Revenue and Profit Trends
Examining net sales, M K Proteins experienced notable volatility. Sales peaked in fiscal years 2021 and 2023, reaching over ₹310 crores, while the lowest recorded sales were in 2019 at approximately ₹156 crores. The latest fiscal year ended March 2025 saw net sales at ₹267.71 crores, reflecting a moderate recovery from the previous year’s ₹245.57 crores but still below the highs of 2021 and 2023.
Operating profit before depreciation and interest (PBDIT) excluding other income showed a similar pattern, with a peak around ₹17 crores in 2023 and a decline to ₹12.43 crores in 2025. The operating profit margin correspondingly decreased to 4.64% in 2025 from a high of 6.77% in 2024, indicating margin pressures despite revenue growth. Profit after tax (PAT) followed this trend, with a peak of over ₹11 crores in 2024, dropping to ₹8.40 crores in 2025. The PAT margin stood at 3.14% in the latest year, down from 4.56% the year prior.
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Cost Structure and Margins
The company’s raw material costs have generally tracked sales movements, peaking at ₹255.74 crores in 2023 before easing to ₹166.74 crores in 2025. Purchase of finished goods also fluctuated, with a notable increase to ₹51.49 crores in 2025 from ₹32.94 crores in 2024. Inventory changes have been volatile, with a significant increase in stocks in 2025 amounting to ₹21.46 crores, contrasting with decreases in prior years.
Employee costs remained relatively stable, hovering around ₹2.75 crores in 2025. Other expenses rose steadily, reaching ₹12.83 crores in the latest fiscal year. These cost dynamics contributed to the compression of operating margins despite revenue growth.
Balance Sheet and Financial Position
M K Proteins’ shareholder funds have shown consistent growth, rising from ₹18.95 crores in 2020 to ₹69.47 crores in 2025, reflecting retained earnings and equity infusion. The company’s total liabilities increased to ₹130.23 crores in 2025 from ₹56.36 crores in 2020, driven largely by a rise in current liabilities and short-term borrowings, which surged to ₹36.92 crores in 2025 from ₹19.09 crores the previous year.
Non-current liabilities have decreased overall, with long-term borrowings dropping to ₹0.83 crores in 2025 from higher levels in earlier years. The net block of fixed assets showed modest fluctuations, standing at ₹2.86 crores in 2025. Capital work in progress increased to ₹6.66 crores, indicating ongoing investments in fixed assets.
Cash Flow and Liquidity
Cash flow from operating activities has been inconsistent, with a negative outflow of ₹16 crores in 2025 contrasting with a positive inflow of ₹32 crores in 2024. Changes in working capital have been a significant factor, with a large negative impact of ₹24 crores in 2025. Investing activities consistently showed outflows, reflecting capital expenditure, while financing activities in 2025 provided a positive inflow of ₹17 crores, likely supporting working capital needs.
The company’s cash and bank balances remain minimal, indicating limited liquidity buffers. Despite this, net current assets have improved steadily, reaching ₹59.51 crores in 2025, suggesting a strengthening short-term financial position.
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Shareholder Returns and Valuation Metrics
Earnings per share (EPS) have been affected by changes in equity capital and face value adjustments. The EPS peaked in 2021 at nearly ₹25 per share but declined sharply to 0.22 in 2025, reflecting the equity base increase and profit fluctuations. Book value per share has increased steadily, reaching ₹1.85 in 2025, indicating growth in net asset value per share over time.
Overall, M K Proteins has demonstrated resilience with periods of strong revenue and profit growth, tempered by margin pressures and working capital challenges. The company’s balance sheet has strengthened, supported by equity growth and controlled long-term debt, though short-term borrowings have risen significantly.
Investors should consider these historical trends alongside sector dynamics and market conditions when evaluating M K Proteins’ future prospects.
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