Revenue and Profit Growth
Over the fiscal years ending March 2022 to March 2025, Power & Instrum. has seen its net sales nearly double, rising from ₹91.28 crores in March 2022 to ₹168.84 crores in March 2025. This substantial increase reflects the company’s expanding market presence and operational scale. Correspondingly, total operating income mirrored this growth, with no other operating income reported during this period.
Operating profit before depreciation, interest, and tax (PBDIT) excluding other income improved markedly, climbing from ₹6.82 crores in March 2022 to ₹17.16 crores in March 2025. Including other income, operating profit reached ₹19.59 crores in the latest fiscal year, a significant rise from ₹7.29 crores three years prior. This indicates enhanced operational efficiency and better cost management despite rising expenditure.
Profit before tax more than tripled, from ₹4.16 crores in March 2022 to ₹15.95 crores in March 2025, while profit after tax surged from ₹2.88 crores to ₹11.75 crores over the same period. The consolidated net profit followed a similar pattern, reaching ₹11.76 crores in March 2025, up from ₹2.89 crores in March 2022. Earnings per share (EPS) also reflected this positive trend, increasing from ₹3.37 to ₹6.73, signalling improved returns for shareholders.
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Cost Structure and Margins
The company’s total expenditure excluding depreciation rose in line with revenue, from ₹84.46 crores in March 2022 to ₹151.68 crores in March 2025. Notably, the purchase of finished goods accounted for the largest share of costs, increasing from ₹91.65 crores to ₹148.03 crores. Employee costs remained relatively stable, while other expenses showed a gradual increase.
Despite rising costs, Power & Instrum. maintained healthy operating profit margins, with the operating profit margin excluding other income fluctuating between 7.47% and 11.24% over the four years, settling at 10.16% in March 2025. Gross profit margin also improved steadily, reaching 9.59% in the latest fiscal year. The profit after tax margin rose from 3.16% to 6.96%, underscoring the company’s enhanced profitability and operational leverage.
Balance Sheet and Financial Position
Shareholder’s funds experienced a strong expansion, growing from ₹36.45 crores in March 2022 to ₹110.57 crores in March 2025, supported by increases in equity capital and reserves. The equity capital rose from ₹8.58 crores to ₹17.48 crores, while reserves more than tripled, reflecting retained earnings and capital accumulation.
Total liabilities increased from ₹96.50 crores to ₹173.05 crores, with total debt showing a mixed trend—initially rising sharply in March 2023 before declining to ₹18.09 crores by March 2025. The company’s net block of fixed assets decreased slightly, indicating limited capital expenditure or asset disposals, while capital work in progress showed a modest increase.
Current assets expanded significantly, particularly inventories and sundry debtors, which nearly doubled and increased substantially respectively, indicating higher operational scale and working capital requirements. Net current assets improved from ₹25.80 crores to ₹81.76 crores, signalling stronger liquidity and short-term financial health.
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Cash Flow and Liquidity
Cash flow from operating activities showed volatility, with a negative outflow of ₹39 crores in March 2025, contrasting with positive inflows in previous years. This was largely due to significant changes in working capital, which negatively impacted cash flow in the latest fiscal year. Investing activities reflected consistent outflows, indicating ongoing investments in the business, while financing activities provided substantial inflows in March 2025, supporting liquidity and capital needs.
Despite fluctuations in cash flow, the company maintained a stable cash and bank balance, albeit at modest levels. The overall financial position suggests that Power & Instrum. has been managing its growth phase with a focus on strengthening its balance sheet and profitability, though working capital management remains an area to monitor closely.
Summary
In summary, Power & Instrum. has exhibited strong historical performance characterised by robust revenue growth, improved profitability, and enhanced shareholder equity. The company’s ability to expand margins and manage costs effectively has contributed to rising net profits and earnings per share. While the balance sheet shows increased liabilities and working capital demands, the overall financial health remains sound. Investors should consider these factors alongside sector dynamics when evaluating the company’s prospects.
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