Revenue and Operating Income Trends
Over the past seven years, Mishka Exim’s net sales have exhibited significant volatility. The company recorded peak sales in the fiscal year ending March 2022, with total operating income reaching ₹18.12 crores. However, this was followed by a sharp decline in subsequent years, with sales dropping to ₹4.67 crores by March 2025. The fluctuations suggest challenges in maintaining consistent sales volumes, possibly influenced by market conditions or operational adjustments.
Other operating income has remained negligible throughout this period, indicating the company’s reliance primarily on core sales activities for revenue generation.
Cost Structure and Profitability
Mishka Exim’s expenditure pattern closely mirrors its revenue trends. The purchase of finished goods constitutes the largest cost component, peaking alongside sales in March 2022 at ₹18.66 crores before declining sharply. Notably, the company has managed to control employee and other operating expenses, which have remained relatively low and stable.
Operating profit margins excluding other income have been inconsistent, with positive margins in some years such as 10.73% in March 2021, but negative margins in challenging years like March 2020 and March 2023. The inclusion of other income has helped improve overall operating profit, resulting in positive operating profits in the latest years, including ₹0.60 crores in March 2025.
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Profitability and Earnings
The company’s profit before tax has mirrored the volatility in operating profit, with losses recorded in fiscal years 2020, 2022, and 2023. However, the latest fiscal years show a return to profitability, with profit before tax rising to ₹0.45 crores in March 2025. Correspondingly, profit after tax and consolidated net profit have improved, reaching ₹0.34 crores and ₹0.33 crores respectively in the latest year.
Earnings per share (EPS) have followed a similar pattern, with negative EPS in some years but a recovery to ₹0.23 in March 2025, reflecting improved bottom-line performance.
Balance Sheet and Financial Position
Mishka Exim’s balance sheet shows a stable equity base with share capital consistently at ₹14.45 crores and reserves gradually increasing to ₹7.59 crores by March 2025. Shareholders’ funds have grown steadily, indicating retained earnings accumulation despite profit fluctuations.
The company maintains a conservative debt profile, with no long-term borrowings reported in recent years and minimal short-term borrowings. Deferred tax assets/liabilities have slightly decreased but remain a component of non-current liabilities.
On the asset side, non-current investments have increased over time, reaching ₹18.85 crores, while net block of fixed assets has significantly reduced, suggesting asset disposals or depreciation. Current assets have increased moderately, supported by rising inventories and sundry debtors, which may reflect operational scale adjustments.
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Cash Flow and Liquidity
Cash flow data for Mishka Exim is not reported for the recent years, indicating either a lack of significant cash flow movements or unavailability of detailed disclosures. The company’s cash and bank balances have remained low, fluctuating marginally between ₹0.05 crores and ₹0.24 crores, which suggests limited liquidity buffers.
Despite this, the absence of debt and steady growth in reserves imply a cautious financial management approach, prioritising balance sheet strength over aggressive expansion.
Summary of Historical Performance
In summary, Mishka Exim has experienced a mixed financial journey marked by fluctuating revenues and profitability. The company’s peak sales and operating income in March 2022 were followed by a contraction, but recent years show signs of stabilisation and modest profit recovery. The balance sheet remains robust with no long-term debt and growing reserves, while earnings per share have rebounded from negative territory.
Investors analysing Mishka Exim should consider its cyclical revenue pattern, improving profit margins, and conservative financial structure. The company’s ability to sustain profitability and manage working capital efficiently will be key to its future performance trajectory.
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