Revenue and Operating Income Trends
Over the past seven years, Monind has reported zero net sales and other operating income, indicating an absence of revenue-generating activities. Consequently, total operating income has remained at nil throughout this period. This lack of turnover is a critical factor underpinning the company's financial difficulties.
Despite the absence of sales, the company has incurred various operating expenses. Employee costs have shown a gradual increase from ₹0.07 crore in 2019 to ₹0.13 crore in 2025, while selling and distribution expenses have fluctuated modestly, peaking at ₹0.05 crore in 2021 before declining to ₹0.02 crore in 2025. Other expenses have varied significantly, with a notable spike to ₹0.84 crore in 2023, before settling back to ₹0.11 crore in 2025.
These operating costs, in the absence of revenue, have resulted in negative operating profits (PBDIT excluding other income) every year, ranging from a loss of ₹0.20 crore in 2022 to a more substantial loss of ₹1.00 crore in 2023. The only exception was in 2022 when other income of ₹0.77 crore helped the company report a positive operating profit of ₹0.57 crore, a rare bright spot in an otherwise challenging financial landscape.
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Profitability and Earnings
Monind has consistently reported losses at the profit before tax (PBT) and profit after tax (PAT) levels. The PBT has ranged from a loss of ₹1.09 crore in 2020 to a more severe loss of ₹2.96 crore in 2023, with the PAT mirroring these figures due to the absence of tax provisions. Earnings per share (EPS) have remained negative throughout, with the steepest decline recorded in 2019 at approximately -₹389.51, reflecting extraordinary losses that year. More recently, EPS has stabilised at a negative range between -₹3.07 in 2022 and -₹8.04 in 2023, indicating ongoing financial strain.
The operating profit margin and PAT margin have remained at zero percent, consistent with the absence of revenue and persistent losses. This lack of profitability underscores the company's struggle to generate sustainable earnings.
Balance Sheet and Financial Position
Monind's balance sheet reveals a negative net worth situation, with shareholder's funds consistently in deficit, reaching approximately -₹53.56 crore in 2025. This negative equity position is a significant concern, reflecting accumulated losses and erosion of capital reserves.
The company has maintained a relatively stable level of long-term borrowings, increasing from ₹9.88 crore in 2020 to ₹25.58 crore in 2025, all secured loans. Short-term borrowings have seen a dramatic reduction from ₹90 crore in 2023 to ₹1.76 crore in 2025, signalling some deleveraging efforts. Total debt has decreased from over ₹105 crore in 2023 to ₹27.33 crore in 2025, indicating a significant reduction in financial obligations.
On the asset side, Monind holds non-current investments valued at around ₹25.40 crore consistently since 2022, while current assets have sharply declined from ₹26.51 crore in 2021 to a mere ₹0.06 crore in 2025. Net current assets remain deeply negative, reflecting liquidity challenges.
Cash Flow Overview
Cash flow statements indicate persistent negative cash flows from operating activities in recent years, with losses of ₹1 crore annually from 2021 through 2023. Investing activities have been largely inactive, except for a minor inflow of ₹1 crore in 2022. Financing activities show minimal activity, with a small inflow of ₹1 crore in 2020 and no significant movements thereafter. The closing cash and cash equivalents have dwindled to negligible levels, underscoring tight liquidity conditions.
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Summary and Outlook
In summary, Monind's historical performance is characterised by a complete absence of revenue generation, persistent operating losses, and a deteriorating financial position marked by negative net worth and high debt levels. The company has struggled to generate positive cash flows and maintain liquidity, with no clear signs of operational turnaround in recent years.
Investors should approach Monind with caution, given its ongoing financial challenges and lack of profitability. The company's future performance will depend heavily on its ability to initiate revenue-generating activities and manage its debt obligations effectively.
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