Revenue and Profitability Trends
Examining the net sales figures, Nalwa Sons Invst experienced a steady increase from ₹49.22 crores in March 2019 to a peak of ₹133.50 crores in March 2023. However, this was followed by a decline to ₹88.40 crores in March 2024 before rebounding to ₹125.22 crores in March 2025. The total operating income mirrored this pattern, reflecting the company's core business activity without additional operating income.
Operating profit margins, excluding other income, have shown considerable volatility. The margin was exceptionally high at over 100% in 2019, indicating strong operational efficiency or accounting factors, before stabilising around 80-90% in subsequent years. The margin dipped to approximately 51.0% in the latest fiscal year, suggesting increased costs or changes in revenue mix.
Profit after tax (PAT) margins followed a similar trend, peaking at over 170% in 2019 and settling around 36.7% in March 2025. The consolidated net profit also reflected these fluctuations, with a high of ₹90.92 crores in 2023 and a recent figure of ₹46.71 crores in 2025. Earnings per share (EPS) correspondingly varied, reaching a high of 176.89 in 2023 before moderating to 90.88 in 2025.
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Cost Structure and Expenditure
The company's expenditure profile reveals that purchase of finished goods remained relatively stable, fluctuating between ₹10.59 crores and ₹16.49 crores in recent years, with a notable spike in 2019. Manufacturing expenses showed significant variation, with a substantial increase to ₹41.94 crores in 2025 after near negligible or negative values in some prior years. Employee costs have remained modest and fairly consistent, hovering below ₹1.5 crores annually.
Total expenditure excluding depreciation saw a sharp rise in 2025 to ₹61.38 crores from much lower levels in preceding years, which aligns with the reduced operating profit margin in the same period. Interest expenses have been minimal, indicating low leverage, and depreciation remained steady at a negligible level.
Balance Sheet and Asset Growth
Nalwa Sons Invst's balance sheet reflects robust growth in shareholder funds, rising from ₹3,187 crores in 2020 to ₹16,683 crores in 2025. This increase is largely driven by reserves, which expanded significantly from ₹3,182 crores in 2020 to ₹16,678 crores in 2025, indicating strong retained earnings or capital infusion.
The company maintains a debt-free status in recent years, with no long-term or short-term borrowings reported since 2021. Deferred tax assets/liabilities have increased substantially, reaching over ₹2,221 crores in 2025, which may impact future tax obligations or benefits.
Non-current investments have grown markedly, from ₹3,141 crores in 2020 to ₹18,507 crores in 2025, signalling a strategic focus on long-term asset accumulation. Current investments also rose in tandem, supporting liquidity and financial flexibility. The book value per share has appreciated significantly, reflecting the company's asset growth and profitability over the period.
Cash Flow and Liquidity
Cash flow from operating activities has generally improved, rising from ₹19 crores in 2020 to ₹61 crores in 2025, demonstrating enhanced cash generation capability. However, cash flow from investing activities has consistently been negative, indicating ongoing investments or acquisitions, with ₹75 crores spent in 2025 alone.
Financing activities have been largely inactive, consistent with the company's zero debt position. The net cash inflow/outflow has fluctuated, with a negative ₹13 crores in 2025, reflecting the heavy investing outflows. Closing cash and cash equivalents remain modest but stable, supporting operational needs.
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Summary of Historical Performance
Over the past six years, Nalwa Sons Invst has exhibited a pattern of strong growth in revenues and profitability, albeit with some volatility. The company’s ability to maintain high operating margins in most years underscores operational efficiency, though the recent dip in margins warrants attention. Its balance sheet strength is evident in the substantial increase in reserves and shareholder funds, coupled with a debt-free status that enhances financial stability.
Investment in non-current and current assets has been aggressive, reflecting a strategic expansion or diversification approach. Cash flow trends indicate solid operational cash generation, balanced against significant investing outflows. Overall, the historical performance of Nalwa Sons Invst suggests a financially robust company with a focus on growth and capital preservation, though investors should monitor margin fluctuations and investment spending closely.
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