Empire Spices and Foods Limited (Empire Spices) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Empire Spices and Foods Limited

Empire Spices and Foods Limited Standalone Balance Sheet (Rs. in crores).

Particulars	31-03-2025	31-03-2024
Equity
Equity share capital	4.84	4.84
Reserve & surplus	105.13	90.28
Non-current liability
Long term borrowings	21.84	26.97
Deferred tax liability	6.74	5.64
Long term provisions	0.28	0.21
Current liabilities
Short term borrowing	15.35	21.72
Trade payables – outstanding dues of micro and small enterprises	8.40	10.13
Trade payables – outstanding dues other than above	6.41	11.55
Other current liabilities	11.66	8.55
Short term Provisions	0.17	0.01
Total equity and liabilities	180.84	179.93
Non-current assets
Plant property & equipment	127.66	118.77
Intangible assets	0.52	0.60
Non current investment	0.01	0.01
Long term Loans & advances	2.42	1.08
Other non current assets	1.16	2.79
Current assets
Inventories	38.44	40.84
Trade receivables	4.36	10.04
Cash and cash equivalent	3.62	2.60
Short term loans and advances	2.57	3.09
Other current assets	0.07	0.10
Total	180.84	179.93

Empire Spices and Foods Limited Standalone Profit & Loss Statement (Rs. in crores).

Particulars	31-03-2025	31-03-2024
Income
Revenue from Operations	312.79	294.91
Other Income	0.61	0.37
Total Income	313.40	295.28
Expenses
Cost of material consumed	171.88	169.06
Changes in inventories of finished goods	-0.71	4.01
Work in progress and stock in trade	4.87	2.80
Manufacturing costs	24.34	21.55
Employee benefit expense	30.30	26.01
Sales, promotion and marketing expense	30.22	26.28
Financial costs	4.59	4.17
Depreciation and amortisation expense	6.92	5.39
Other expenses	19.65	17.86
Total Expenses	292.08	277.69
Profit/ Loss before tax for the period	21.32	17.59
Current tax	4.56	3.01
Earlier year tax	0.09	-
Deferred tax	1.09	1.12
Profit/ Loss after tax for the period	15.57	13.46
Earning per share
Basic	32.17	27.80
diluted	32.17	27.80

Empire Spices and Foods Limited Standalone Cash Flow Statement (Rs. in crores).

Particulars	31-03-2025	31-03-2024
Cash Flow from Operating Activities
Net Profit/(loss) Before Tax	21.32	17.59
Depreciation	6.92	5.42
Interest income	-0.09	-0.11
Profit/loss on sale of assets	0.11	0.01
Interest and finance expense	4.59	4.71
Working capital adjustments:
Trade payables	-6.86	-4.69
Trade receivables	5.68	-2.26
Other receivables	0.52	2.87
Other payables	3.11	-0.54
Short term provisions	0.16	0.02
Long term provisions	0.07	0.07
Inventory	2.40	8.32
Non current assets	1.63	-1.28
Other receivables	-1.30	5.78
Non current investment	-0.01	-
Cash generated from operation	38.25	35.89
Income tax paid	4.65	3.01
Net cashflow from operating activities	33.60	32.88
Cash Flow from Investing Activities
Purchase of fixed assets	-16.08	-32.65
sale of fixed assets	0.22	0.05
Interest received	0.09	0.11
Net Cash from / (used in) Investing Activities	-15.76	-32.49
Cash Flow from Financing Activities
Proceeds from short term borrowing	-6.37	-2.34
Proceeds from long term borrowing	-5.13	5.16
Dividend and dividend tax payment	-0.73	-0.73
Interest and finance charges	-4.59	-4.71
Net Cash from/(used in) Financing Activities	-16.81	-2.61
Net Increase/decrease in Cash & cash equivalents	1.02	-2.22
Cash and cash equivalents at the beginning of the year	2.60	4.81
Cash and cash equivalents at the end of the year	3.62	2.60

Summary of the Cash Flow Statement for the years 2025 and 2024:

Cash Flow from Operating Activities

The net cash flow from operating activities increased slightly from ₹32.88 crores in 2024 to ₹33.60 crores in 2025, indicating steady core business performance. The company’s net profit before tax increased from ₹17.59 crores to ₹21.32 crores, which positively contributed to operating cash flow. Depreciation also increased, adding back to cash flow, while interest income remained negligible. However, working capital changes show mixed trends. Inventory reduced less compared to the previous year, and there was a significant increase in trade payables, which supported cash generation. On the other hand, increases in trade receivables and other payables impacted cash flow negatively. Overall, despite fluctuations in working capital, the company maintained strong and stable operating cash flows, indicating healthy core business operations.

Cash Flow from Investing Activities

Cash flow from investing activities improved significantly, with net outflow reducing from ₹32.49 crores in 2024 to ₹15.76 crores in 2025. This suggests a lower level of investment compared to the previous year. The company spent less on purchasing fixed assets (₹16.08 crores vs ₹32.65 crores), indicating either completion of major expansion in the previous year or a slowdown in capital expenditure. The sale of fixed assets contributed a small inflow, while interest received remained minimal. Overall, the reduced outflow indicates lower investment activity, which may reflect a shift towards consolidation rather than expansion.

Cash Flow from Financing Activities

Cash flow from financing activities showed a higher outflow of ₹16.81 crores in 2025 compared to ₹2.61 crores in 2024, indicating significant repayment or reduction in financing during the year. There was a decrease in both short-term and long-term borrowings, suggesting that the company is reducing its reliance on debt, which aligns with the declining debt-equity ratio seen earlier. Dividend payments and interest expenses remained consistent, reflecting stable shareholder returns and financial obligations. Overall, the financing activities indicate a deleveraging strategy, with the company reducing its borrowings and strengthening its balance sheet.

Net Increase/Decrease in Cash & Cash Equivalents

The company recorded a net increase in cash and cash equivalents of ₹1.02 crores in 2025, compared to a decrease of ₹2.22 crores in 2024. This positive turnaround indicates improved cash management. The closing cash balance increased from ₹2.60 crores to ₹3.62 crores, showing that the company ended the year with better liquidity. This improvement is mainly driven by strong operating cash flows and reduced investment outflows, despite higher financing outflows.

Financial ratios of Empire Spices and Foods Limited.

Particulars	31-03-2025	31-03-2024
Current ratio	1.17	1.09
Debt equity ratio	0.34	0.51
Debt service coverage ratio	2.31	1.94
Return on equity	0.15	0.15
Inventory turnover ratio	4.44	3.82
Trade receivables ratio	43.06	32.81
Trade payables turnover ratio	9.52	6.97
Net capital turnover ratio	44.32	62.67
Net profit ratio	0.05	0.05
Return on capital employed	0.17	0.15
Return on investment	0.14	0.14

Summary of Financial Ratio of the year 2025 and 2024.

Current Ratio

The current ratio improved from 1.09 in 2024 to 1.17 in 2025, indicating a better ability to meet short-term obligations. However, it is still relatively close to 1, which suggests the company maintains only a modest liquidity cushion. While there is improvement, liquidity remains somewhat tight and may require careful working capital management.

Debt Equity Ratio

The debt-equity ratio decreased from 0.51 to 0.34, showing a significant reduction in financial leverage. This indicates the company is relying less on borrowed funds and has strengthened its capital structure. Lower debt improves financial stability and reduces interest burden, which is a positive sign.

Debt Service Coverage Ratio

DSCR improved from 1.94 to 2.31, indicating stronger ability to service debt obligations from operating income. A DSCR above 2 is generally considered very healthy, suggesting the company comfortably meets its debt repayment commitments.

Return on Equity

ROE remained constant at 0.15 (15%) for both years. This indicates that the company’s efficiency in generating profits from shareholders’ equity has remained stable. While not declining is positive, there is no growth in shareholder returns, which may indicate limited improvement in profitability efficiency.

Inventory Turnover Ratio

The inventory turnover ratio increased from 3.82 to 4.44, indicating improved efficiency in managing inventory. The company is selling and replenishing inventory faster, which reduces holding costs and the risk of obsolete stock. This is a positive operational improvement.

Trade Receivables Ratio

The trade receivables ratio increased significantly from 32.81 to 43.06, suggesting faster collection of receivables. This indicates improved credit management and stronger cash flow, as the company is able to convert credit sales into cash more quickly.

Trade Payables Turnover Ratio

This ratio increased from 6.97 to 9.52, indicating the company is paying its suppliers more quickly. While this may reflect good supplier relationships, it could also reduce available short-term liquidity if payments are made too quickly.

Net Capital Turnover Ratio

The ratio declined from 62.67 to 44.32, indicating a decrease in the efficiency of net working capital utilization. This suggests that the company is generating less revenue per unit of working capital compared to the previous year, which is a negative signal for operational efficiency.

Net Profit Ratio

The net profit ratio remained unchanged at 5% (0.05). This shows stable profitability but also indicates that the company has not improved its margin despite other operational improvements. Cost control and pricing strategies may need attention to boost profitability.

Return on Capital Employed

ROCE improved from 0.15 to 0.17 (17%), indicating better utilization of capital employed. This suggests the company is generating higher returns from its invested capital, reflecting improved operational efficiency.

Return on Investment

ROI remained stable at 0.14 (14%), indicating consistent returns on investments. While stability is positive, the lack of growth suggests limited improvement in overall investment efficiency.