India Carbon Limited (India Carbon) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
India Carbon Limited

India Carbon Limited Standalone Balance Sheet (Rs. In Lakhs)

Particular	31-03-2025	31-03-2024
Non- Current assets
Property, Plant and Equipment	1,862.82	1,925.37
Capital work-in-progress	307.04	367.55
Intangible assets	1.10	1.67
Investments	46,349.36	28,639.55
Other financial assets	143.51	62.87
Other non-current assets	39.55	40.11
Current assets
Inventories	8,282.74	8,191.28
Investments	519.47	5,467.52
Trade receivables	878.44	1,635.63
Cash and cash equivalents	792.37	2,919.93
Other bank balances	33.98	219.06
Other financial assets	83.11	324.41
Current tax assets (net)	131.02	(131.73)
Other current assets	1,328.67	3,540.38
Total Assets	60,753.17	53,203.59
Equity
Equity Share Capital	265.00	265.00
Other Equity	53,184.89	51,913.30
Non-current liabilities
Provisions	39.88	41.29
Deferred tax liabilities (net)	1,199.10	225.45
Current liabilities
Borrowings	5,200.00	0.00
Trade Payable:
Total outstanding dues of micro enterprises and small enterprises	305.99	107.01
Total outstanding dues of creditors other than micro enterprises and small enterprises	185.06	209.40
Other financial liabilities	323.88	343.86
Other current liabilities	12.96	44.98
Provisions	36.42	53.32
Total equity and liabilities	60,753.17	53,203.59

India Carbon Limited Standalone Profit & Loss (Rs. In Lakhs)

Particulars	31-03-2025	31-03-2024
Revenue from operations	17,452.97	42,039.12
Other Income	1,634.77	3,709.25
Total income	19,087.74	45,748.37
Expenses
Cost of materials consumed	13,615.84	30,799.06
Change in inventories of finished goods and work-in-progress	1,666.29	6,231.31
Employee benefit expense	1,096.22	1,140.14
Finance cost	176.76	408.87
Depreciation and amortization expense	244.18	224.90
Other expenses	3,394.90	4,249.75
Total expenses	20,194.19	43,054.03
Profit/(Loss) Before Tax	(1,106.44)	2,694.34
Current tax	-	475.28
Deferred tax	172.85	(179.71)
Prior year tax adjustments	(5.12)	(629.49)
Profit (Loss) for the year	(1,274.18)	3,028.25
Other Comprehensive Income (OCI)
Items that will not be reclassified subsequently to profit or loss:
Remeasurements of the defined benefit plans	(10.12)	(25.89)
Equity instruments through other comprehensive income	3,409.69	6,674.84
Income Tax Relating to Items that will not be reclassified to profit and loss:
Re-measurements of the defined benefit plans	(5.51)	14.80
Equity instruments through other comprehensive income	(795.29)	(814.10)
Total Comprehensive Income for the year	1,324.59	8,877.90
Earnings per equity share (in Rs.)
Basic	(48.08)	114.27
Diluted	(48.08)	114.27

India Carbon Limited Standalone Cash Flow Statement (Rs. In Lakhs)

Particular	31-03-2025	31-03-2024
Cash Flow From Operating Activities
Net Profit Before Tax as per statement of profit and loss	(1,106.44)	2,694.34
Adjustments for:
Depreciation and amortisation expense	243.62	224.90
Amortisation of prepayments	0.56	0.56
Finance costs	176.76	408.87
Net gain/loss on sale of property, plants and equipment’s	(1.39)	0.69
Interest income	(21.66)	(84.25)
Dividend income	(46.55)	(40.41)
Liabilities no longer required written back	(2.86)	(0.82)
Gain/ loss on sale of investments	(345.25)	(289.56)
Net Gain/Loss on reinstatement of Investments measured at fair value through profit or loss	(987.37)	(2,838.43)
Unrealised Gain/ Loss on Foreign Exchange - Bad Debts / Advances written off	0.00	5.00
Operating Profit before Working Capital Changes	(2,090.58)	80.91
Adjustments for:
(Increase)/decrease in Trade Receivables, Loans, Advances and Other Assets	3,225.82	4,477.35
(Increase)/ decrease in Inventories	(91.46)	12,974.69
Increase/ (decrease) in Trade Payables, Other Liabilities and Provisions	98.93	(383.85)
Cash Generated from Operations	1,142.71	17,149.09
Direct Taxes Paid	(264.62)	(260.41)
Net Cash Flow from Operating Activities	878.09	16,888.69
Cash Flow From Investing Activities
Addition to fixed assets including capital work in progress	(120.78)	(280.95)
Sale of property, plants & equipment	2.20	4.45
Investments in mutual funds	(23,515.10)	(6,859.16)
Investment in equity shares	-	(2.10)
Sale of investment in mutual funds	15,495.66	2,988.08
Investments in bank deposits	93.92	808.27
Interest received	21.66	84.25
Dividend income	46.55	40.41
Net Cash Flow From Investing Activities	(7,975.88)	(3,216.77)
Cash Flow From Financing Activities
Proceeds from short term borrowings (net)	5,200.00	(11,500.00)
Finance cost	(176.76)	(408.87)
Dividend paid	(53.00)	(106.00)
Net Cash Used in Financing Activities	4,970.24	(12,014.87)
Net Increase/(Decrease) in Cash and Cash Equivalents	(2,127.55)	1,657.05
Opening balance of cash and cash equivalents	2,919.93	1,262.87
Closing balance of cash and cash equivalents	792.37	2,919.93

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

Operating Activities

In FY25, the company generated ₹878 lakh cash from operations, which is a big drop compared to ₹16,889 lakh in FY24. The main reason is that this year the company reported a loss before tax of ₹1,106 lakh, while last year there was a profit. Also, in FY24, the company got a huge cash benefit from reducing inventories (₹12,975 lakh), but in FY25, inventories actually increased by ₹91 lakh, which blocked cash. On the positive side, the company managed to collect more from customers (reduction in receivables of ₹3,226 lakh) and payables also went up slightly, which helped support some cash inflow.

Investing Activities

The company spent heavily on investments, especially in mutual funds. In FY25, it invested about ₹23,515 lakh but redeemed only ₹15,496 lakh, leading to a big net outflow. As a result, the total investing outflow rose to ₹7,976 lakh in FY25, compared to ₹3,217 lakh in FY24. Capital expenditure on fixed assets was only ₹121 lakh, which is not very large, and the company also earned some interest and dividend income (₹68 lakh combined), but these were too small to offset the heavy investment spending.

Financing Activities

Financing activities provided some relief this year. The company raised ₹5,200 lakh in short-term borrowings, which helped generate a net inflow of ₹4,970 lakh. This is a big improvement from FY24, when the company had repaid loans and recorded a large outflow of ₹12,015 lakh. Finance costs reduced to ₹177 lakh from ₹409 lakh, and dividend payments also came down to ₹53 lakh from ₹106 lakh, further easing the burden.

Net Increase and Decrease in Cash and Cash Equivalent

Because of weak operating cash and high investing outflows, the company’s overall cash balance fell sharply. In FY25, cash decreased by ₹2,128 lakh, leaving a closing balance of ₹792 lakh. This is much lower than the previous year’s ₹2,920 lakh closing balance, when cash had actually increased.

India Carbon Limited Standalone Financial Ratios

Particular	31-03-2025	31-03-2024
Current Ratio	1.97	29.40
Debt Equity Ratio	0.10	0.00
Return on Equity Ratio	(4.81)	11.43
Inventory Turnover Ratio	2.12	5.91
Trade receivables Turnover Ratio	13.88	21.96
Trade payables Turnover Ratio	11.90	21.72
Net Capital Turnover Ratio	1.27	2.38
Net Profit Ratio	(0.07)	0.07
Return on Capital Employed Ratio	(0.02)	0.06
Interest coverage ratio	(5.26)	7.59

Summary of the financial ratio for the years 2025 and 2024

Current Ratio

In FY24, the current ratio was 29.40, which was unrealistically high, meaning the company had too many current assets compared to liabilities (idle funds). In FY25, it dropped to 1.97, which is normal and healthy. Now the company has just the right balance to meet short-term needs.

Debt-Equity Ratio

The company had no debt in FY24, but in FY25 it took on a very small amount, making the ratio 0.10. This means the company is still almost debt-free and has very little financial risk.

Return on Equity

In FY24, shareholders earned a return of 11.43%, but in FY25 it fell to –4.81%, showing a loss instead of profit. This indicates the company could not generate value for shareholders this year.

Inventory Turnover

The ratio fell from 5.91 to 2.12, meaning inventory is moving much slower. This shows that goods are taking longer to sell, which blocks cash and reduces efficiency.

Trade Receivables Turnover

The ratio dropped from 21.96 to 13.88, which means the company is collecting money from customers slower than before. This may affect cash inflows.

Trade Payables Turnover

The ratio reduced from 21.72 to 11.90, meaning the company is taking more time to pay its suppliers. This helps save cash in the short term but may upset suppliers if delayed too much.

Net Capital Turnover

The ratio went down from 2.38 to 1.27, showing the company is generating less revenue from its capital compared to last year.

Net Profit Ratio

The company had a profit margin of 0.07 in FY24, but in FY25 it turned negative (–0.07), showing that sales are not generating profits anymore.

Return on Capital Employed

It dropped from 0.06 to –0.02, which means the company is not earning returns on the capital invested and is actually making a loss on it.

Interest Coverage Ratio

This ratio fell from 7.59 to –5.26, which means earlier the company easily covered its interest payments, but now it is not even earning enough to pay interest, showing serious stress on profitability.