Revenue and Profitability Trends
Over the seven-year period ending March 2025, We Win Ltd’s net sales have shown a consistent upward trend, increasing from ₹45.06 crores in 2019 to ₹78.49 crores in 2025. This represents a compound growth that underscores the company’s expanding market presence. Total operating income mirrors this growth, as other operating income remained nil throughout the period.
Operating profit before depreciation, interest, and tax (PBDIT) excluding other income declined from a high of ₹10.35 crores in 2019 to ₹6.40 crores in 2025, reflecting a contraction in operating margins from 22.98% to 8.15%. The inclusion of other income slightly improved operating profit to ₹7.32 crores in 2025. Despite this, the company’s profit before tax decreased from ₹7.89 crores in 2019 to ₹2.85 crores in 2025, with profit after tax following a similar downward trend, falling to ₹1.65 crores in the latest fiscal year.
Margins have compressed notably; the profit after tax margin dropped from 12.46% in 2019 to 2.1% in 2025, indicating rising costs or pricing pressures. Employee costs have escalated significantly, reaching ₹62.36 crores in 2025 from ₹27.26 crores in 2019, which may have contributed to margin pressures. Other expenses also increased over the years, further impacting profitability.
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Balance Sheet and Financial Position
We Win Ltd’s shareholder funds have grown steadily from ₹18.83 crores in 2021 to ₹28.33 crores in 2025, supported by an increase in reserves and equity capital. The book value per share has improved from approximately ₹18.54 in 2021 to ₹27.88 in 2025, reflecting enhanced net asset value per share for investors.
Total liabilities have increased from ₹28.14 crores in 2021 to ₹51.25 crores in 2025, with a notable rise in both short-term borrowings and current liabilities. Long-term borrowings fluctuated but stood at ₹2.78 crores in 2025. The company’s total assets have nearly doubled from ₹28.14 crores in 2021 to ₹51.25 crores in 2025, indicating asset base expansion, including growth in net block and capital work in progress.
Current assets have also increased, with sundry debtors rising to ₹18.48 crores in 2025, which may warrant close monitoring for working capital management. Cash and bank balances have seen volatility, closing at ₹5.20 crores in 2025 compared to ₹11.76 crores in 2024.
Cash Flow Analysis
The company’s cash flow from operating activities has been inconsistent, with ₹2 crores generated in 2025 compared to ₹14 crores in 2024. Investing activities have consistently been cash outflows, reflecting ongoing capital expenditure and investments. Financing activities showed a net outflow of ₹3 crores in 2025, contrasting with inflows in prior years. Overall, the net cash position declined by ₹6 crores in 2025, resulting in a closing cash balance of ₹5 crores.
These cash flow patterns suggest that while We Win Ltd is investing in growth, it faces challenges in maintaining robust operating cash generation, which could impact liquidity if not managed prudently.
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Summary and Investor Considerations
In summary, We Win Ltd has exhibited commendable revenue growth over the past several years, nearly doubling its net sales since 2019. However, this growth has been accompanied by shrinking profit margins and fluctuating net profits, which have declined significantly from earlier highs. The company’s rising employee and other expenses have weighed on operating profitability, while interest and depreciation costs have also increased.
The balance sheet shows a strengthening equity base and asset expansion, but also a rise in liabilities and borrowings, particularly short-term debt. Cash flow trends highlight the need for careful working capital and liquidity management as operating cash inflows have been uneven.
Investors should weigh the company’s growth potential against margin pressures and cash flow variability. Monitoring cost control measures and capital allocation efficiency will be crucial to assessing future performance prospects for We Win Ltd.
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