How has been the historical performance of Shreyans Inds.?

Dec 03 2025 10:47 PM IST

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Shreyans Inds. has experienced fluctuating financial performance, with net sales declining from 865.53 Cr in March 2023 to 616.77 Cr in March 2025, and profit after tax dropping from 87.42 Cr to 50.60 Cr in the same period. Despite an increase in total assets, cash flow from operating activities also decreased significantly.

Revenue and Profitability Trends

Over the seven-year period ending March 2025, Shreyans Inds. experienced significant volatility in net sales. The company’s revenue peaked in March 2023 at ₹865.53 crores before declining to ₹616.77 crores in March 2025. This decline followed a sharp increase from ₹366.43 crores in March 2021, reflecting a recovery phase post-pandemic disruptions. Operating profit margins, excluding other income, mirrored this trend, reaching a high of nearly 14% in 2019 and 2024, but dipping to a low of 1.48% in 2021. The operating profit (PBDIT) excluding other income rose from a modest ₹5.43 crores in 2021 to ₹69.53 crores in 2025, indicating improved operational efficiency despite revenue fluctuations.

Profit after tax (PAT) also showed a similar pattern, with a low of ₹8.78 crores in 2021 and a peak of ₹87.42 crores in 2024, before settling at ₹50.60 crores in 2025. The PAT margin ranged from a low of 1.7% in 2022 to a more robust 12.5% in 2024, underscoring the company’s ability to enhance profitability during favourable market conditions. Earnings per share (EPS) followed suit, with a notable jump from 6.35 in 2021 to 63.26 in 2024, before moderating to 36.61 in 2025.

Cost Structure and Margins

The company’s cost of raw materials and power have been significant components of total expenditure. Raw material costs peaked at ₹429.82 crores in 2023, aligning with the highest sales year, before reducing to ₹266.33 crores in 2025. Power costs followed a similar pattern, with a high of ₹169.89 crores in 2023 and a decline to ₹109.19 crores in 2025. Employee costs steadily increased from ₹56.50 crores in 2019 to ₹78.78 crores in 2025, reflecting workforce expansion or wage inflation. Manufacturing expenses also rose moderately over the years. Despite these costs, the company managed to maintain a gross profit margin fluctuating between 4.24% and 18.35%, with the highest margin recorded in 2024.

Balance Sheet and Financial Position

Shreyans Inds. has strengthened its balance sheet over the years, with shareholder’s funds increasing from ₹216.08 crores in 2020 to ₹426.43 crores in 2025. Reserves have shown consistent growth, reaching ₹412.61 crores by March 2025. The company’s total liabilities rose from ₹382.48 crores in 2020 to ₹615.27 crores in 2025, reflecting increased borrowings and operational scale. Notably, long-term borrowings decreased from ₹29.19 crores in 2020 to ₹8.17 crores in 2025, indicating a reduction in long-term debt, while short-term borrowings increased moderately to ₹34.59 crores in 2025.

Asset-wise, the net block of fixed assets grew steadily from ₹170.61 crores in 2020 to ₹234.21 crores in 2025, signalling ongoing capital investments. Current assets, including investments, inventories, and receivables, also expanded, supporting operational liquidity. The company’s book value per share improved significantly from ₹156.30 in 2020 to ₹308.46 in 2025, reflecting enhanced net worth and shareholder value.

Cash Flow Overview

Cash flow from operating activities has generally improved, rising from ₹53 crores in 2020 to ₹44 crores in 2025, with a peak of ₹90 crores in 2023. Investing activities consistently showed cash outflows, indicative of capital expenditure and asset acquisitions. Financing activities varied, with net outflows in recent years, suggesting debt repayments or dividend distributions. Overall, the company maintained a stable cash position with no net cash inflow or outflow recorded in the latest years.

Summary of Historical Performance

In summary, Shreyans Inds. has demonstrated a capacity to rebound from low profitability phases, particularly evident after 2021, with improvements in revenue, margins, and net profit. The company’s balance sheet has strengthened, supported by growing reserves and controlled long-term debt. While revenue has seen some decline from its peak, operational efficiencies and cost management have helped sustain profitability. The steady increase in book value per share and earnings per share over the years underscores the company’s value creation for shareholders. However, fluctuations in sales and margins suggest sensitivity to market conditions and input costs, which investors should consider when evaluating the company’s prospects.

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