Revenue and Operating Performance Trends
Kridhan Infra's net sales have experienced a steep decline from a peak of ₹726.75 crores in March 2019 to just ₹2.58 crores in March 2025. This dramatic contraction reflects a substantial scaling down of operations or asset divestments over the period. Total operating income mirrors this trend, falling sharply after 2019 and remaining subdued in subsequent years.
Operating profit before depreciation and interest (PBDIT) excluding other income has been inconsistent, with a notable loss in several years, including a negative margin in 2022. However, the company reported a positive operating profit of ₹2.25 crores in March 2025, indicating some operational improvement. The operating profit margin excluding other income improved significantly to 69.38% in 2025 from negative margins in prior years, suggesting better cost control or a change in business mix.
Despite these operational gains, interest expenses have fluctuated, with a sharp increase to ₹1.74 crores in 2025 after minimal interest costs in preceding years. Exceptional items have heavily influenced profitability, with large negative adjustments in earlier years turning into a substantial positive exceptional gain of ₹72.10 crores in 2025, which largely contributed to the turnaround in profit before tax.
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Profitability and Earnings Per Share
The company’s profit after tax (PAT) has been negative for most years, with a significant loss of ₹410.31 crores in 2022. However, the fiscal year ending March 2025 marked a remarkable turnaround with a PAT of ₹72.29 crores. This reversal is largely attributable to the exceptional items and improved operating profit. Earnings per share (EPS) followed a similar pattern, moving from a negative ₹43.28 in 2022 to a positive ₹7.63 in 2025, signalling a potential recovery in shareholder value.
Margins have been volatile, with the PAT margin swinging from deeply negative figures exceeding -2000% in earlier years to an extraordinary positive margin of 2801.94% in 2025. Such swings highlight the impact of non-operational factors on the company’s bottom line.
Balance Sheet and Financial Position
Kridhan Infra’s balance sheet reflects significant challenges. Shareholders’ funds have been negative since 2022, indicating accumulated losses and erosion of net worth. The book value per share has declined from a positive ₹10.66 in 2021 to a negative ₹29.88 in 2025. Total liabilities have decreased from ₹162.02 crores in 2021 to ₹26.37 crores in 2025, suggesting some deleveraging or asset sales.
Non-current assets have also diminished substantially, with total non-current assets dropping from over ₹104 crores in 2021 to under ₹19 crores in 2025. Current assets have contracted sharply as well, with net current assets turning deeply negative, reflecting liquidity pressures. Total debt has remained relatively stable around ₹25-27 crores in recent years, with short-term borrowings constituting the majority.
Cash Flow and Liquidity
Cash flow from operating activities has been erratic, with negative cash flows in some years and a modest positive inflow of ₹5 crores in 2025. Investing activities have been minimal, while financing activities show mixed inflows and outflows, including a ₹3 crore outflow in 2025. The company’s closing cash and cash equivalents improved to ₹3 crores in 2025 from ₹1 crore in 2024, indicating a slight strengthening of liquidity.
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Summary and Outlook
Over the past six years, Kridhan Infra has undergone a turbulent financial journey characterised by a steep decline in revenues, persistent losses, and a weakened balance sheet. The fiscal year ending March 2025 shows signs of a turnaround, with improved operating margins, a positive net profit, and enhanced cash flows. However, the company’s negative net worth and volatile earnings history suggest that investors should approach with caution and closely monitor future developments.
While the recent financials indicate potential stabilisation, the company’s ability to sustain profitability and rebuild its asset base will be critical for long-term value creation. Stakeholders should weigh these factors carefully when considering Kridhan Infra’s prospects in the infrastructure sector.
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