Revenue and Profitability Trends
Uniparts India’s net sales peaked in the fiscal year ending March 2023 at ₹1,366.02 crores, before witnessing a decline to ₹963.70 crores by March 2025. This downward trend in sales over the last two years contrasts with a steady rise from ₹903.14 crores in March 2021 to the peak in 2023. Despite the recent contraction, the company maintained a positive operating profit margin, which stood at 15.11% in March 2025, down from a high of 21.84% in March 2022. The gross profit margin similarly declined from 22.49% in 2023 to 16.45% in 2025, reflecting increased cost pressures or pricing challenges.
Profit after tax (PAT) followed a similar pattern, reaching a high of ₹204.89 crores in March 2023 before falling to ₹88.00 crores in March 2025. Correspondingly, the PAT margin decreased from 15.0% in 2023 to 9.13% in 2025. Earnings per share (EPS) mirrored this trajectory, peaking at 45.92 in 2023 and declining to 19.5 by March 2025. These figures indicate that while the company has been profitable, recent years have seen margin compression and lower net earnings.
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Cost Structure and Operating Efficiency
The company’s raw material costs have decreased from ₹501.26 crores in March 2022 to ₹311.80 crores in March 2025, aligning with the reduction in sales. Employee costs have risen moderately over the five-year period, reaching ₹229.62 crores in 2025 from ₹185.45 crores in 2021, suggesting investment in human capital despite revenue fluctuations. Other expenses have remained substantial, hovering around ₹233.52 crores in 2025, down from a peak of ₹341.83 crores in 2023.
Operating profit before other income (PBDIT excl. OI) declined from ₹297.01 crores in 2023 to ₹145.60 crores in 2025, reflecting the impact of lower sales and margin pressures. However, other income showed an increase in 2025 to ₹21.22 crores, providing some offset to operating earnings. Interest costs have remained relatively low and stable, around ₹8.28 crores in 2025, supporting manageable financial leverage.
Balance Sheet and Financial Position
Uniparts India’s shareholder funds have grown steadily from ₹685.24 crores in March 2022 to ₹887.22 crores in March 2025, indicating retained earnings and capital accumulation. Total reserves have also increased significantly, reaching over ₹841 crores by 2025. The company’s total liabilities rose moderately to ₹1,169.64 crores in 2025 from ₹1,031.18 crores in 2022, with a notable reduction in long-term borrowings from ₹9.39 crores in 2023 to ₹1.18 crores in 2025, signalling deleveraging efforts.
Short-term borrowings fluctuated considerably, peaking at ₹122.41 crores in 2022 before settling at ₹82.60 crores in 2025. The net block of fixed assets remained stable around ₹269 crores, while capital work in progress increased, reflecting ongoing investments. Current assets, including inventories and cash, have grown to ₹814.09 crores in 2025, supporting liquidity. The book value per share improved from ₹153.57 in 2022 to ₹196.57 in 2025, underscoring enhanced net asset value for shareholders.
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Cash Flow and Liquidity Analysis
Cash flow from operating activities has shown resilience, rising from ₹152 crores in 2021 to ₹181 crores in 2025, despite revenue volatility. The company has consistently generated positive cash flow after changes in working capital, with ₹208 crores recorded in 2025. Investing activities have involved significant outflows, peaking at ₹160 crores in 2024, reflecting capital expenditure and strategic investments. Financing activities have generally been cash outflows, indicating debt repayments and dividend distributions.
Net cash inflow was positive at ₹14 crores in 2025, a recovery from a negative ₹19 crores in 2024. The closing cash and cash equivalents improved to ₹33 crores in 2025 from ₹19 crores the previous year, enhancing liquidity buffers. Overall, the company has maintained a stable cash position while managing investments and debt obligations prudently.
Summary of Historical Performance
Over the five-year period, Uniparts India demonstrated growth in revenue and profitability until 2023, followed by a contraction in sales and margins through 2025. The company’s cost management and other income partially mitigated profit declines. Its balance sheet strengthened with rising shareholder funds and reduced long-term debt, while liquidity remained adequate supported by positive operating cash flows. The book value per share’s steady increase reflects value accretion for investors despite recent earnings pressure.
Investors analysing Uniparts India should consider the recent dip in sales and profitability alongside the company’s efforts to maintain financial discipline and invest in growth. The historical data suggests a business capable of navigating cyclical challenges with a solid foundation in equity and cash flow generation.
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