Revenue and Operating Income Trends
Examining the standalone annual results from fiscal year ending March 2017 through March 2025, Shivamshree Busi's net sales have shown considerable volatility. The company recorded net sales of ₹7.16 crore in March 2017, which rose to ₹8.43 crore by March 2018. However, this upward trend was not sustained, as sales sharply declined to ₹1.18 crore in March 2019 and further dipped to ₹0.94 crore in March 2020. A modest recovery was seen in March 2021 with sales at ₹0.26 crore, followed by a significant surge to ₹11.63 crore in March 2024. Most recently, net sales fell again to ₹4.13 crore in March 2025.
Other operating income remained consistently nil throughout this period, indicating the company’s reliance solely on core sales activities for revenue generation.
Cost Structure and Profitability
Shivamshree Busi’s cost of goods sold primarily comprises purchases of finished goods, which closely track the fluctuations in sales. For instance, purchases were ₹6.59 crore in March 2017, rising to ₹8.15 crore in March 2018, then falling to ₹1.20 crore in March 2019, and reaching ₹8.27 crore in March 2024 before declining to ₹4.56 crore in March 2025. The company also experienced variable changes in stock levels, with negative stock adjustments indicating inventory build-up in recent years.
Employee costs have remained relatively low but increased from ₹0.19 crore in March 2017 to ₹0.55 crore in March 2025, reflecting some expansion in workforce or wage inflation. Manufacturing expenses and other expenses have been minimal or negligible, with a notable rise in other expenses to ₹1.36 crore in March 2025 from zero in earlier years.
Despite these efforts, operating profit before depreciation and interest (PBDIT) has largely been negative or marginal. The company posted a positive PBDIT of ₹0.19 crore in March 2017 and ₹0.07 crore in March 2019 and 2018, but recent years have seen losses, with a significant operating loss of ₹0.86 crore in March 2025. This trend is mirrored in the operating profit margin, which swung from positive 2.69% in 2017 to a negative 20.82% in 2025.
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Profitability and Earnings
Profit before tax (PBT) and profit after tax (PAT) have followed a similar pattern to operating profits. The company reported modest profits in 2017 and 2019, with PBT of ₹0.18 crore and ₹0.21 crore respectively, and PAT of ₹0.15 crore and ₹0.16 crore. However, losses have dominated recent years, with PAT declining to a loss of ₹0.75 crore in March 2025. Earnings per share (EPS) reflect this volatility, moving from positive ₹0.03 in 2017 and 2019 to negative ₹0.16 in 2025.
The PAT margin has also deteriorated, shifting from a positive 13.44% in 2019 to a negative 18.16% in 2025, underscoring the challenges in maintaining profitability amid fluctuating revenues and rising costs.
Cash Flow and Capital Structure
Cash flow data for the recent fiscal year ending March 2025 indicates positive cash flow from operating activities at ₹3 crore, supported by changes in working capital amounting to ₹4 crore. However, investing activities show a cash outflow of ₹4 crore, suggesting capital expenditure or investments during the period. Financing activities remained neutral, with no reported inflows or outflows.
Equity capital has remained stable at approximately ₹4.57 crore with a face value adjustment from ₹10 to ₹1 per share in recent years. Reserves have been negative since 2020, reaching -₹0.91 crore in 2025, reflecting accumulated losses over time.
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Summary of Historical Performance
Overall, Shivamshree Busi's historical performance has been characterised by inconsistent revenue streams and profitability challenges. While the company experienced growth spurts in 2017-2018 and again in 2024, these were offset by sharp declines in other years. Operating margins and net profits have been under pressure, with recent years showing losses and negative margins. The cash flow position in the latest fiscal year suggests some operational cash generation, but investing outflows and negative reserves highlight ongoing financial strain.
Investors analysing Shivamshree Busi should consider this volatility and the company's ability to stabilise revenues and control costs going forward. The absence of public shareholding and pledged promoter holdings indicates concentrated ownership, which may influence strategic decisions and financial flexibility.
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