How has been the historical performance of Lexoraa Ind?

Revenue and Operating Performance Trends

Lexoraa Ind's net sales have shown a gradual emergence from negligible levels, with a notable increase to ₹3.36 crores in the fiscal year ending March 2025, up from just ₹0.12 crores two years prior. This growth, however, remains modest in scale, reflecting the company's nascent commercial activity. Other operating income has consistently remained at zero, indicating limited ancillary revenue streams.

Total operating income mirrors net sales, with the latest figure at ₹3.36 crores. The cost structure is dominated by the purchase of finished goods, which accounted for ₹3.17 crores in the most recent year, suggesting a business model reliant on procurement rather than in-house manufacturing. Employee costs have increased gradually but remain relatively low at ₹0.36 crores, while other expenses have also risen to ₹0.25 crores, reflecting incremental operational activities.

Despite the revenue uptick, Lexoraa Ind has consistently reported operating losses excluding other income, with a deficit of ₹0.42 crores in March 2025. The company’s operating profit margin remains negative at approximately -12.5%, underscoring ongoing challenges in achieving operational efficiency. Notably, the fiscal year ending March 2023 saw a brief positive operating profit, bolstered by other income of ₹0.28 crores, but this was not sustained in subsequent periods.

Profitability and Earnings Analysis

Profit before tax has fluctuated, with losses recorded in most years except for a positive ₹0.22 crores in March 2023. The latest fiscal year ended with a loss of ₹0.48 crores, reflecting the company's struggle to convert revenue growth into profitability. Earnings per share (EPS) have mirrored this trend, swinging from a positive 0.47 in 2023 to a negative ₹1.13 in 2025, indicating volatility and ongoing financial strain.

The absence of depreciation expenses suggests limited capital asset utilisation or fully depreciated assets. Interest costs have appeared only recently, with ₹0.05 crores in the latest year, likely reflecting increased borrowings. The PAT margin remains negative at around -14.3% in the most recent year, signalling that losses have deepened relative to sales.

Balance Sheet and Financial Position

Lexoraa Ind’s balance sheet reveals a consistent negative net worth, with shareholder funds declining from -₹0.13 crores in 2023 to -₹0.84 crores in 2025. This deterioration is driven by accumulated losses reflected in reserves, which have worsened to -₹5.07 crores. The equity capital has remained stable at ₹4.23 crores, indicating no recent equity dilution or capital infusion.

Long-term borrowings have increased significantly, rising from ₹0.24 crores in 2023 to ₹1.36 crores in 2025, all unsecured, which may raise concerns about financial leverage and debt servicing capacity. Current liabilities remain minimal, with total liabilities at ₹0.59 crores in 2025. Total assets have grown modestly to ₹0.59 crores, primarily comprising current assets such as sundry debtors and short-term loans and advances.

Capital assets are negligible, with net block assets at zero, indicating no significant fixed asset base. The company’s cash and bank balances are minimal, and cash flow statements show no reported cash inflows or outflows, suggesting limited liquidity movement or reporting gaps.

Summary and Investor Considerations

Overall, Lexoraa Ind’s historical performance depicts a company in the early stages of commercial activity, with limited revenue generation and persistent operating losses. The reliance on purchased finished goods rather than raw materials or manufacturing points to a trading or distribution business model. Despite some revenue growth, profitability remains elusive, and the balance sheet shows increasing debt and negative net worth, which may concern risk-averse investors.

Investors should weigh the company’s modest scale and financial challenges against any strategic plans for growth or operational improvements. The absence of significant cash flow activity and minimal asset base further highlight the need for cautious analysis. While the company has shown some revenue traction recently, sustained profitability and balance sheet strengthening will be critical for future investment appeal.

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