Revenue and Profit Growth
Mangalam Global’s net sales have shown a robust increase, rising from ₹389.83 crores in March 2019 to ₹2,281.48 crores by March 2025. This represents nearly a sixfold growth over six years, reflecting strong market demand and effective business expansion. Total operating income mirrors this trend, with no other operating income reported, indicating that core sales remain the primary revenue driver.
Operating profit before other income (PBDIT excl. other income) has also improved steadily, climbing from ₹7.58 crores in 2019 to ₹44.32 crores in 2025. When factoring in other income, operating profit reached ₹65.76 crores in the latest fiscal year, up from ₹7.70 crores six years prior. This growth underscores enhanced operational efficiency and income diversification.
Profit before tax surged from ₹3.48 crores in 2019 to ₹31.44 crores in 2025, while profit after tax increased from ₹2.51 crores to ₹23.10 crores over the same period. The consolidated net profit followed a similar pattern, rising from ₹2.33 crores to ₹23.10 crores, indicating improved bottom-line performance. Despite fluctuations in earnings per share (EPS), the company maintained positive profitability, with EPS around ₹0.7 in 2025.
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Cost Structure and Margins
The company’s expenditure profile reveals a significant portion allocated to the purchase of finished goods, which rose from ₹196.15 crores in 2019 to ₹1,661.77 crores in 2025, reflecting scaling operations. Raw material costs fluctuated but remained substantial, with ₹545.55 crores recorded in 2025. Other expenses have also increased but at a more moderate pace.
Operating profit margins excluding other income have remained relatively stable, hovering around 1.9% in recent years, a slight improvement from 0.79% in 2022. Gross profit margins have similarly improved, reaching 1.48% in 2025. The profit after tax margin stood at 1.01% in the latest fiscal year, indicating modest but consistent profitability relative to sales.
Balance Sheet and Financial Position
Mangalam Global’s shareholder funds have grown substantially, from ₹59.31 crores in 2020 to ₹201.54 crores in 2025, supported by rising reserves and equity capital. The book value per share increased from ₹3.81 in 2020 to ₹6.12 in 2025, reflecting enhanced net asset value per share.
On the liabilities side, total debt showed a marked reduction, with zero debt reported in 2025 compared to ₹200.84 crores in 2024 and ₹221.17 crores in 2023. This deleveraging trend improves the company’s financial stability and reduces interest burden, which was ₹29.71 crores in 2025 but had been higher in previous years.
Current liabilities increased to ₹332.90 crores in 2025, driven by higher short-term borrowings and trade payables, which may reflect working capital requirements aligned with business growth. Total assets expanded from ₹133.53 crores in 2020 to ₹548.74 crores in 2025, indicating significant asset base expansion to support operations.
Cash Flow Trends
Cash flow from operating activities has been volatile, with a negative ₹39 crores in 2025 following a positive ₹39 crores in 2024. Changes in working capital have exerted pressure, notably a ₹87 crores outflow in 2025. Investing activities showed a modest inflow of ₹3 crores in 2025, contrasting with a significant outflow in 2023. Financing activities contributed ₹34 crores in 2025, indicating some capital raising or debt management efforts.
Overall, net cash inflow/outflow remained neutral in 2025, suggesting a balanced cash position despite operational challenges. The closing cash and cash equivalents were minimal, reflecting tight liquidity management.
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Summary and Outlook
In summary, Mangalam Global has exhibited strong revenue growth and improved profitability over the past six years, supported by expanding shareholder funds and a reduction in debt levels. Margins have remained modest but stable, reflecting the competitive nature of its sector. The company’s balance sheet shows a solid foundation with growing assets and prudent financial management.
While cash flow from operations has faced some headwinds due to working capital demands, the overall financial health appears sound. Investors may view Mangalam Global as a steadily growing enterprise with improving fundamentals, though margin expansion and cash flow stability remain areas to monitor closely.
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