Revenue and Profit Trends
Examining the consolidated net sales from March 2022 to March 2025, Maitreya Medica's revenue has shown some volatility. The company recorded net sales of ₹49.41 crores in March 2022, which declined to ₹39.38 crores in March 2023 before partially recovering to ₹46.66 crores by March 2025. This indicates a challenging period in 2023, followed by a stabilisation in the subsequent years.
Operating profit margins excluding other income peaked at 18.41% in March 2023 but declined to 10.42% by March 2025, signalling pressure on operational efficiency. Similarly, the profit after tax (PAT) margin followed a downward trend from 10.79% in 2023 to 4.01% in 2025, reflecting reduced net profitability.
Profit after tax figures also mirror this pattern, with consolidated net profit falling from ₹4.25 crores in March 2023 to ₹1.87 crores in March 2025. Earnings per share (EPS) correspondingly decreased from 8.57 in 2023 to 2.76 in 2025, highlighting the impact on shareholder returns.
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Cost Structure and Expenditure
The company's total expenditure excluding depreciation has generally tracked the revenue trend, with ₹46.05 crores in March 2022 reducing to ₹32.13 crores in March 2023, then rising again to ₹41.80 crores in March 2025. Raw material costs have decreased steadily from ₹5.05 crores in 2022 to ₹2.87 crores in 2025, while purchase of finished goods fluctuated moderately.
Employee costs have increased from ₹5.10 crores in 2022 to ₹6.32 crores in 2025, indicating investment in human resources despite revenue pressures. Other expenses remained significant, hovering around ₹26-29 crores across the years, which has impacted overall profitability.
Balance Sheet and Financial Position
Maitreya Medica's balance sheet shows a strengthening equity base, with shareholder's funds rising from ₹9.59 crores in March 2022 to ₹32.08 crores in March 2025. This growth is supported by increased reserves and share capital, reflecting capital infusion and retained earnings accumulation.
Long-term borrowings have decreased from ₹6.26 crores in 2022 to ₹3.63 crores in 2025, signalling a reduction in financial leverage. Short-term borrowings have remained relatively stable, while total liabilities have increased moderately from ₹24.49 crores in 2022 to ₹47.99 crores in 2025, consistent with asset growth.
On the asset side, net block values have increased from ₹13.40 crores in 2022 to ₹15.26 crores in 2025, indicating ongoing capital expenditure. Current assets have expanded significantly, particularly sundry debtors and cash balances, which rose to ₹14.96 crores and ₹7.92 crores respectively by March 2025, enhancing liquidity.
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Cash Flow and Liquidity
Cash flow from operating activities has been inconsistent, with a negative ₹2 crores in March 2024 but recovering to ₹5 crores in March 2025. Investing activities have consistently shown outflows, reflecting ongoing investments in the business. Financing activities have varied, with a notable inflow of ₹12 crores in 2024 and ₹3 crores in 2025, supporting liquidity and capital structure adjustments.
Net cash inflow has remained positive in recent years, with ₹1 crore in March 2025, contributing to a closing cash and cash equivalent balance of ₹7 crores, up from ₹6 crores in the previous year. This improved cash position supports operational flexibility and financial stability.
Summary of Historical Performance
Overall, Maitreya Medica has experienced a mixed performance over the past four years. While revenue and profitability have faced headwinds, the company has managed to strengthen its balance sheet and maintain liquidity. The reduction in debt levels and growth in shareholder equity are positive indicators, although margins have contracted from their peak levels.
Investors should note the volatility in earnings and operating margins, which suggest sensitivity to market and operational factors. The company’s ongoing investments and improved cash flows provide a foundation for potential future growth, but careful monitoring of cost control and revenue trends remains essential.
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