2025. The company experienced a significant dip in sales in March 2024 to ₹11.07 crores, before rebounding sharply the following year. Other operating income has consistently remained nil, indicating the firm's reliance on core sales activities for revenue generation. Total operating income mirrors net sales closely, reflecting the absence of additional operating revenue streams.
Cost Structure and Profitability
The purchase of finished goods constitutes the largest expense, rising from ₹9.48 crores in 2019 to ₹14.44 crores in 2025, aligning with sales fluctuations. Employee costs have gradually increased, reaching ₹1.13 crores in the latest fiscal year, while other expenses have also trended upwards, peaking at ₹1.51 crores in 2025. Despite these rising costs, the company has maintained a positive operating profit before depreciation and interest (PBDIT), although margins have contracted from a high of 12.1% in 2024 to 2.98% in 2025. The gross profit margin similarly declined to 6.28% in 2025 from over 10% the previous year.
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Profitability and Earnings
Profit before tax has fluctuated, reaching a peak of ₹1.14 crores in 2023 before declining to ₹0.74 crores in 2025. Correspondingly, profit after tax (PAT) has shown a similar pattern, with a high of ₹0.84 crores in both 2022 and 2023, dropping to ₹0.60 crores in 2025. Earnings per share (EPS) followed this trend, peaking at ₹0.78 in 2022 and 2023, then easing to ₹0.56 in 2025. The PAT margin has remained modest, ranging between 2.68% and 4.79% over the years, indicating consistent but limited profitability relative to sales.
Balance Sheet and Financial Position
Kemistar Corp.'s shareholder funds have steadily increased from ₹15.91 crores in 2021 to ₹18.44 crores in 2025, supported by rising reserves. The company’s total liabilities have also grown, reaching ₹28.89 crores in 2025. Long-term borrowings have notably increased from ₹2.17 crores in 2020 to ₹6.43 crores in 2025, reflecting a higher leverage position. Short-term borrowings have similarly risen, indicating increased reliance on debt financing. On the asset side, net block values have remained relatively stable around ₹14-15 crores, while capital work in progress has expanded significantly to ₹8.28 crores in 2025, suggesting ongoing investments in fixed assets.
Liquidity and Cash Flow
Current assets have declined from ₹9.67 crores in 2022 to ₹6.00 crores in 2025, with inventories and sundry debtors showing a downward trend. Net current assets have also decreased, indicating tighter working capital management. Cash and bank balances have remained low, around ₹0.27 crores in 2025. Cash flow data is limited, but available figures show modest operating cash flows and negative investing cash flows in recent years, consistent with capital expenditure increases. Financing activities have seen occasional inflows, notably in 2024, supporting the company’s funding needs.
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Summary of Historical Performance
Over the past six years, Kemistar Corp. has experienced a mixed performance characterised by fluctuating sales and profitability. While the company achieved its highest sales in 2022, subsequent years saw a decline in revenue and margins. Profitability has remained positive but modest, with EPS and PAT margins reflecting limited growth. The balance sheet shows a gradual increase in shareholder equity alongside rising debt levels, indicating a more leveraged capital structure. Investments in capital work in progress suggest a focus on expansion or modernisation, although liquidity remains constrained with low cash reserves and shrinking current assets.
Investors analysing Kemistar Corp. should consider the company’s cyclical revenue pattern, moderate profitability, and increasing leverage. The firm’s ongoing capital expenditure may offer growth potential, but the impact on cash flows and debt servicing requires careful monitoring. Overall, Kemistar Corp. presents a profile of a company in transition, balancing growth initiatives with operational challenges in a competitive sector.
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