How has been the historical performance of Mena Mani Inds.?

Revenue and Operating Performance Trends

The company’s net sales have shown considerable volatility, peaking at ₹25.41 crores in March 2022 before declining to ₹16.48 crores in March 2025. Earlier years reflected a mixed picture, with sales as low as ₹1.77 crores in March 2021 and a notable dip to zero in March 2020. Total operating income mirrored this pattern, with no other operating income reported across the years.

Cost structures reveal that the purchase of finished goods constitutes the largest expenditure, closely tracking sales figures. For instance, in March 2025, purchases stood at ₹15.91 crores against total operating income of ₹16.48 crores, indicating a tight margin environment. Employee costs remained minimal and relatively stable, averaging around ₹0.08 to ₹0.10 crores annually. Other expenses fluctuated, with a significant spike to ₹2.40 crores in March 2021, which contributed to operating losses that year.

Operating profit before other income (PBDIT excl. OI) has been inconsistent, with losses recorded in March 2019, 2020, 2021, and 2025. Positive operating profits were seen in the intervening years, notably ₹0.77 crores in March 2023 and ₹0.66 crores in March 2024. The inclusion of other income, which peaked at ₹1.75 crores in March 2021, helped improve overall operating profit in some years, though the company still faced challenges in sustaining profitability.

Profitability and Margins

Profit before tax (PBT) has been positive only in recent years, with ₹1.44 crores in March 2022 and a more modest ₹0.40 crores in March 2025. Earlier years, including 2019 and 2021, saw significant losses, with PBT plunging to negative ₹6.33 crores and ₹1.22 crores respectively. Correspondingly, profit after tax (PAT) followed a similar trend, with losses in the early years and a recovery to ₹0.11 crores in March 2025.

Margins have been under pressure throughout the period. Operating profit margins excluding other income were negative in 2019, 2021, and 2025, with the worst margin recorded at -137.85% in March 2021. Gross profit margins improved somewhat in recent years, reaching 8.78% in March 2023, but remained modest overall. PAT margins also reflect this volatility, swinging from a negative 55.8% in 2019 to a positive 0.67% in March 2025.

Earnings per share (EPS) have mirrored the company’s profitability swings, with negative values in 2019 and 2021, and a recovery to a positive but minimal ₹0.01 per share in March 2025. The face value of shares was adjusted from ₹10 to ₹1 in recent years, which impacts per-share calculations but does not alter the underlying earnings trend.

Balance Sheet and Financial Position

Mena Mani Inds. has maintained a consistent equity capital base of ₹10.03 crores over the years. However, reserves have remained negative, reflecting accumulated losses and impacting shareholder funds, which have been negative throughout the period, though improving from -₹2.48 crores in March 2021 to -₹0.84 crores in March 2025.

The company’s long-term borrowings have remained substantial, hovering around ₹14.68 to ₹18.28 crores, with no secured loans reported. This high leverage underscores financial risk and the need for careful debt management. Current liabilities have fluctuated significantly, with a notable reduction to ₹0.40 crores in March 2025 from ₹14.31 crores in March 2024.

On the asset side, net block values have been stable, around ₹1.34 crores in March 2025, while total assets declined from ₹29.12 crores in March 2024 to ₹14.17 crores in March 2025. Current assets also saw a sharp decrease, particularly in sundry debtors and other current assets, indicating changes in working capital management.

Cash Flow Overview

Cash flow data indicates limited operating cash generation, with a positive ₹1 crore in March 2025 but negative or zero cash flows in prior years. Investing activities have been largely inactive, while financing activities show a net outflow of ₹1 crore in March 2025, reflecting debt repayments or other financing adjustments. Overall, the company’s cash position remains modest, with closing cash and cash equivalents reported as zero in recent years.

Summary and Outlook

In summary, Mena Mani Inds. has faced a challenging financial journey characterised by fluctuating revenues, inconsistent profitability, and a leveraged balance sheet. While recent years show signs of stabilisation with modest profits and improved margins, the company continues to operate with negative net worth and significant debt levels. Investors should weigh these factors carefully, considering the company’s ability to sustain growth and improve financial health amid sector dynamics.

Given the historical performance, potential investors may wish to monitor operational efficiencies, debt management strategies, and market conditions closely before making investment decisions.

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