Revenue and Operating Performance
Over the fiscal years ending March 2023 to March 2025, Pashupati Cotsp. recorded net sales that initially surged from ₹442.83 crores in 2023 to ₹660.68 crores in 2024, before slightly declining to ₹637.49 crores in 2025. This fluctuation reflects a period of adjustment in the company’s sales dynamics. Total operating income mirrored this trend, with no other operating income reported during these years.
Raw material costs showed significant variation, peaking at ₹560.53 crores in 2024 before dropping sharply to ₹324.98 crores in 2025. Meanwhile, the purchase of finished goods increased notably in 2025 to ₹242.46 crores from negligible levels in prior years, indicating a strategic shift in procurement or inventory management. Employee costs rose steadily from ₹12.14 crores in 2023 to ₹16.64 crores in 2025, reflecting possible workforce expansion or wage inflation.
Despite these cost pressures, total expenditure excluding depreciation decreased from ₹629.08 crores in 2024 to ₹610.73 crores in 2025, suggesting some operational efficiencies. The operating profit before depreciation and interest (PBDIT excluding other income) remained relatively stable, with a slight dip to ₹26.76 crores in 2025 from ₹31.60 crores in 2024.
Turnaround taking shape! This Small Cap from NBFC sector just hit profitability with strong business fundamentals showing up. Catch it before the major breakout happens!
- - Recently turned profitable
- - Strong business fundamentals
- - Pre-breakout opportunity
Profitability and Margins
The company’s operating profit including other income remained almost flat at around ₹40 crores in both 2024 and 2025, up from ₹26.49 crores in 2023. Interest expenses declined from ₹17.02 crores in 2024 to ₹13.15 crores in 2025, contributing to an improved gross profit before depreciation and tax (PBDT) which rose to ₹26.84 crores in 2025 from ₹22.99 crores in 2024.
Depreciation charges decreased slightly in 2025 to ₹9.18 crores, supporting a profit before tax (PBT) increase to ₹17.66 crores, a significant improvement from ₹11.17 crores in 2024 and ₹5.91 crores in 2023. After accounting for taxes, the profit after tax (PAT) more than doubled from ₹8.30 crores in 2024 to ₹14.11 crores in 2025, reflecting a robust upward trend in net earnings.
Margins have also improved, with the PAT margin rising to 2.21% in 2025 from 1.26% in 2024 and 0.88% in 2023. Earnings per share (EPS) followed suit, climbing from ₹2.54 in 2023 to ₹8.94 in 2025, signalling enhanced shareholder value.
Balance Sheet and Financial Position
Pashupati Cotsp.’s balance sheet reveals a stable asset base with total assets around ₹311 crores in 2024 and ₹309 crores in 2023. Shareholder’s funds increased from ₹111.40 crores in 2023 to ₹118.55 crores in 2024, supported by rising reserves which grew from ₹96.11 crores to ₹103.27 crores over the same period. The company’s total debt reduced from ₹173.29 crores in 2023 to ₹150.59 crores in 2024, indicating a cautious approach to leverage.
Long-term borrowings decreased modestly, while short-term borrowings also declined, reflecting improved debt management. The net block of fixed assets rose from ₹115.43 crores in 2023 to ₹138.30 crores in 2024, suggesting ongoing capital investment. Current assets increased to ₹165.12 crores in 2024 from ₹157.34 crores in 2023, with current investments notably rising, enhancing liquidity.
Considering Pashupati Cotsp.? Wait! SwitchER has found potentially better options in Garments & Apparels and beyond. Compare this Microcap with top-rated alternatives now!
- - Better options discovered
- - Garments & Apparels + beyond scope
- - Top-rated alternatives ready
Cash Flow and Liquidity
Cash flow from operating activities remained positive and stable, with ₹55 crores generated in 2024 compared to ₹59 crores in 2023. Investing activities showed reduced outflows, improving from ₹42 crores in 2023 to ₹15 crores in 2024, indicating a more measured approach to capital expenditure. Financing activities reflected higher outflows in 2024 at ₹40 crores versus ₹16 crores in 2023, possibly due to debt repayments or dividend payments.
Despite these movements, the company maintained a steady cash and cash equivalents balance of ₹2 crores at the close of both years, underscoring prudent liquidity management. The book value per share improved from ₹72.88 in 2023 to ₹77.57 in 2024, reinforcing the company’s growing net asset value per share.
Outlook and Summary
In summary, Pashupati Cotsp. has exhibited a commendable recovery in profitability and financial health over the recent years. While sales have experienced some volatility, the company’s ability to control costs, reduce debt, and enhance earnings per share highlights a positive trajectory. Investors should note the improving margins and stable cash flows as indicators of strengthening fundamentals, although the company’s relatively modest profit margins suggest room for further operational optimisation.
Given these factors, Pashupati Cotsp. presents a case of a microcap with improving financial metrics, yet investors may wish to compare it with other opportunities within the garments and apparel sector to ensure alignment with their portfolio objectives.
Limited Time Only! Subscribe for Rs. 12,999 and get 1 Year of MojoOne + an Additional Year Completely FREE. Don't miss out on this exclusive offer. Claim Your Free Year →
