Revenue and Profit Growth
Over the last three fiscal years, Manoj Vaibhav’s net sales have shown a robust increase, rising from ₹1,693.92 crores in March 2022 to ₹2,384.02 crores by March 2025. This represents a compound growth rate that underscores the company’s expanding market presence and operational scale. Correspondingly, total operating income has mirrored this growth, reflecting the absence of other operating income during this period.
Profitability has also improved significantly. The operating profit before depreciation, interest, and tax (PBDIT) excluding other income increased from ₹104.95 crores in March 2022 to ₹164.53 crores in March 2025. Including other income, operating profit rose to ₹177.97 crores in the latest fiscal year. Profit before tax nearly doubled from ₹58.41 crores in March 2022 to ₹129.67 crores in March 2025, while profit after tax surged from ₹43.68 crores to ₹100.43 crores over the same period.
Margins have improved steadily, with the operating profit margin (excluding other income) rising from 6.2% in March 2022 to 6.9% in March 2025. The profit after tax margin also expanded from 2.58% to 4.21%, indicating enhanced operational efficiency and cost management.
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Cost Structure and Expenditure
The company’s expenditure profile reveals a rise in raw material costs from ₹976.61 crores in March 2022 to ₹1,347.33 crores in March 2025, reflecting increased production and input prices. Purchase of finished goods also escalated notably, from ₹625.15 crores to ₹970.78 crores in the same timeframe. Despite these rising costs, Manoj Vaibhav has managed to maintain a positive operating profit, aided by controlled employee costs and other expenses.
Employee costs have increased moderately from ₹35.62 crores to ₹49.81 crores, consistent with business expansion. Other expenses showed some volatility, with a significant negative figure in March 2023, but normalised in subsequent years. Total expenditure excluding depreciation rose in line with revenue growth, reaching ₹2,219.49 crores in March 2025.
Balance Sheet Strength and Shareholder Value
Manoj Vaibhav’s balance sheet reflects a solid foundation with shareholder’s funds increasing from ₹272.86 crores in March 2022 to ₹718.76 crores in March 2025. This growth is supported by rising reserves, which more than doubled from ₹263.09 crores to ₹669.92 crores, indicating retained earnings and capital accumulation.
Long-term borrowings have been significantly reduced from ₹104.03 crores in March 2022 to ₹12.04 crores in March 2025, signalling a strategic deleveraging effort. However, short-term borrowings remain substantial, hovering around ₹355-375 crores, which suggests reliance on working capital financing.
On the asset side, total assets have expanded from ₹897.46 crores to ₹1,493.85 crores, driven largely by growth in inventories and current assets. Inventories increased from ₹767.15 crores to ₹1,317.23 crores, while net current assets improved from ₹305.56 crores to ₹665.10 crores, reflecting enhanced liquidity and operational scale.
Book value per share has shown a commendable rise from ₹69.82 in March 2022 to ₹147.15 in March 2025, highlighting value creation for shareholders over this period.
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Cash Flow and Liquidity Trends
Cash flow analysis reveals some fluctuations in operating cash flows, with a negative cash flow from operations of ₹66 crores in March 2025, contrasting with positive inflows in prior years. This is largely due to significant changes in working capital, which saw a sharp outflow of ₹199 crores in the latest fiscal year. Investing activities generated a positive cash flow of ₹127 crores in March 2025, reversing a prior year’s outflow, while financing activities resulted in a net outflow of ₹76 crores.
Overall, the company experienced a net cash outflow of ₹15 crores in March 2025, reducing cash and cash equivalents to ₹25 crores. Despite this, the company maintains a reasonable liquidity position supported by its current assets and net current assets growth.
Summary of Historical Performance
Manoj Vaibhav’s historical performance over the past three years reflects a company on a steady growth path, with increasing revenues, improving profitability, and strengthening shareholder equity. The company has managed to enhance its operating and net profit margins while reducing long-term debt, signalling prudent financial management. However, the recent negative operating cash flow and elevated working capital requirements warrant close monitoring.
Investors may find Manoj Vaibhav’s consistent earnings growth and rising book value per share encouraging, though the company’s liquidity dynamics and short-term borrowings suggest a need for cautious optimism. Overall, the financial data portrays a firm with solid fundamentals and a positive trajectory in the competitive landscape.
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