Revenue and Operating Performance Trends
Examining the company's net sales from fiscal year ending March 2019 through March 2025, Nag. Agri Tech. experienced a peak in sales around March 2019 and March 2020, with figures exceeding ₹3 crores. However, a downward trajectory followed, with sales dipping to approximately ₹1.77 crores in March 2021 before stabilising near ₹2.6 crores in the subsequent two years. The most recent fiscal year ending March 2025 saw a dramatic decline to a mere ₹0.01 crore, signalling a significant contraction in core business activity.
Operating expenses have consistently outpaced revenues, resulting in negative operating profits for most years. The operating profit before other income (PBDIT excl. other income) remained negative from March 2020 onwards, with the nadir in March 2021 at a loss of ₹1.61 crores. Although other income provided some relief, the overall operating profit remained in the red until the latest fiscal year, where it improved marginally to a loss of ₹0.08 crore.
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Profitability and Margins
Profit before tax (PBT) figures mirror the operating challenges faced by Nag. Agri Tech. Negative PBT was recorded in most years, with the worst performance in March 2021 at a loss of ₹1.80 crores. However, the fiscal years ending March 2024 and March 2025 marked a turnaround, with PBT rising to ₹4.17 crores and ₹0.54 crore respectively, largely influenced by exceptional items and other income.
Profit after tax (PAT) followed a similar pattern, with losses recorded from 2019 through 2023, including a significant loss of ₹1.80 crores in March 2021. The company returned to profitability in the last two years, posting PAT of ₹3.58 crores in March 2024 and ₹0.46 crore in March 2025. Correspondingly, earnings per share (EPS) reflected this volatility, swinging from negative values in earlier years to positive ₹3.82 in March 2024 and ₹0.49 in March 2025.
Balance Sheet and Asset Position
Nag. Agri Tech.'s balance sheet reveals a modest shareholder's fund base, which increased from ₹2.68 crores in March 2022 to ₹6.74 crores in March 2025. The company maintains a debt-free status throughout the period, with no long-term or short-term borrowings reported. Total liabilities decreased from ₹8.96 crores in March 2024 to ₹7.17 crores in March 2025, indicating some deleveraging or reduction in current liabilities.
On the asset side, total assets declined from ₹8.96 crores in March 2024 to ₹7.17 crores in March 2025. Non-current assets, including gross block and investments, showed a downward trend, with net block assets falling significantly from ₹1.93 crores in March 2023 to ₹0.18 crore in March 2025. Current assets also contracted sharply, reflecting the company's reduced operational scale.
Cash Flow and Liquidity
Cash flow statements indicate operational challenges, with cash flow from operating activities turning negative to ₹-7 crores in March 2025. Investing activities provided some inflows, notably ₹5 crores in the same year, but overall net cash flow was negative at ₹-1 crore. The closing cash and cash equivalents stood at zero in March 2025, down from ₹1 crore in the previous year, highlighting liquidity constraints.
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Summary and Investor Considerations
Overall, Nag. Agri Tech.'s historical performance has been characterised by fluctuating revenues, persistent operating losses, and a recent modest recovery in profitability. The company’s lack of debt is a positive aspect, but shrinking asset base and negative operating cash flows raise concerns about operational sustainability. Earnings per share and book value per share have shown improvement in the latest fiscal years, signalling potential stabilisation.
Investors should weigh the company's recent profitability gains against its historical volatility and liquidity challenges. The exceptional items contributing to recent profits warrant careful scrutiny to assess the sustainability of earnings. Given the company's microcap status and sector dynamics, a cautious approach with close monitoring of quarterly results is advisable.
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