How has been the historical performance of Manaksia?

Revenue and Operating Performance Trends

Examining Manaksia's consolidated net sales from fiscal year ending March 2019 through March 2025, the company experienced a peak in sales during the 2022 and 2023 financial years, with revenues exceeding ₹1,170 crores. However, this was followed by a notable decline in the subsequent two years, with net sales dropping to approximately ₹731 crores by March 2025. This downward trend in top-line performance suggests pressures in the operating environment or strategic shifts impacting sales volumes or pricing.

Operating profit margins (excluding other income) have mirrored this volatility. The margin peaked at 19.4% in March 2022 but contracted sharply to 7.4% by March 2025. Correspondingly, the operating profit (PBDIT) declined from a high of ₹288.5 crores in 2022 to ₹54.2 crores in 2025, indicating tighter operational efficiencies or increased cost pressures.

Profitability and Earnings Analysis

Profit before tax (PBT) and profit after tax (PAT) have also shown significant fluctuations. PBT peaked at ₹254 crores in 2022 before declining to ₹84.8 crores in 2025. Similarly, PAT reached a high of ₹186.2 crores in 2022 but fell to ₹58.1 crores by 2025. The consolidated net profit followed this pattern, dropping from ₹183 crores in 2022 to just under ₹56 crores in 2025.

These shifts are reflected in the earnings per share (EPS), which peaked at 27.9 in 2022 and declined to 8.5 by 2025. The PAT margin also contracted from 15.9% in 2022 to 7.9% in 2025, signalling a reduction in profitability relative to sales.

Balance Sheet and Asset Management

On the balance sheet front, Manaksia's total assets decreased from ₹1,373 crores in 2022 to ₹714 crores in 2025, indicating a significant downsizing or asset optimisation. Shareholders’ funds similarly declined from over ₹1,060 crores to ₹572 crores in the same period. The company’s net block of fixed assets also reduced substantially, reflecting possible asset sales or depreciation effects.

Debt levels have been managed downwards, with total debt falling from ₹114 crores in 2022 to ₹26 crores in 2025, which may improve financial stability and reduce interest burdens. Deferred tax assets/liabilities also decreased, aligning with the overall contraction in asset base and profitability.

Cash Flow and Liquidity Position

Manaksia's cash flow from operating activities has been inconsistent, with a peak of ₹278 crores in 2021 but a decline to ₹134 crores by 2024. Investing activities have generally been cash outflows, reflecting ongoing capital expenditure or investments, while financing activities have fluctuated between inflows and outflows, indicating active management of capital structure.

Closing cash and cash equivalents have varied widely, reaching ₹238 crores in 2022 before falling to ₹65 crores in 2024, highlighting liquidity fluctuations. The company’s net current assets have remained positive but have contracted from over ₹1,000 crores in 2023 to around ₹546 crores in 2025, suggesting tighter working capital management.

Summary of Historical Performance

Overall, Manaksia's historical performance over the past six years has been marked by a peak in revenue and profitability around 2022, followed by a notable decline in subsequent years. The company has managed to reduce debt and maintain positive cash flows, but profitability margins and asset base have contracted. Investors should consider these trends in the context of sector dynamics and company strategy when evaluating Manaksia’s future prospects.

Get 2 full years of MojoOne Premium for only Rs. 12,999. Subscribe for 1 year and we'll add another year FREE. Offer valid for a limited time. Start Saving Now →