How has been the historical performance of Shivagrico Impl.?

Dec 01 2025 10:59 PM IST

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Shivagrico Impl. has shown fluctuating financial performance, with net sales decreasing slightly from INR 43.22 crore in Mar'24 to INR 43.10 crore in Mar'25, while profitability metrics improved, including a rise in profit after tax to INR 0.38 crore and earnings per share to INR 0.76. Total liabilities and assets both decreased, but cash flow from operating activities turned positive at INR 3.00 crore in Mar'25.

Revenue and Operating Income Trends

Over the past seven years, Shivagrico Impl.'s net sales have shown moderate growth with some volatility. The company’s net sales peaked at ₹48.20 crores in March 2022 before easing to ₹43.10 crores in March 2025. Total operating income, which includes other operating income, followed a similar pattern, reaching a high of ₹48.87 crores in 2022 and settling around ₹43.50 crores in the latest fiscal year. This indicates a relatively stable top line with minor contractions in recent years.

Raw material costs have consistently represented the largest expenditure, fluctuating between ₹25.86 crores and ₹30.68 crores, reflecting the company's operational scale and input price pressures. Employee costs and manufacturing expenses have also increased steadily, with employee costs rising from ₹1.99 crores in 2019 to ₹5.38 crores in 2025, signalling investment in human resources. Manufacturing expenses similarly rose, peaking at ₹8.75 crores in 2022 before moderating to ₹7.88 crores in 2025.

Profitability and Margins

Operating profit before depreciation and interest (PBDIT) has generally improved, rising from ₹0.95 crores in 2019 to ₹3.26 crores in 2025, despite a dip in 2024. The operating profit margin excluding other income has also strengthened, reaching 7.56% in 2025 compared to 3.75% in 2019. However, profit before tax and net profit after tax have been more volatile. The company recorded losses in 2019 and 2020 but returned to profitability from 2021 onwards, with PAT rising to ₹0.38 crores in 2025. The PAT margin, though still modest at 0.88% in 2025, marks a significant recovery from negative margins in earlier years.

Earnings per share (EPS) reflect this trend, improving from a negative ₹1.66 in 2019 to a positive ₹0.76 in 2025, indicating enhanced shareholder value over time. Depreciation and interest expenses have increased moderately, with interest costs rising from ₹0.75 crores in 2019 to ₹1.23 crores in 2025, which may reflect higher borrowings or cost of capital.

Balance Sheet and Financial Position

Shivagrico Impl.'s balance sheet reveals a steady increase in shareholder funds from ₹6.11 crores in 2020 to ₹7.87 crores in 2025, supported by rising reserves. The company’s total liabilities have remained relatively stable around ₹26 to ₹28 crores in recent years. Notably, total debt peaked at ₹19.17 crores in 2024 but declined to ₹15.84 crores in 2025, suggesting some deleveraging efforts.

On the asset side, net block values have increased from ₹7.59 crores in 2020 to ₹9.94 crores in 2025, indicating ongoing capital investment. Current assets have fluctuated but remain healthy at ₹15.65 crores in 2025. The company’s net current assets have improved to a positive ₹0.50 crores in 2025, reversing previous negative positions, which bodes well for liquidity.

Cash Flow Overview

Cash flow from operating activities has been positive in recent years, with ₹3.00 crores generated in 2025, reflecting improved operational efficiency. Investing activities have been modest, with no cash outflow recorded in 2025, while financing activities showed a net outflow of ₹4.00 crores, possibly due to debt repayments. The net cash position has slightly declined, with a closing cash and cash equivalent balance near zero in 2025, down from ₹1.00 crore in 2024.

Summary and Outlook

In summary, Shivagrico Impl. has experienced a period of recovery and consolidation following losses in 2019 and 2020. The company’s revenue base has remained relatively stable, while profitability margins have improved steadily. The balance sheet shows signs of strengthening with increased reserves and reduced debt levels. Cash flow generation from operations is positive, although liquidity remains tight with minimal cash reserves.

Investors should note the company’s progress in returning to profitability and managing costs, but also remain cautious about the modest net profit margins and the need for continued focus on debt reduction and cash management. The historical performance suggests a company on a gradual upward trajectory, with potential for further improvement if operational efficiencies and market conditions remain favourable.

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