Apollo Fashion international Limited (Apollo Fashion) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Apollo Fashion international Limited

Apollo Fashion International Limited Standalone Balance Sheet (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Non-Current Assets
Property, plant and equipment	2,349.58	2,170.84
Right of use of asset	268.34	345.81
Other intangible assets	6.49	-
Intangible assets under development	36.00	21.23
Other financial assets	63.51	56.42
Current Assets
Inventories	4,857.72	5,254.69
Trade receivables	4,675.37	2,171.19
Cash and cash equivalents	3.90	508.20
Bank balances other than cash & cash equivalents	1,200.00	31.93
Other financial assets	748.30	158.11
Other current assets	710.49	575.50
Total Assets	14,919.70	11,293.92
Equity
Equity share capital	2,976.52	1,447.30
Other equity	1,980.66	1,338.26
Non-current Liabilities
Borrowings	215.68	5.55
Lease liabilities	224.65	261.86
Non-current provisions	136.23	112.43
Deferred tax liabilities (net)	40.20	15.56
Current Liabilities
Borrowings	6,365.75	1,489.89
Lease liabilities	69.39	90.79
Trade payables - MSME	371.85	237.57
Trade payables - Others	2,019.22	581.89
Other financial liabilities	135.32	5,181.54
Other current liabilities	168.26	67.45
Provisions	68.41	67.33
Current tax liabilities (Net)	147.56	396.50
Total Equity and Liabilities	14,919.70	11,293.92

Apollo Fashion International Limited Standalone Profit & Loss Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Revenue
Revenue from operations	18,243.58	8,998.16
Other income	351.26	311.92
Total income
Expenses
Cost of raw material consumed	13,666.41	6,076.29
Changes in inventories of finished goods and work-in-progress	(29.35)	(137.61)
Employee benefit expenses	1,482.77	585.16
Finance costs	508.02	190.29
Depreciation and amortization expenses	290.40	281.36
Other expenses	929.47	689.14
Total expenses	16,847.72	7,684.63
Profit/(Loss) before tax	1,747.12	1,625.45
Tax expense - Current tax	394.03	396.50
Deferred tax charge/(credit)	45.82	13.41
Profit/(Loss) for the year	1,307.27	1,215.54
Other Comprehensive Income (OCI)
Remeasurement gains/(losses) on post-employment defined benefit plans	1.25	8.54
Income tax relating to items that will not be reclassified to profit or loss	-0.31	-2.15
Other comprehensive income for the year (net of taxes)	0.94	6.39
Total comprehensive income/(loss) for the year	1,308.21	1,221.93
Earnings per share
Basic and Diluted	6.65	79.31

Apollo Fashion International Limited Standalone Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Cash Flow from Operating Activities
Profit/(Loss) before tax	1,747.12	1,625.45
Adjustments for:
Loss on sale of fixed assets	0.74	8.69
Depreciation and amortization expenses	290.40	281.36
Finance cost	508.02	190.29
Interest income	(49.59)	(1.75)
Unrealised foreign exchange loss/ (gain)	-	79.67
Other non-cash items	(21.49)	-
Working capital adjustment	2,475.19	2,183.71
(Increase)/decrease inventories	396.97	(20.88)
(Increase)/decrease trade receivables	(2,504.18)	2,655.21
(Increase) in other current assets	(135.00)	118.41
(Increase) in other financial assets	(517.66)	400.12
Increase in provisions	26.13	26.13
Increase/(decrease) trade payables	1,571.61	(2,213.43)
Increase in other financial liabilities	106.26	(513.15)
Increase other current liabilities	100.81	(1,038.98)
Cash generated from/(used in) operations	1,520.14	1,611.71
Income tax (paid)/refund (net)	(193.48)	-
Net cash flow from/(used in) operating activities	1,326.66	1,611.71
Cash Flow from Investing Activities
Purchase for property, plant & equipment	(507.98)	(92.56)
Sale of property, plant and equipment	94.31	9.22
Fixed deposits made	(1,293.98)	(55.85)
Fixed deposits matured	92.53	33.92
Purchase under business transfer agreement	(5,169.84)	(980.00)
Interest income	4.79	0.14
Net cash flow from/(used in) investing activities	(6,780.17)	(1,085.13)
Cash Flow from Financing Activities
Proceeds from issue of equity shares	412.50	1,447.30
Proceeds from long-term borrowings (net)	337.80	-
Repayment of long-term borrowings	(29.77)	(4.57)
Proceeds / (Repayment) of Short-term borrowings (net)	4,777.96	(1,373.52)
Lease liabilities paid	(90.79)	(51.22)
Finance costs/Processing Fees paid	(458.48)	(166.97)
Net cash flow from/(used in) financing activities	4,949.22	(148.98)
Net increase/(decrease) in cash and cash equivalents	(504.29)	377.60
Cash and cash equivalents at the beginning of the year	508.20	130.59
Cash and cash equivalents at the end of the year	3.91	508.19

Summary of the Cash Flow Statement for the years 2025:

Cash Flow from Operating Activities

The company generated a net operating cash inflow of ₹1,326.66 lakhs in 2025 compared to ₹1,611.71 lakhs in 2024. Profit before tax increased to ₹1,747.12 lakhs from ₹1,625.45 lakhs, supported by non-cash expenses such as depreciation of ₹290.40 lakhs and finance cost of ₹508.02 lakhs. However, working capital changes adversely affected cash flows, mainly due to a significant increase in trade receivables of ₹2,504.18 lakhs and other financial assets of ₹517.66 lakhs. Although trade payables increased by ₹1,571.61 lakhs, overall operating cash flow declined due to higher tax payment of ₹193.48 lakhs and weaker working capital efficiency.

Cash Flow from Investing Activities

The company reported a net investing cash outflow of ₹6,780.17 lakhs in 2025, which is substantially higher than the outflow of ₹1,085.13 lakhs in 2024. Major investments include the purchase of property, plant and equipment amounting to ₹507.98 lakhs, fixed deposits of ₹1,293.98 lakhs, and a business acquisition under a transfer agreement of ₹5,169.84 lakhs. These outflows were partially offset by sale of assets of ₹94.31 lakhs and maturity of fixed deposits of ₹92.53 lakhs. The sharp increase in investing outflow indicates aggressive expansion and long-term growth investment.

Cash Flow from Financing Activities

Financing activities generated a strong net inflow of ₹4,949.22 lakhs in 2025, compared to a net outflow of ₹148.98 lakhs in 2024. The company raised equity capital of ₹412.50 lakhs, long-term borrowings of ₹337.80 lakhs, and short-term borrowings of ₹4,777.96 lakhs. These inflows were partially offset by repayment of long-term loans of ₹29.77 lakhs, lease payments of ₹90.79 lakhs, and finance costs of ₹458.48 lakhs. This reflects a strong dependence on external funding to support expansion and acquisition activities.

Net Change in Cash and Cash Equivalents

Despite strong financing inflows, the company’s cash balance declined by ₹504.29 lakhs in 2025, compared to an increase of ₹377.60 lakhs in 2024. The opening cash balance of ₹508.20 lakhs reduced sharply to a closing balance of only ₹3.91 lakhs. This steep decline is mainly due to heavy investment outflows exceeding operating and financing inflows, indicating tight liquidity at year-end.

Financial Ratios of Apollo Fashion International Limited

Particulars	31-03-2025	31-03-2024
Current ratio	1.30	1.07
Debt-Equity ratio	1.33	0.54
Debt service coverage ratio	0.33	1.09
Return on Equity (%)	34%	87%
Inventory turnover ratio	3.61	1.72
Trade receivables turnover ratio	5.33	2.54
Trade payables turnover ratio	11.06	3.08
Net capital turnover ratio	6.40	15.34
Net profit ratio(%)	7.17%	13.51%
Return on capital employed (%)	19.55%	42.47%

Summary of the financial ratios of Apollo Fashion International Limited for the year 2025 and 2024:

Current Ratio

The current ratio improved from 1.07 in 2024 to 1.30 in 2025, indicating a better short-term liquidity position. This shows that the company is now in a stronger position to meet its current liabilities using current assets. The improvement reflects better working capital management, although the ratio is still only moderately comfortable.

Debt-Equity Ratio

The debt-equity ratio increased significantly from 0.54 in 2024 to 1.33 in 2025. This indicates that the company has increased its reliance on borrowed funds compared to shareholders’ equity. While leverage can help in expansion, a higher ratio also increases financial risk and interest burden.

Debt Service Coverage Ratio

The debt service coverage ratio declined sharply from 1.09 in 2024 to 0.33 in 2025. This shows that the company’s earnings are insufficient to meet its debt repayment obligations comfortably. A ratio below 1 is a warning sign and indicates potential difficulty in servicing debt.

Return on Equity

The return on equity decreased from 87% in 2024 to 34% in 2025. Although the company is still generating reasonable returns for shareholders, the sharp decline reflects reduced profitability and lower efficiency in utilizing shareholders’ funds.

Inventory Turnover Ratio

The inventory turnover ratio increased from 1.72 in 2024 to 3.61 in 2025, showing that inventory is moving faster and stock management has improved. This indicates better sales performance and reduced holding period of inventory.

Trade Receivables Turnover Ratio

The trade receivables turnover ratio improved from 2.54 in 2024 to 5.33 in 2025. This means the company is collecting payments from customers more quickly, which strengthens cash flow and improves liquidity.

Trade Payables Turnover Ratio

The trade payables turnover ratio increased from 3.08 in 2024 to 11.06 in 2025. This indicates that the company is paying its suppliers much faster than before. While this improves supplier relationships, it may also reduce short-term cash availability.

Net Capital Turnover Ratio

The net capital turnover ratio declined from 15.34 in 2024 to 6.40 in 2025. This shows that the company is generating lower sales per unit of capital employed, indicating less efficient utilization of working capital.

Net Profit Ratio

The net profit ratio fell from 13.51% in 2024 to 7.17% in 2025. This indicates that although the company remains profitable, its profit margin has declined due to higher costs or reduced pricing power.

Return on Capital Employed

The return on capital employed declined from 42.47% in 2024 to 19.55% in 2025. This shows that the company’s efficiency in generating operating profits from its capital base has reduced significantly, reflecting weaker operational performance.