Maharaja Shree Umaid Mills Limited (Maharaja Shree Umaid) Return Comparision with Primex 40 Index

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Primex-40
Maharaja Shree Umaid Mills Limited

Maharaja Shree Umaid Mills Limited Consolidated Balance Sheet (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Non-Current Assets:
Property, Plant and Equipment	1,01,398.70	1,04,752.51
Capital Work in Progress	369.99	334.63
Right-of-use assets	180.28	204.55
Investment properties	4,857.80	5,022.52
Other intangible assets	-	14.60
Biological assets other than bearer plants	4.62	4.99
Investment accounted for using the equality method	12,780.80	9,782.74
Investments	8,186.02	7,087.70
Loans	400.00	1,535.00
Other Financial assets	4,919.07	3,382.55
Other Non-current Assets	10.95	22.63
Current Assets:
Inventories	12,753.10	12,376.72
Investments	6,879.91	9,880.84
Trade Receivables	4,649.66	5,047.67
Cash and Cash Equivalents	1,466.50	4,181.67
Bank Balances Other than above	191.46	1,865.40
Loans	1,104.35	1,303.88
Others Financial Assets	732.37	728.76
Current tax assets (net)	1,707.74	1,576.02
Other Current Assets	3,212.23	3,103.06
Total Assets	1,65,805.55	1,72,208.44
Equity
Equity Share Capital	20,058.07	7,860.61
Share Suspense account	-	12,197.46
Other Equity	67,942.21	57,923.73
Non-controlling interest	-34.22	-36.01
Non-Current Liabilities
Borrowings	37,864.98	42,501.83
Lease Liabilities	5.09	5.67
Others financial liabilities	268.37	256.23
Provisions	89.67	127.67
Deferred tax laibilities (net)	11,956.04	11,266.62
Othe Non-current liabilities	1,406.15	1,544.04
Current Liabilities:
Borrowings	18,748.24	30,678.33
Lease Liabilities	0.35	0.35
Trade Payables
Total outstanding dues of micro and small enterprises	214.04	193.87
Total outstanding dues of creditors other than micro and small enterprises	1,477.54	1,488.66
Other current financial liabilities	4,708.30	4,744.11
Other Current liabilities	355.54	918.80
Provisions	745.18	536.29
Total Equity and Liabilities	1,65,805.55	1,72,208.26

Maharaja Shree Umaid Mills Limited Consolidated Profit & Loss Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Income
Revenue From Operations	60,034.92	54,207.29
Other Income	785.12	629.74
Total Income	60,820.04	54,837.03
Expenses
Cost of Material Consumed	28,618.70	30,094.20
Purchase of stock in trade	-	211.13
Changes in Inventories of Finished Goods, Work-in-Progress and traded goods	-94.28	606.47
Employee Benefits expenses	5,353.72	4,902.17
Finance Cost	5,266.89	4,895.57
Depreciation and Amortization expenses	4,646.90	4,537.11
Other Expenses :
Power And fuel	5,446.48	5,278.43
Others	5,496.60	4,130.11
Total Expenses	54,735.01	54,655.19
Share of Profit/(Loss) of associates	798.88	511.83
Profit before exceptional items before tax	6,883.91	693.69
Exceptional items	415.29	264.72
Profit Before Tax	6,468.63	428.97
Current Tax	3.02	1.87
Current Tax related to earlier years	28.35	24.41
Deferred Tax charge/(credit)	668.96	-53.00
Profit/(loss) for the year	5,768.29	403.22
Other comprehensive income
Items that will not be reclassified to profit or loss:
Gain/(loss) on fair valuation of equity instruments	4,254.05	10,186.90
Gain/(loss) on remeasurements of the defined benefit obligation	-13.25	-13.97
Deferred tax relating to above	10.74	-1,651.24
Total other comprehensive income for the year	4,251.54	8,521.69
Total comprehensive income for the year	10,019.83	8,924.91
Profit for the year attributable to:
Owners of the parent	5,766.51	404.70
Non-Controlling Interest	1.79	-1.48
Other comprehensive income attributable to:
Owners of the parent	4,251.54	8,521.69
Total comprehensive income attributable to:
Owners of the parent	10,018.05	8,926.38
Non-Controlling Interest	1.79	-1.48
Earnings Per Share of Rs. 10 each
Basic	2.87	0.20
Diluted	2.87	0.20

Maharaja Shree Umaid Mills Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Cash Flow from Operating Activities
Net profit before tax	6,468.63	428.97
Adjustments for:
Finance costs	5,266.89	4,895.57
Depreciation and amortization expenses	4,646.90	4,537.11
Net gain on fair valuation of investment measured at fair value through profit and loss	-3,406.90	-260.02
Profit on sale of investment	-4,969.35	-
Net profit on sale of property, plant and equipment	-5.53	-178.92
Sale of Land	-324.78	-
Interest income	-1,208.64	-795.03
Excess provision and unspent liabilities written back	-0.57	-37.56
Provision for/(Reversal of) allowance for expected credit loss	1.73	-16.12
Dividend income	-264.18	-47.68
Net loss/(gain) on fair value of biological asset	0.37	-0.04
Deferred government subsidy	-110.54	-116.82
Impairement of non current asset held for sale	-	12.55
Reversal of impairement of non current asset held for sale	-12.56	-
Provision for hank yarn obligation	86.15	6.23
Loss on sale of land	-	253.92
Loss on derecognition of associate	415.29	-
Operating profit before working capital changes	6,582.90	8,682.16
Changes in Working capital:
(Increase)/decrease in inventories	-376.38	594.87
(Increase)/decrease in trade receivables	396.11	1,315.59
(Increase)/Decrease in other receivables	-431.79	-270.06
Increase/(Decrease) in trade payables	9.05	-1,640.69
Increase/(Decrease) in other payables	-149.12	-168.49
Increase/(Decrease) in provisions	71.50	32.72
Income taxes (paid)/refund (net)	-163.09	-179.28
Net cash inflow/(outflow) from operating activities	5,939.17	8,366.83
Cash Flow from Investing Activities
Purchase of property, plant and equipment including capital work in progress	-1,398.21	-858.25
Purchase of investment property	-561.66	-
Proceeds from sale of property, plant and equipment	1,147.35	49.30
Advance received for the sale of land	-	400.00
Derecognition of an associate	740.00	-
Proceeds from sale of investments	19,923.81	-96.67
Purchase of investments	-9,117.50	-9,256.40
Loan given to related parties	-3,592.00	-1,791.00
Loan refunded back by related parties	4,926.53	1,046.91
Net decrease in fixed deposits	126.09	1,007.06
Dividend received	264.18	47.68
Interest received	1,223.61	789.33
Net cash inflow/(outflow) from investing activities	13,682.20	-8,662.05
Cash Flow from Financing Activities
Finance costs paid	-5,768.55	-4,738.14
Payment of lease liabilities	-1.06	-0.19
Equity shares issued	-	1,544.74
Proceeds from non-current borrowings	188.70	844.00
Repayment of non-current borrowings	-4,456.89	-4,811.44
Loans received from related parties	60,235.33	50,188.00
Loans refunded back to related parties	-72,477.54	-38,800.90
Net proceed/(repayment) from current borrowings	-56.53	-1,152.58
Net cash inflow/(outflow) from financing activitie	-22,336.54	3,073.48
Net increase/(decrease) in cash and cash equivalents	-2,715.17	2,778.25
Cash and cash equivalents at the beginning of the year	4,181.67	67.44
Cash and cash equivalents as at the end of the year	1,466.50	4,181.67

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

Cash Flow from Operating Activities
Operating cash flow in 2025 was ₹5,939.17 lakhs compared to ₹8,366.83 lakhs in 2024. While net profit before tax rose sharply to ₹6,468.63 lakhs, there were several large non-cash adjustments, including high finance costs and depreciation. Gains from investment sales and fair value adjustments reduced operating profit before working capital changes to ₹6,582.90 lakhs in 2025, lower than the ₹8,682.16 lakhs of 2024. Working capital adjustments were mixed — inventories and other receivables increased, creating outflows, while trade receivables improved slightly. However, trade payables showed only a marginal increase compared to a big drop in 2024. After tax payments, net operating cash inflow declined year-on-year, showing that despite profitability, the working capital position and extraordinary adjustments limited cash generation.

Cash Flow from Investing Activities
Investing activities in 2025 showed a very strong inflow of ₹13,682.20 lakhs, in contrast to a large outflow of ₹8,662.05 lakhs in 2024. The key driver was proceeds from sale of investments amounting to ₹19,923.81 lakhs, supported by recovery of loans from related parties. At the same time, there were heavy outflows for new investments, loans given, and capital expenditure. Proceeds from property sales, interest, and dividends also supported inflows. In 2024, heavy purchases of investments and loans given had led to negative investing cash flow.

Cash Flow from Financing Activities
Financing activities recorded a net outflow of ₹22,336.54 lakhs in 2025 compared to an inflow of ₹3,073.48 lakhs in 2024. This was mainly due to large repayments of loans to related parties (₹72,477.54 lakhs) and repayments of borrowings, which exceeded inflows from fresh loans received (₹60,235.33 lakhs). In 2024, financing activities were positive because fresh loans received were higher and equity shares were issued. The higher interest outflow in 2025 also contributed to the negative financing cash flow.

Net Change in Cash and Closing Balance
Overall, cash and cash equivalents decreased by ₹2,715.17 lakhs in 2025 compared to an increase of ₹2,778.25 lakhs in 2024. The year opened with a balance of ₹4,181.67 lakhs and closed at ₹1,466.50 lakhs. This decline reflects that despite strong cash inflows from investing activities, they were outweighed by heavy outflows in financing and relatively weaker operating cash flow.

Financial Ratios of Maharaja Shree Umaid Mills Limited

Particulars	31-03-2025	31-03-2024
Current ratio	1.31	1.07
Debt-Equity ratio	0.77	1.05
Debt Service coverage ratio	0.6	0.26
Return on equity ratio	6.16%	-14.00%
Inventory turnover ratio	4.78	4.29
Trade receivables turnover ratio	12.37	9.51
Trade Payables turnover ratio	18.08	12.78
Net capital turnover ratio	7.9	20.34
Net profit ratio	7.59%	-19.00%
Return on capital employed	7.35%	3.05%
Return on Investment	44.15%	17.52%

Summary of the financial Ratios for Maharaja Shree Umaid Mills Limited for the year 2025 and 2024:

Current Ratio
The current ratio has improved slightly from 1.07 in 2024 to 1.31 in 2025. This indicates a better liquidity position, suggesting that the company is in a stronger position to meet its short-term obligations with its current assets.

Debt-Equity Ratio
The debt-equity ratio declined from 1.05 in 2024 to 0.77 in 2025. This shows reduced reliance on debt financing, strengthening the company’s capital structure and lowering financial risk.

Debt Service Coverage Ratio
The debt service coverage ratio has improved from 0.26 in 2024 to 0.60 in 2025. Although still below 1, which indicates challenges in fully covering debt obligations from operating profits, the improvement reflects better debt repayment capacity compared to the previous year.

Return on Equity Ratio
Return on equity turned positive at 6.16% in 2025 compared to a negative -14.00% in 2024. This significant shift highlights improved profitability and efficient use of shareholders’ funds.

Inventory Turnover Ratio
Inventory turnover increased from 4.29 in 2024 to 4.78 in 2025. This suggests better efficiency in managing inventory, with stock being converted into sales more quickly.

Trade Receivables Turnover Ratio
The trade receivables turnover ratio improved from 9.51 in 2024 to 12.37 in 2025, showing that receivables are being collected faster, which enhances cash flow and reduces credit risk.

Trade Payables Turnover Ratio
The ratio increased from 12.78 in 2024 to 18.08 in 2025. This means the company is paying off its suppliers more quickly, which could indicate stronger liquidity but may also reduce credit leverage.

Net Capital Turnover Ratio
The net capital turnover ratio declined sharply from 20.34 in 2024 to 7.90 in 2025. This indicates that the efficiency in utilizing working capital to generate revenue has weakened, possibly due to higher working capital requirements.

Net Profit Ratio
The net profit ratio improved significantly from a negative -19.00% in 2024 to a positive 7.59% in 2025. This reflects a turnaround in profitability, showing that the company has managed to control costs or improve margins.

Return on Capital Employed (ROCE)
ROCE increased from 3.05% in 2024 to 7.35% in 2025, demonstrating better returns from the capital employed and improved operational efficiency.

Return on Investment (ROI)
ROI jumped significantly from 17.52% in 2024 to 44.15% in 2025. This indicates that investments are yielding much higher returns, pointing to better decision-making in capital allocation.

Maharaja Shree Umaid Annual Reports, Balance Sheet and Financials

Maharaja Shree Umaid Mills Limited (Maharaja Shree Umaid) Return Comparision with Primex 40 Index

Maharaja Shree Umaid Mills Limited Consolidated Balance Sheet (Rs in Lakhs)

Maharaja Shree Umaid Mills Limited Consolidated Profit & Loss Statement (Rs in Lakhs)

Maharaja Shree Umaid Mills Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Financial Ratios of Maharaja Shree Umaid Mills Limited

Maharaja Shree Umaid
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