How has been the historical performance of Mold-Tek Technol?

Dec 02 2025 10:59 PM IST

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Mold-Tek Technol experienced a decline in key financial metrics from March 2024 to March 2025, with net sales dropping from 160.74 Cr to 145.85 Cr, and profit after tax decreasing from 27.85 Cr to 12.17 Cr, indicating a challenging year for the company. Total assets and cash flow from operating activities also fell during this period.

Revenue and Profit Trends

Examining the consolidated annual results from March 2019 through March 2025, Mold-Tek Technol's net sales have shown significant variation. The company’s revenue rose from ₹89.38 crores in March 2019 to a peak of ₹160.74 crores in March 2024, before declining to ₹145.85 crores in March 2025. This growth trajectory reflects a strong expansion phase between 2019 and 2024, with a slight contraction in the latest fiscal year.

Operating profit before depreciation, interest, and tax (PBDIT) excluding other income mirrored this pattern, peaking at ₹42.26 crores in March 2023 and then dropping to ₹19.52 crores by March 2025. Including other income, operating profit stood at ₹23.54 crores in March 2025, down from ₹44.40 crores in March 2024. Profit before tax followed a similar trend, declining from ₹37.10 crores in March 2024 to ₹16.32 crores in March 2025.

Profit after tax (PAT) also reflected this volatility, with a high of ₹29.27 crores in March 2023, decreasing to ₹12.17 crores in March 2025. Correspondingly, earnings per share (EPS) dropped from 10.36 in March 2023 to 4.26 in March 2025, indicating a contraction in profitability per share.

Margins and Expense Analysis

The operating profit margin excluding other income has seen a marked decline from 28.77% in March 2023 to 13.38% in March 2025. Similarly, the PAT margin decreased from 19.93% in March 2023 to 8.34% in March 2025. These margin contractions suggest rising costs or pricing pressures impacting profitability.

Employee costs have steadily increased from ₹57.15 crores in March 2019 to ₹103.82 crores in March 2025, reflecting either workforce expansion or wage inflation. Other expenses also rose from ₹13.42 crores in March 2019 to ₹22.51 crores in March 2025, contributing to the overall increase in total expenditure, which climbed from ₹70.57 crores in March 2019 to ₹126.33 crores in March 2025.

Balance Sheet and Asset Position

Mold-Tek Technol’s shareholder funds have grown substantially, from ₹61.22 crores in March 2021 to ₹117.71 crores in March 2025, indicating strengthened equity capital and reserves. The book value per share rose from ₹21.83 in March 2021 to ₹41.19 in March 2025, signalling enhanced net asset value per share.

The company has maintained a debt-free position since March 2021, with no long-term or short-term borrowings reported in recent years. Total liabilities increased moderately to ₹137.42 crores in March 2025, primarily due to current and other long-term liabilities.

On the asset side, net block (fixed assets net of depreciation) increased from ₹18.13 crores in March 2021 to ₹28.72 crores in March 2025, reflecting ongoing capital investments. Non-current investments surged notably to ₹52.28 crores in March 2025 from ₹3.50 crores in March 2021, indicating a strategic allocation of resources into long-term assets.

Cash Flow Dynamics

Operating cash flow has generally improved, reaching ₹24 crores in March 2025, though it remains below the peak levels of previous years. Investing activities have seen increased outflows, with ₹47 crores spent in March 2025, a significant rise compared to earlier years, suggesting aggressive capital expenditure or acquisitions.

Financing activities have consistently been negative, with ₹12 crores outflow in March 2025, reflecting repayments or dividend distributions. The net cash position declined sharply to ₹13 crores in March 2025 from ₹49 crores in March 2024, indicating a reduction in liquidity reserves.

Summary and Outlook

Over the past six years, Mold-Tek Technol has demonstrated a capacity for growth in revenue and equity, albeit with recent declines in profitability and cash reserves. The company’s margin compression and increased expenditure highlight challenges that may require strategic cost management and operational efficiency improvements.

Its debt-free status and rising book value per share provide a solid financial foundation, while the significant investments in non-current assets suggest a focus on long-term growth. Investors should monitor the company’s ability to stabilise margins and cash flows in the coming periods to fully capitalise on its asset base and market position.

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