Revenue and Operating Performance Trends
Over the past seven years, Market Creators’ net sales have shown a generally upward trend, rising from ₹4.56 crores in March 2019 to ₹7.09 crores in March 2025. However, this growth has not been linear, with a notable dip in March 2022 when sales peaked at ₹7.45 crores before retreating slightly. The absence of other operating income throughout this period indicates the company’s reliance solely on its core business activities for revenue generation.
Despite the increase in sales, the company has struggled to maintain positive operating margins. Operating profit before other income (PBDIT excl OI) remained negative for most years, with margins ranging from -25.44% in March 2020 and 2019 to a narrower loss of -4.97% in March 2022. The inclusion of other income, which has consistently contributed between ₹0.75 crores and ₹1.49 crores annually, has helped the company report a positive operating profit in some years, such as ₹0.30 crores in March 2025 and ₹1.04 crores in March 2022.
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Profitability and Margins
Market Creators’ profitability has been inconsistent, with profit before tax (PBT) and profit after tax (PAT) figures reflecting this volatility. The company recorded a significant profit after tax of ₹0.98 crores in March 2022, corresponding to a PAT margin of 13.15%, which stands out as the best performance in the reviewed period. Conversely, the fiscal year ending March 2021 saw a loss after tax of ₹1.10 crores, with a negative PAT margin of -19.54%.
More recently, the company returned to profitability with a PAT of ₹0.19 crores in March 2025, representing a modest margin of 2.68%. Earnings per share (EPS) have mirrored these trends, peaking at ₹0.93 in March 2022 before declining and then recovering slightly to ₹0.18 in March 2025. Diluted EPS followed a similar pattern, indicating consistent shareholder value fluctuations.
Balance Sheet and Financial Position
Market Creators maintains a stable equity base, with share capital steady at ₹10.50 crores throughout the period. Shareholders’ funds have shown gradual improvement, rising from ₹9.53 crores in March 2021 to ₹10.75 crores in March 2025. The company notably carries no long-term or short-term borrowings, indicating a debt-free capital structure, which reduces financial risk.
However, the company’s liabilities have increased over time, with total liabilities growing from ₹22.66 crores in March 2021 to ₹42.14 crores in March 2025. This rise is primarily driven by current liabilities, including trade payables which have nearly doubled from ₹8.87 crores to ₹15.93 crores over the same period. Non-current liabilities have also increased but remain a smaller portion of total liabilities.
Asset Composition and Liquidity
On the asset side, Market Creators’ total assets have expanded from ₹22.66 crores in March 2021 to ₹42.14 crores in March 2025. The company’s net block of fixed assets has grown steadily, reflecting ongoing investment in property, plant, and equipment. Current assets, however, have shown a decline from ₹19.80 crores in March 2022 to ₹13.54 crores in March 2025, largely due to reductions in cash and bank balances and sundry debtors.
Cash and bank balances remain healthy, with ₹12.44 crores reported in March 2025, though this is down from ₹18.21 crores in March 2022. Inventories have increased moderately, suggesting a buildup of stock. The company’s net current assets remain negative, indicating working capital pressures that may require management attention.
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Cash Flow and Operational Efficiency
Cash flow from operating activities has been volatile, with negative cash flows of ₹3 crores in both March 2023 and March 2024, contrasting with positive inflows in earlier years. Investing activities have consistently generated a small positive cash flow of ₹1 crore in recent years, while financing activities have seen outflows, particularly in the last two years, reflecting repayments or capital restructuring.
The company’s opening and closing cash balances have fluctuated, peaking at ₹18 crores in March 2022 before settling at ₹12 crores in March 2025. These movements highlight the company’s ongoing efforts to manage liquidity amid operational challenges.
Summary of Historical Performance
In summary, Market Creators has experienced a mixed financial performance over the past seven years. While revenue growth has been modest and steady, profitability has been inconsistent, with occasional losses offset by years of positive earnings. The company’s balance sheet remains robust with no debt, but rising liabilities and negative net current assets suggest areas for improvement in working capital management. Cash flow volatility further underscores the need for operational efficiency enhancements.
Investors should weigh these factors carefully, considering both the company’s potential for growth and the challenges it faces in sustaining profitability and liquidity.
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