How has been the historical performance of Shri Keshav?

Nov 26 2025 10:45 PM IST

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Shri Keshav's historical performance has been volatile, with net sales peaking at 126.45 Cr in Mar'24 before declining to 121.45 Cr in Mar'25, alongside a drop in profitability, resulting in negative profit before and after tax in Mar'25. Total assets increased, but total liabilities also rose, indicating a challenging financial environment.

Revenue and Operating Performance

Over the past seven years, Shri Keshav's net sales have shown a consistent upward trajectory, rising from ₹70.03 crores in March 2019 to ₹121.45 crores in March 2025. The company experienced notable growth between 2020 and 2022, with sales increasing from ₹68.01 crores to ₹113.79 crores, reflecting a robust expansion phase. However, a slight dip was observed in the fiscal year ending March 2024, where net sales declined to ₹126.45 crores from ₹123.24 crores the previous year, before settling at ₹121.45 crores in March 2025.

Operating profit margins excluding other income have generally trended downward, from a high of 39.07% in March 2020 to 20.72% in March 2025. This contraction suggests rising costs or pricing pressures impacting operational efficiency. Despite this, the company maintained positive operating profits (PBDIT) throughout the period, with figures peaking at ₹41.45 crores in March 2024 before declining to ₹28.32 crores in March 2025.

Profitability and Margins

Profit before tax (PBT) has been volatile, with losses recorded in several years including March 2019, 2020, and 2021. The company returned to profitability in the fiscal years ending March 2022 and 2024, posting PBT of ₹7.46 crores and ₹10.12 crores respectively, but slipped back to a loss of ₹1.70 crores in March 2025. Correspondingly, profit after tax (PAT) margins have fluctuated widely, from a negative 28.92% in March 2019 to a positive 8.0% in March 2022, before declining to -5.08% in March 2025.

Earnings per share (EPS) reflect this inconsistency, with a peak of 7.58 in March 2022 and a trough of -35.09 in March 2019. The latest fiscal year saw EPS fall to -3.52, indicating a return to net losses. These swings highlight challenges in sustaining profitability despite revenue growth.

Balance Sheet and Financial Position

Shri Keshav's balance sheet has expanded significantly, with total assets rising from ₹218.66 crores in March 2020 to ₹409.99 crores in March 2025. This growth is driven by increases in gross block and capital work in progress, signalling ongoing investment in fixed assets. Net block values have remained relatively stable, hovering around ₹195 crores in recent years.

Shareholders' funds have grown from ₹12.64 crores in March 2021 to ₹96.26 crores in March 2025, supported by rising reserves. However, the company carries substantial debt, with total borrowings increasing to ₹233.96 crores in March 2025 from ₹144.81 crores in March 2020. Long-term borrowings constitute the majority of this debt, indicating reliance on long-term financing.

Current liabilities have also increased, contributing to a negative net current asset position of ₹-27.02 crores in March 2025, compared to a positive ₹14.43 crores in March 2024. This shift suggests tightening liquidity, which may require close monitoring.

Cash Flow Trends

Cash flow from operating activities has remained positive, ranging from ₹20 crores in March 2021 to ₹33 crores in March 2024, before slightly declining to ₹28 crores in March 2025. However, cash flow from investing activities has consistently been negative, reflecting ongoing capital expenditure and expansion efforts. Financing activities have fluctuated, with a significant inflow of ₹55 crores in March 2024 and ₹26 crores in March 2025, indicating active debt or equity financing to support operations and investments.

Summary and Outlook

In summary, Shri Keshav has demonstrated commendable revenue growth over the last several years, supported by steady operational profits. Nevertheless, the company has faced challenges in maintaining consistent profitability, as evidenced by fluctuating PAT margins and EPS. The balance sheet expansion and increased borrowings reflect an aggressive investment strategy, which has implications for financial risk and liquidity management.

Investors should weigh the company's growth potential against its profitability volatility and leverage levels. Monitoring future earnings stability and cash flow generation will be crucial to assessing Shri Keshav's long-term financial health and investment appeal.

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