Revenue and Profitability Trends
Examining the standalone annual results, Shyamkamal Inv's net sales remained negligible or negative from March 2019 through March 2024, with a marked jump to ₹1.58 crore in March 2025. This surge in sales was accompanied by a corresponding increase in total operating income, which also rose to ₹1.58 crore in the latest fiscal year from near zero levels in preceding years.
Operating profit before depreciation, interest, and tax (PBDIT) excluding other income showed a positive swing to ₹0.22 crore in March 2025, reversing losses recorded in the prior two years. Including other income, operating profit improved further to ₹0.50 crore. This recovery is significant given the losses reported in the years before, with operating profits as low as negative ₹0.27 crore in March 2023.
Profit after tax (PAT) mirrored this trend, moving from losses in the range of negative ₹0.21 crore and ₹0.27 crore in 2024 and 2023 respectively, to a positive ₹0.50 crore in March 2025. The PAT margin accordingly improved to 31.65% in the latest year, a stark contrast to the negative margins exceeding 2100% in the prior year.
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Cost Structure and Margins
The company’s expenditure profile reveals that purchase of finished goods constituted the largest cost element in March 2025 at ₹1.37 crore, while other expenses also increased to ₹0.70 crore. Employee costs remained modest at ₹0.06 crore. The operating profit margin excluding other income stood at 13.92% in March 2025, a significant improvement from the negative margins in previous years.
Interest expenses appeared only in the latest fiscal year at ₹0.30 crore, which slightly reduced the gross profit before depreciation and tax to ₹0.20 crore. Despite this, the company managed to sustain profitability, indicating improved operational efficiency or revenue quality.
Balance Sheet and Financial Position
Shyamkamal Inv’s balance sheet reflects a substantial increase in total liabilities, rising from ₹4.25 crore in March 2024 to ₹19.61 crore in March 2025. This increase is primarily due to a sharp rise in short-term borrowings, which escalated to ₹12.08 crore from just ₹0.33 crore the previous year. Shareholder’s funds also improved to ₹7.51 crore, up from ₹3.63 crore, supported by an increase in equity capital from ₹10.14 crore to ₹13.50 crore.
On the asset side, total assets grew significantly to ₹19.61 crore in March 2025 from ₹4.25 crore a year earlier. Current assets, however, declined sharply to ₹0.76 crore, while non-current assets increased to ₹12.96 crore, largely driven by long-term loans and advances. The company’s net current assets turned negative at ₹-11.34 crore, reflecting the increased short-term liabilities.
Cash Flow Overview
Cash flow statements indicate a negative cash flow from operating activities of ₹1.00 crore in March 2025, contrasting with neutral cash flows in prior years. Investing activities showed a significant outflow of ₹13.00 crore, while financing activities provided an inflow of ₹14.00 crore, suggesting reliance on external funding to support investments and operations. The net cash position remained stable, with no significant change in cash and cash equivalents.
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Summary of Historical Performance
Overall, Shyamkamal Inv’s historical performance has been characterised by prolonged periods of negligible or negative sales and losses, followed by a notable recovery in the fiscal year ending March 2025. The company’s ability to generate positive net sales and profits after several years of underperformance marks a significant milestone. However, this improvement is accompanied by increased borrowings and a stretched working capital position, which investors should monitor closely.
The company’s earnings per share (EPS) also reflect this turnaround, moving from negative values in previous years to a positive ₹0.37 in March 2025. Book value per share improved to ₹5.56, indicating enhanced net asset value for shareholders.
While the recent financial year shows promising signs of operational recovery and profitability, the elevated debt levels and negative net current assets suggest that the company is still navigating financial challenges. Investors should weigh these factors carefully when analysing Shyamkamal Inv’s prospects.
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