Revenue and Operating Performance Trends
Examining Panth Infinity's net sales from fiscal year ending March 2019 through March 2025, the company’s revenue has shown an uneven trajectory. Starting at ₹15.67 crores in 2019, sales rose to ₹21.62 crores by 2021 before dipping to ₹4.72 crores in 2024. However, the latest fiscal year saw a sharp recovery to ₹29.97 crores, marking the highest sales figure in the period under review. This rebound suggests a potential turnaround after a challenging phase.
Despite this growth in sales, the company’s operating profit margin has been inconsistent. The margin was modestly positive in 2019 through 2021, hovering below 1%, but turned negative in 2023 and 2024, with margins of -15.7% and -11.0% respectively. Encouragingly, the margin improved to 6.57% in 2025, signalling a return to operational profitability. This improvement is mirrored in the operating profit (PBDIT), which swung from losses in 2023 and 2024 to a positive ₹1.97 crores in 2025.
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Profitability and Earnings Analysis
Profit before tax (PBT) and profit after tax (PAT) figures have reflected the company’s operational challenges and recovery attempts. The PAT was a mere ₹0.07 crores in 2019, improved to ₹1.43 crores in 2020, but then declined sharply to losses of ₹2.23 crores in 2023 and ₹0.55 crores in 2024. The fiscal year ending March 2025 marked a significant turnaround with a PAT of ₹1.38 crores. Correspondingly, earnings per share (EPS) followed a similar pattern, swinging from a low of -₹1.21 in 2023 to a positive ₹0.75 in 2025.
Margins have been equally volatile. The PAT margin peaked at 8.09% in 2020 but fell into negative territory in 2023 and 2024 before recovering to 4.6% in 2025. This volatility underscores the company’s struggle to maintain consistent profitability amid fluctuating sales and cost pressures.
Balance Sheet and Financial Position
Panth Infinity’s balance sheet reveals a substantial increase in liabilities in the latest fiscal year. Total liabilities surged to ₹98.25 crores in 2025 from just ₹18.78 crores in 2024, primarily driven by long-term borrowings rising to ₹55.41 crores. Shareholders’ funds also increased to ₹27.00 crores in 2025, up from ₹18.64 crores the previous year, reflecting equity infusion or retained earnings accumulation.
On the asset side, total assets expanded significantly to ₹98.25 crores in 2025 from ₹18.78 crores in 2024. This growth was largely due to a sharp rise in current assets, particularly inventories, which ballooned to ₹70.32 crores in 2025 from ₹17.76 crores in 2024. Non-current assets also increased, driven by long-term loans and advances. The book value per share adjusted for equity changes stood at ₹11.48 in 2025, showing a moderate increase from ₹10.74 in 2024.
Cash Flow and Working Capital Dynamics
Cash flow statements indicate significant working capital challenges in the latest fiscal year. Cash flow from operating activities was negative ₹62 crores in 2025, a stark contrast to near-neutral cash flows in prior years. This negative cash flow was primarily due to a large increase in working capital requirements, signalling inventory build-up and possibly slower receivables turnover. Financing activities in 2025 provided ₹62 crores, likely to support this working capital expansion. Investing activities remained minimal, consistent with previous years.
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Summary of Historical Performance
Overall, Panth Infinity’s historical performance has been marked by significant fluctuations in revenue, profitability, and financial structure. The company experienced a notable dip in sales and profitability in 2023 and 2024 but has shown encouraging signs of recovery in 2025 with improved sales, operating margins, and net profits. However, the sharp increase in borrowings and working capital requirements raises questions about liquidity and operational efficiency going forward.
Investors should weigh the recent turnaround signals against the elevated financial leverage and cash flow pressures. The company’s ability to sustain growth and profitability while managing its working capital will be critical to its future performance trajectory.
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