Revenue Trends and Operating Performance
Examining Shelter Infra's net sales from fiscal year ending March 2019 through March 2025, the company experienced a gradual decline in revenue from ₹3.61 crore in 2019 to ₹2.38 crore in 2025. The lowest point was observed in 2023 at ₹1.32 crore, followed by a modest recovery in 2024 and 2025. Other operating income remained nil throughout this period, indicating reliance solely on core sales for revenue generation.
Operating profit margins excluding other income have been notably volatile. The company posted strong margins above 26% in 2019 and 2021, but suffered significant downturns in 2020 and the years following, with margins plunging to negative territory as low as -31.8% in 2023. The operating profit (PBDIT) itself swung from a high of ₹7.86 crore in 2019 to losses in multiple years, reflecting challenges in cost management and operational efficiency.
Other income contributed positively in most years, cushioning operating losses to some extent. For instance, in 2020, despite an operating loss, other income of ₹7.23 crore helped the company nearly break even at the operating profit level. However, this was insufficient to offset overall profitability declines.
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Profitability and Earnings Analysis
Profit before tax (PBT) and profit after tax (PAT) figures mirror the volatility seen in operating results. The company recorded a peak PAT of ₹4.99 crore in 2019, followed by losses in 2020 through 2023. A recovery began in 2021 with a PAT of ₹0.90 crore and further improvement to ₹0.23 crore in 2025. Earnings per share (EPS) followed a similar pattern, with a high of ₹13.98 in 2019, negative EPS in the intervening years, and a positive turnaround to ₹0.64 in 2025.
Margins also fluctuated significantly. The PAT margin was exceptionally high at 138.23% in 2019, reflecting extraordinary profitability relative to sales, but turned negative in subsequent years before stabilising at 9.66% in 2025. This indicates the company’s struggle to maintain consistent profitability amid operational challenges.
Balance Sheet and Financial Position
Shelter Infra’s balance sheet reveals a stable equity base with share capital consistently at ₹3.57 crore. Shareholders’ funds peaked at ₹4.83 crore in 2021 before declining to ₹3.89 crore in 2025, reflecting retained earnings fluctuations. Total liabilities decreased from ₹41.82 crore in 2020 to ₹33.36 crore in 2025, signalling some deleveraging.
Long-term borrowings remained relatively low, around ₹0.74 crore in 2025, while short-term borrowings showed a marked reduction from ₹18.36 crore in 2020 to ₹9.75 crore in 2025. This reduction in short-term debt may indicate improved liquidity management. However, current liabilities remain substantial, with trade payables and other current liabilities together exceeding ₹18 crore in 2025.
On the asset side, net block (fixed assets after depreciation) declined from ₹10.62 crore in 2020 to ₹4.44 crore in 2025, suggesting asset disposals or depreciation outpacing capital expenditure. Non-current assets fluctuated, with long-term loans and advances increasing notably to ₹6.56 crore in 2025. Current assets decreased from ₹28.56 crore in 2020 to ₹18.66 crore in 2025, reflecting a contraction in working capital.
Cash Flow and Liquidity
Cash flow data indicates limited operating cash generation in recent years, with a positive cash flow from operating activities of ₹1 crore in 2025, contrasting with negligible or zero cash flows in prior years. Investing activities showed an outflow of ₹5 crore in 2025, while financing activities reflected an outflow of ₹7 crore, possibly repayments of debt or other financing adjustments. The closing cash and cash equivalents were minimal, underscoring tight liquidity conditions.
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Summary of Historical Performance
Overall, Shelter Infra’s historical performance has been characterised by significant fluctuations in revenue and profitability. The company’s sales have declined from a peak in 2019, with intermittent recoveries. Profitability margins have been inconsistent, with periods of losses and gains influenced by operational costs and other income. The balance sheet shows a gradual reduction in liabilities and assets, with a cautious approach to debt and capital expenditure in recent years.
Investors should note the company’s efforts to stabilise earnings and reduce debt, but also the challenges in maintaining consistent growth and profitability. The modest positive cash flow in 2025 is a positive sign, though liquidity remains tight. Given this mixed performance, a careful analysis of Shelter Infra’s future prospects and market conditions is advisable before investment decisions.
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