Revenue and Operating Performance Trends
Over the seven-year period ending March 2025, Polyspin Exports’ net sales demonstrated notable volatility. The company’s revenue peaked in the fiscal year ending March 2022 at ₹276.97 crores, before declining to ₹225.14 crores in March 2025. This represents a contraction of approximately 18.7% from the peak, though the latest figure still surpasses the ₹212.03 crores recorded in March 2019. The total operating income mirrored this pattern, as other operating income remained nil throughout the period.
Raw material costs, a significant component of expenses, rose sharply from ₹125.90 crores in 2019 to ₹159.33 crores in 2023, before easing to ₹120.70 crores in 2025. Employee costs steadily increased from ₹30.70 crores in 2019 to ₹42.27 crores in 2025, reflecting possible workforce expansion or wage inflation. Power costs and other expenses also showed incremental rises, with other expenses nearly doubling from ₹22.36 crores in 2020 to ₹43.49 crores in 2025.
Operating profit before other income (PBDIT excl. OI) fluctuated considerably, reaching a high of ₹16.10 crores in 2022 but turning negative in 2024 at -₹0.94 crores. The inclusion of other income helped the company report a positive operating profit of ₹16.55 crores in 2025, recovering from a low of ₹2.66 crores in 2024. This volatility underscores challenges in core operations and cost management.
From struggle to strength! This Small Cap from Textile - Machinery is showing early turnaround signals that look promising. Position yourself now for explosive growth potential ahead!
- - Early turnaround signals
- - Explosive growth potential
- - Textile - Machinery recovery play
Position for Explosive Growth →
Profitability and Margins
Profit before tax (PBT) and net profit figures reveal a turbulent profitability profile. The company recorded a PBT high of ₹13.29 crores in 2022 but suffered a loss of ₹4.42 crores in 2024. The latest fiscal year saw a modest recovery with a PBT of ₹6.75 crores. Correspondingly, profit after tax (PAT) peaked at ₹9.00 crores in 2022 but plunged to a loss of ₹2.76 crores in 2024, before rebounding to ₹3.67 crores in 2025.
Operating profit margins excluding other income ranged from a robust 7.4% in 2019 to a negative margin of -0.46% in 2024, recovering to 5.71% in 2025. PAT margins followed a similar trajectory, peaking at 3.45% in 2019 and dipping to -1.36% in 2024, before improving to 1.63% in the latest year. These fluctuations highlight the company’s sensitivity to cost pressures and market conditions.
Earnings per share (EPS) reflected this volatility, with a high of 9.22 in 2022 and a negative EPS of -2.78 in 2024, settling at 4.1 in 2025. The book value per share showed consistent growth, rising from ₹38.52 in 2020 to ₹63.10 in 2025, indicating an accumulation of shareholder equity despite earnings variability.
Balance Sheet and Financial Position
Polyspin Exports’ balance sheet reveals steady growth in shareholder funds, increasing from ₹38.52 crores in 2020 to ₹63.10 crores in 2025. Total reserves also expanded from ₹34.52 crores to ₹58.10 crores over the same period. The company’s total liabilities rose moderately, reaching ₹166.54 crores in 2025 from ₹119.01 crores in 2020.
Long-term borrowings fluctuated, peaking at ₹20.52 crores in 2024 before declining to ₹15.36 crores in 2025. Short-term borrowings remained substantial, around ₹70 crores in 2025, reflecting ongoing working capital requirements. Net block of fixed assets showed a slight decline from ₹45.79 crores in 2021 to ₹50.11 crores in 2025, indicating stable capital investment.
Current assets increased steadily, with inventories rising to ₹37.88 crores and sundry debtors reaching ₹44.72 crores in 2025. Cash and bank balances remained modest at ₹9.37 crores. The company’s contingent liabilities stood at ₹10.32 crores in 2025, up from ₹8.59 crores in 2020, suggesting some off-balance sheet risks.
Polyspin Exports or something better? Our SwitchER feature analyzes this Microcap Packaging stock and recommends superior alternatives based on fundamentals, momentum, and value!
- - SwitchER analysis complete
- - Superior alternatives found
- - Multi-parameter evaluation
Cash Flow and Operational Efficiency
Cash flow from operating activities has been inconsistent, with a negative outflow of ₹9 crores in 2025 contrasting with positive inflows in prior years such as ₹13 crores in 2023 and ₹13 crores in 2022. Changes in working capital have significantly impacted cash flows, with a sharp negative adjustment of ₹24 crores in 2025. Investing activities showed a positive cash flow of ₹4 crores in 2025 after several years of outflows, while financing activities contributed ₹5 crores in 2025, indicating some fresh capital infusion or debt management.
Overall, the company’s net cash inflow/outflow has been volatile, with zero net inflow in 2025 following a negative ₹8 crores in 2023. The opening and closing cash and cash equivalents figures suggest limited liquidity buffers, with closing cash at zero in 2025.
Summary
Polyspin Exports’ historical performance reflects a company navigating cyclical industry challenges and operational pressures. While revenue and profitability have experienced ups and downs, the firm has maintained a growing equity base and managed its liabilities prudently. The recent recovery in operating profit and net profit margins, alongside stable shareholder funds, indicates potential for renewed growth. However, cash flow volatility and elevated borrowings warrant close monitoring by investors.
Get 2 full years of MojoOne Premium for only Rs. 12,999. Subscribe for 1 year and we'll add another year FREE. Offer valid for a limited time. Start Saving Now →
