Jesons Industries Annual Reports, Balance Sheet and Financials

Jesons Industries Limited Consolidated Balance Sheet (Rs. in Crores)

Particulars	31-03-2025	31-03-2024
Non-current assets
Plant, property and equipment	225.37	185.22
Capital work in progress	152.84	66.06
Other Intangible assets	5.60	0.31
Intangible assets under development	-	5.80
Non current investment	-	0.63
Other non current financial assets	4.68	2.50
Deferred tax assets	7.90	3.58
Other non current assets	5.40	9.76
Current assets
Inventories	154.70	190.73
Trade receivables	298.89	263.31
Cash and cash equivalent	16.97	3.64
Bank balances other than cash	0.35	0.28
Current loans	0.06	0.09
Other current financial assets	1.11	7.98
Other current assets	52.72	26.89
Non current assets classified as held for sale	-	7.01
Total assets	926.57	773.82
Equity
Equity share capital	26.81	26.81
Other equity	461.16	415.17
Non controlling interest	1.05	1.04
Non-Current liabilities
Borrowings	122.53	49.12
Other non current financial liabilities	12.50	13.37
Provisions	1.44	1.35
Deferred tax liabilities	14.14	3.98
Current liabilities
Borrowings	102.59	16.18
Trade payables	160.94	221.42
Other current financial liabilities	17.34	12.37
Other current liabilities	3.17	8.75
Provisions	2.89	2.73
Current tax liabilities	-	1.51
Total equity and liabilities	926.57	773.82

Jesons Industries Limited Consolidated Profit & Loss Statement (Rs in Crores)

Particulars	31-03-2025	31-03-2024
Income
Revenue from Operations	1,534.25	1,496.23
Other Income	2.28	1.59
Total Income	1,536.53	1,497.81
Expenses
Cost of materials consumed	1,173.03	1,093.38
Purchases of stock in trade	77.18	118.08
Changes in inventories of finished goods	-9.63	11.72
Employee benefits expense	73.71	66.86
Finance costs	11.51	8.97
Depreciation & amortization expense	26.34	19.57
Other Expenses	118.88	104.41
Total Expenses	1,471.02	1,423.00
Profit/(loss) before tax	65.51	74.81
Current Tax expenses	9.62	17.87
Deferred tax expense	10.09	0.45
Net movement in regulatory deferral account	-0.39	0.10
Profit/ Loss for the period from continuing operation	45.41	56.59
Other comprehensive income for the year
Items that will not be reclassified to profit/loss	-0.18	-0.42
Total comprehensive income for the year	45.23	56.17
Earning per share
Basic	8.47	10.50
Diluted	8.47	10.50

Jesons Industries Limited Consolidated Cash Flow Statement (Rs in Crores)

Particulars	31-03-2025	31-03-2024
Cash Flow from Operating Activities
Net Profit/(loss) Before Tax	65.51	74.81
Adjustment for -:
Finance costs	11.51	8.58
Depreciation and amortisation expense	26.34	19.57
Unrealised foreign exchange losses gains	-	-0.15
Interest income	0.52	0.45
Share based payment	0.77	-
Reconcile profit	0.12	-0.47
Non cash items	-1.14	0.36
Adjustment for change in working capital
Inventories	36.03	-14.43
Trade receivables	-34.93	-34.10
Other current assets	-25.82	6.12
Other financial assets	4.57	-1.66
Trade payables	-60.36	36.28
Provisions	-1.39	-3.52
Other financial liabilities	14.28	2.50
Cashflow generated from operations	34.95	93.44
Direct taxes paid	15.45	16.52
Net Cash from/(used in) Operating Activities	19.50	76.92
Cash Flow from Investing Activities
Sale of PPE	3.65	0.10
Purchase of PPE	155.82	99.79
Proceeds from sales of other long term assets	-	22.54
Purchase of other long term assets	-0.05	0.26
Interest received	0.54	0.41
Other inflow/(outflow) of cash	-0.18	-
Net Cash from / (used in) Investing Activities	-151.75	-77.01
Cash Flow from Financing Activities
Proceeds from borrowings	160.15	29.14
Repayment of borrowing	0.33	40.63
Interest paid	10.17	7.52
Other inflow/(outflow) of cash	-4.08	-4.07
Net Cash from/(used in) Financing Activities	145.58	-23.07
Net Increase/decrease in Cash & cash equivalents	13.33	-23.16
Cash and cash equivalents at the beginning of the year	13.33	-23.16
Cash and cash equivalents at the end of the year	16.97	3.64

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

Cash Flow from Operating Activities

The company’s operating performance shows a noticeable decline in cash generation despite remaining profitable. Profit before tax decreased from ₹74.81 crore in FY24 to ₹65.51 crore in FY25, indicating some pressure on core earnings. Non-cash adjustments such as depreciation (₹26.34 crore vs ₹19.57 crore) and finance costs (₹11.51 crore vs ₹8.58 crore) increased, reflecting higher asset base and borrowing levels. However, the most significant impact came from working capital changes. Inventory saw a large positive movement (₹36.03 crore inflow vs ₹14.43 crore outflow last year), suggesting inventory liquidation or improved stock management. On the other hand, trade receivables and other current assets consumed cash, indicating slower collections or increased advances. A major drag was trade payables, which declined sharply (₹60.36 crore outflow vs ₹36.28 crore inflow in FY24), implying the company paid off suppliers more aggressively. As a result, cash generated from operations dropped significantly to ₹34.95 crore from ₹93.44 crore. After tax payments, net operating cash flow fell sharply to ₹19.50 crore (vs ₹76.92 crore), indicating weaker cash conversion and tighter liquidity from core operations.

 

Cash Flow from Investing Activities

Investing activities show a substantial increase in capital expenditure. The company spent ₹155.82 crore on purchase of PPE compared to ₹99.79 crore in FY24, signaling aggressive expansion or capacity addition. There were minimal inflows from asset sales (₹3.65 crore) and almost no contribution from disposal of long-term assets (unlike ₹22.54 crore in FY24). As a result, net cash used in investing activities widened significantly to ₹151.75 crore from ₹77.01 crore. This indicates a strong investment phase, but also raises concerns about near-term cash strain, especially given the weaker operating cash flows.

 

Cash Flow from Financing Activities

Financing activities reflect a major shift in funding strategy. The company raised substantial borrowings of ₹160.15 crore (vs ₹29.14 crore in FY24), which largely funded the heavy capital expenditure. Repayment of borrowings was minimal (₹0.33 crore vs ₹40.63 crore last year), suggesting a net increase in debt. Interest payments also rose to ₹10.17 crore, consistent with higher borrowings. Consequently, net cash from financing activities turned strongly positive at ₹145.58 crore compared to a negative ₹23.07 crore in FY24. This indicates reliance on external funding to support investments and operations.

 

Net Increase/decrease in Cash & Cash Equivalents

Overall, the company reported a net increase in cash of ₹13.33 crore in FY25 compared to a decrease of ₹23.16 crore in FY24. This improvement is primarily due to strong financing inflows rather than operational strength. 

Financial ratios of Jesons Industries Limited.

Particulars	31-03-2025	31-03-2024
Current ratio	1.83	1.87
Debt equity ratio	0.46	0.15
Debt service coverage ratio	0.34	1.28
Return on equity	9.77%	13.63%
Inventory turnover ratio	7.18	6.67
Trade receivables ratio	5.45	5.97
Trade payable turnover ratio	6.30	6.35
Net capital turnover ratio	6.45	6.51
Net profit ratio	2.96%	3.78%
Return on capital employed	12.04%	16.48%
Return on investment	5.39%	7.65%

Summary of Financial Ratios for the year 2025 and 2024.

Current Ratio

The current ratio slightly declined from 1.87 in FY24 to 1.83 in FY25. While this indicates a marginal weakening in short-term liquidity, the ratio still remains above 1.5, suggesting the company is adequately positioned to meet its short-term obligations. However, the decline aligns with the pressure seen in operating cash flows and working capital movements.

 

Debt Equity Ratio

The debt-equity ratio increased significantly from 0.15 to 0.46, reflecting a sharp rise in borrowings during the year. This confirms the company’s increased reliance on debt financing, likely to fund its heavy capital expenditure. While the ratio is still moderate, the rapid increase raises concerns about rising financial risk if not supported by stronger earnings.

 

Debt Service Coverage Ratio

The debt service coverage ratio (DSCR) dropped steeply from 1.28 to 0.34, which is a major red flag. A DSCR below 1 indicates that the company’s operating income is insufficient to cover its debt obligations. This deterioration suggests stress on cash flows and highlights the risk associated with increased borrowings.

 

Return on Equity

Return on equity declined from 13.63% to 9.77%, indicating reduced profitability for shareholders. This drop reflects both lower net profits and higher equity/debt base. It suggests that the additional capital employed during the year has not yet translated into proportional returns.

 

Inventory Turnover Ratio

The inventory turnover ratio improved from 6.67 to 7.18, indicating better inventory management and faster movement of goods. This aligns with the positive inventory-related cash flow and suggests improved operational efficiency in stock handling.

 

Trade Receivables Ratio

The trade receivables ratio declined from 5.97 to 5.45, implying slower collection from customers. This is consistent with the increase in receivables seen in the cash flow statement and indicates a potential tightening of liquidity due to longer credit cycles.

 

Trade Payable Turnover Ratio

The trade payable turnover ratio remained almost stable (6.35 to 6.30), suggesting that the company’s payment cycle to suppliers has not changed significantly. However, combined with the reduction in trade payables in cash flow, it indicates actual cash outflows toward settling dues.

 

Net Capital Turnover Ratio

The net capital turnover ratio slightly declined from 6.51 to 6.45, indicating marginally lower efficiency in utilizing working capital to generate revenue. This reflects the strain in working capital management observed during the year.

 

Net Profit Ratio

The net profit ratio decreased from 3.78% to 2.96%, highlighting reduced profitability margins. This suggests either increased costs, pricing pressure, or inefficiencies, which have impacted overall earnings despite revenue generation.

 

Return on Capital Employed

Return on capital employed (ROCE) declined from 16.48% to 12.04%, indicating lower efficiency in generating returns from total capital employed. This is a concern, especially given the increased investment and borrowing during the year.

 

Return on Investment

Return on investment decreased from 7.65% to 5.39%, further reinforcing the trend of declining returns. It suggests that recent investments have not yet started yielding adequate returns, or that profitability has weakened overall.