Revenue and Operating Performance Trends
The company’s net sales have shown significant volatility, peaking at ₹14.47 crores in March 2024 before sharply declining to ₹2.59 crores in March 2025. Prior to this peak, sales hovered between ₹2.19 crores and ₹4.79 crores from 2019 to 2023, indicating inconsistent top-line growth. Other operating income remained nil throughout the period, suggesting reliance solely on core sales activities.
Total operating income mirrored net sales trends, with a substantial spike in 2024 followed by a steep drop. The absence of raw material costs and power costs across all years points to a business model not heavily dependent on these expenses. However, purchase of finished goods was significant in 2021 and 2020, indicating some inventory procurement activity during those years.
Employee costs remained relatively stable, ranging from ₹0.05 crores in 2019 to ₹0.18 crores in 2024, reflecting controlled personnel expenses. Other expenses fluctuated moderately, peaking at ₹3.12 crores in 2022 and settling at ₹2.39 crores in 2025.
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Profitability and Margins
Operating profit excluding other income was negative in several years, notably a loss of ₹0.81 crores in 2022 and a slight loss in 2023, before recovering marginally to ₹0.05 crores in 2025. Including other income, operating profit remained positive but modest, peaking at ₹0.12 crores in 2025. Interest expenses have been a consistent burden, rising from ₹0.07 crores in 2020 to ₹1.63 crores in 2025, which contributed to negative gross profits before depreciation and tax in most years.
Profit before tax and profit after tax have remained positive but low, with PAT ranging from ₹0.04 crores in 2023 to ₹0.18 crores in 2019. Earnings per share followed a similar pattern, declining from ₹0.27 in 2019 to ₹0.12 in 2025. Operating profit margins excluding other income were negative in several years, with a low of -33.2% in 2022, but improved to 1.93% in 2025. PAT margins have been modest, peaking at 5.19% in 2019 and settling at 3.09% in 2025.
Balance Sheet and Financial Position
Shareholder’s funds have shown a steady increase from ₹13.78 crores in 2020 to ₹14.18 crores in 2025, supported by consistent reserves growth. The company has maintained a stable equity capital base of ₹6.65 crores throughout the period. Total liabilities have decreased from ₹48.32 crores in 2022 to ₹36.26 crores in 2025, reflecting some deleveraging.
Notably, the company carries no long-term borrowings but has significant short-term borrowings, which peaked at ₹34.22 crores in 2022 and declined to ₹21.98 crores in 2025. This reliance on short-term debt may pose liquidity risks. Net current assets have been negative consistently, indicating working capital challenges.
Fixed assets have been minimal, with net block declining from ₹0.35 crores in 2020 to ₹0.08 crores in 2025. Non-current assets mainly comprise long-term loans and advances, which increased from ₹23.43 crores in 2020 to ₹35.95 crores in 2025, suggesting investments or receivables tied up long term.
Cash Flow Overview
Cash flow from operating activities has been volatile, with a strong inflow of ₹53 crores in 2020, followed by negative cash flows in 2021 and 2022, and a recovery to ₹2 crores in 2025. Investing activities have been largely inactive, while financing activities have mirrored operating cash flows, indicating debt repayments and borrowings adjustments. The net cash inflow/outflow remained neutral in recent years, with closing cash and cash equivalents negligible.
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Summary of Historical Performance
Overall, Mathew Easow Res has experienced a challenging financial journey marked by fluctuating revenues, modest profitability, and a heavy reliance on short-term borrowings. While shareholder equity has grown steadily, the company’s operating margins and cash flows have been inconsistent, reflecting operational and financial pressures. The spike in sales in 2024 was an outlier amid generally subdued top-line figures. Investors should weigh these factors carefully when considering the company’s prospects.
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