Revenue and Operating Performance Trends
One 97's net sales demonstrated a significant upward trajectory from ₹2,802.40 crores in March 2021 to a peak of ₹9,977.80 crores in March 2024, before moderating to ₹6,900.00 crores in March 2025. This volatility reflects the company's rapid growth phase followed by a recent contraction in top-line performance. Notably, other operating income remained nil throughout the period, indicating reliance solely on core sales for revenue generation.
Operating expenses have consistently outpaced revenues, with total expenditure excluding depreciation rising from ₹4,569.70 crores in March 2021 to ₹8,407.00 crores in March 2025. Employee costs and manufacturing expenses constitute substantial portions of this outlay, with employee costs increasing from ₹1,184.90 crores in 2021 to ₹3,288.00 crores in 2025, reflecting expansion in workforce and operational scale. Selling and distribution expenses, however, have shown a declining trend from ₹3,663.00 crores in 2020 to ₹659.00 crores in 2025, suggesting optimisation efforts in marketing and distribution.
Despite revenue growth, One 97 has consistently reported negative operating profits (PBDIT), though the margin of losses has narrowed in recent years. The operating profit margin excluding other income improved from a steep negative 63.06% in 2021 to a less severe negative 21.84% in 2025. Other income contributed positively, cushioning operating losses to some extent, with operating profit improving from -₹1,382.90 crores in 2021 to -₹782.00 crores in 2025.
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Profitability and Earnings Analysis
One 97 has faced persistent net losses over the years under review. Consolidated net profit after tax remained negative, with losses narrowing from -₹2,942.40 crores in 2020 to -₹659.00 crores in 2025. Earnings per share (EPS) followed a similar pattern, improving from a substantial negative ₹-487.15 in 2020 to a less severe negative ₹-10.3 in 2025, reflecting gradual operational improvements but continued unprofitability.
Profit before tax also remained in the red, though losses reduced from -₹2,902.20 crores in 2020 to -₹648.00 crores in 2025. Interest expenses have declined significantly, from ₹48.50 crores in 2020 to ₹16.00 crores in 2025, indicating reduced borrowing costs or debt levels. Exceptional items in 2025 contributed positively by ₹823.00 crores, aiding the gross profit to a marginal positive ₹25.00 crores, a notable improvement from previous years' negative figures.
Balance Sheet and Financial Position
The company's total assets have more than doubled from ₹10,299.90 crores in 2020 to ₹21,436.50 crores in 2025, driven by growth in both current and non-current assets. Cash and bank balances surged impressively from ₹540.20 crores in 2020 to ₹11,557.20 crores in 2025, highlighting strong liquidity. Non-current investments also increased substantially, reflecting strategic capital allocation.
Shareholders' funds have grown from ₹6,534.80 crores in 2021 to ₹15,026.70 crores in 2025, indicating enhanced net worth despite ongoing losses. Total liabilities rose in tandem, with current liabilities increasing from ₹2,155.20 crores in 2021 to ₹6,186.40 crores in 2025, while long-term borrowings remained nil, suggesting a debt-light capital structure. Short-term borrowings have been largely reduced, from ₹544.90 crores in 2021 to a minimal ₹4.80 crores in 2025.
Cash Flow Dynamics
Cash flow from operating activities has fluctuated, turning positive in 2024 at ₹650.00 crores but reverting to a negative ₹121.00 crores in 2025. Investing activities showed significant outflows in 2025 at ₹-2,031.00 crores, contrasting with inflows in prior years, signalling increased capital expenditure or investments. Financing activities have been predominantly negative in recent years, reflecting repayments or reduced capital raising. Overall, net cash outflow in 2025 was ₹2,205.00 crores, a reversal from inflows in previous years.
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Summary of Historical Performance
Over the six-year period ending March 2025, One 97 has demonstrated robust revenue growth, peaking in 2024 before a recent decline. Despite this, the company has struggled to achieve profitability, with operating and net losses persisting, though showing signs of improvement. The balance sheet reflects a strong liquidity position supported by substantial cash reserves and growing shareholders' equity. The company maintains a low debt profile, which may provide flexibility for future growth initiatives.
Investors should note the ongoing challenges in converting top-line growth into profits, alongside significant cash outflows from investing activities in the latest fiscal year. The improving margins and reduced losses suggest operational progress, but sustained profitability remains a key milestone for One 97's financial health.
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