How has been the historical performance of T & I Global?

Revenue and Profit Trends

Examining the net sales figures from fiscal year ending March 2019 through March 2025, T & I Global experienced a peak in sales in March 2024, reaching ₹183.50 crores. However, this was followed by a sharp decline to ₹84.41 crores in March 2025, representing a significant contraction. Prior to this peak, sales showed a generally upward trend from ₹95.79 crores in March 2020 to over ₹150 crores in March 2023, indicating periods of growth interspersed with volatility.

Operating profit before depreciation and interest (PBDIT) excluding other income also mirrored this pattern. The margin dropped drastically to a mere 0.06% in March 2025 from a more robust 6.49% in the previous year. This decline in operating profitability is a critical indicator of margin pressure, despite the company generating other income that somewhat cushioned the impact.

Profit after tax (PAT) followed a similar trajectory, with the company posting ₹4.08 crores in March 2025, down from ₹9.94 crores in March 2024. The PAT margin contracted to 4.83% in the latest fiscal year from 5.42% a year earlier, reflecting tighter profitability amid reduced sales.

Cost Structure and Expenses

The company's expenditure profile reveals significant shifts in raw material costs and purchases of finished goods. Notably, raw material costs were substantially higher in March 2023 at ₹111.20 crores but dropped sharply to ₹15.20 crores in March 2025. Conversely, purchases of finished goods, which were nil in earlier years, surged to ₹34.74 crores in the latest fiscal year, suggesting a strategic shift in procurement or production approach.

Employee costs have steadily increased over the years, rising from ₹5.01 crores in March 2019 to ₹8.44 crores in March 2025, indicating investment in human resources despite fluctuating revenues. Other expenses remained relatively stable, hovering around ₹25 crores in recent years.

Balance Sheet and Asset Quality

T & I Global's balance sheet reflects a steady increase in shareholder's funds, growing from ₹44.54 crores in March 2020 to ₹88.65 crores in March 2025. This growth is supported by rising reserves, which nearly doubled over the same period, signalling retained earnings accumulation and financial strengthening.

The company maintains a debt-free status, with no long-term or short-term borrowings reported in recent years. This conservative capital structure reduces financial risk and interest burden, contributing positively to net profitability.

Non-current investments have seen a marked increase, reaching ₹49.30 crores in March 2025 from ₹9.17 crores in March 2020, indicating a strategic allocation of resources into long-term assets or ventures. Meanwhile, net block of fixed assets has remained relatively stable, suggesting limited capital expenditure on property, plant, and equipment.

Cash Flow and Liquidity

Cash flow from operating activities has been inconsistent, with a notable negative outflow of ₹25 crores in March 2024 followed by a positive inflow of ₹33 crores in March 2025. Investing activities have generally resulted in cash outflows, particularly a significant ₹37 crores outflow in the latest fiscal year, reflecting ongoing investments.

Despite these fluctuations, the company has maintained a reasonable cash and bank balance, closing at ₹7.12 crores in March 2025. The net cash outflow in recent years suggests a cautious liquidity position, requiring close monitoring for operational sustainability.

Summary of Historical Performance

Over the past six years, T & I Global has demonstrated a mixed performance characterised by periods of growth and contraction. The company’s peak sales in March 2024 were followed by a steep decline in the subsequent year, impacting profitability margins significantly. Despite this, the firm has maintained positive net profits and a strong equity base without resorting to debt financing.

Operational challenges are evident in the sharp fall in operating profit margins and fluctuating cash flows, which may reflect market or internal pressures. However, the increase in reserves and shareholder funds indicates prudent financial management and retained earnings growth.

Investors should weigh the recent downturn in sales and margins against the company’s solid balance sheet and absence of debt. The evolving cost structure and investment patterns suggest strategic shifts that warrant close observation for future performance trends.

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