Revenue and Profitability Trends
Williamson Fin.'s net sales have seen a dramatic contraction since the fiscal year ending March 2019, when sales stood at ₹37.42 crores. Subsequently, revenue plummeted to single-digit crores and further dwindled to a mere ₹0.01 crore by March 2025. This steep decline reflects a significant reduction in the company’s operating scale or market presence.
Operating income mirrored this trend, with total operating income falling sharply from ₹37.42 crores in 2019 to just ₹0.01 crore in 2025. Despite minimal raw material or purchase costs, the company incurred substantial other expenses, which, although reduced from ₹229.63 crores in 2019 to ₹5.20 crores in 2025, remained disproportionately high relative to income.
Consequently, Williamson Fin. has consistently reported operating losses (PBDIT) excluding other income, ranging from a staggering negative ₹192.81 crores in 2019 to a negative ₹5.37 crores in 2025. Even after accounting for other income, which fluctuated between ₹0.36 crores and ₹11.42 crores in earlier years but declined to ₹0.92 crores in 2025, the company remained in the red with operating losses of ₹4.45 crores in the latest fiscal year.
Interest expenses have significantly decreased from ₹82.41 crores in 2019 to a modest ₹0.06 crores in 2025, reflecting either debt reduction or refinancing. However, the company’s profit before tax and net profit after tax have remained negative throughout, with losses narrowing from nearly ₹192 crores in 2019 to approximately ₹4.45 crores in 2025. Earnings per share have correspondingly been negative, though improving from a steep loss of over ₹230 per share in 2019 to around ₹5.32 per share in 2025.
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Balance Sheet and Financial Position
The company’s balance sheet reveals persistent financial strain. Shareholder’s funds have been negative throughout the period, worsening from approximately negative ₹299.92 crores in 2021 to negative ₹362.06 crores in 2025. This negative net worth indicates accumulated losses and erosion of equity capital.
Total liabilities have decreased from ₹312.76 crores in 2021 to ₹146.82 crores in 2025, with short-term borrowings constituting the majority of debt, standing at ₹440.79 crores in 2025. Non-current liabilities have also declined but remain significant. The company holds minimal tangible fixed assets, with net block consistently around ₹0.01 crore, and no reported capital work in progress or intangible assets under development.
Non-current assets have shrunk from ₹539.07 crores in 2021 to ₹160.16 crores in 2025, largely due to reductions in long-term loans and advances. Current assets have also declined, with total current assets falling from ₹66.85 crores in 2021 to ₹28.46 crores in 2025. The net current assets remain deeply negative, reflecting liquidity challenges.
Book value per share remains negative, moving from approximately negative ₹358.80 in 2021 to negative ₹433.13 in 2025, underscoring the company’s ongoing financial distress.
Cash Flow Analysis
Cash flow statements indicate some operational cash inflows in recent years, with cash flow from operating activities improving to ₹23 crores in 2025 from negative ₹4 crores in 2021. This improvement is driven by favourable changes in working capital and adjustments, despite continued losses at the profit before tax level.
Investing activities have seen reduced cash outflows, dropping from ₹110 crores in 2020 to zero in 2025, suggesting curtailed capital expenditure or asset acquisitions. Financing activities have consistently resulted in cash outflows, reflecting repayments or reductions in borrowings.
Overall, net cash inflows and outflows have balanced out in recent years, with closing cash and cash equivalents remaining negligible.
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Summary and Outlook
Williamson Fin.’s historical performance over the past six years has been characterised by a steep decline in revenue, persistent operating losses, and a deteriorating balance sheet. Despite some reduction in expenses and interest costs, the company has not achieved profitability and continues to report negative equity and earnings per share. The cash flow situation shows some operational improvement but remains constrained by financing outflows and limited asset base.
Investors should note the company’s ongoing financial challenges and negative margins, which suggest a need for strategic restructuring or capital infusion to restore financial health. The historical data underscores the importance of cautious evaluation before considering investment in Williamson Fin.
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