Maxplus Logistics Ltd Annual Reports, Balance Sheet and Financials

Maxplus Logistics Limited Standalone Balance Sheet (All amounts in INR '000)

Particulars	2025	2024
ASSETS
Non-current assets
Property, Plant and Equipment	111	111
Financial assets
Investments	1	19
Deferred tax assets (Net)	1,680	1,680
Total Non Current Assets	1,793	1,811
Current assets
Financial assets
Trade and other receivables	125	-
Cash and cash equivalents	115	94
Assets for current tax (net)	160	149
Other current assets	22	21
Total Current Assets	422	265
TOTAL	2,215	2,076
EQUITY AND LIABILITIES
Equity
Equity Share capital	38,345	38,345
Other equity	(39,195)	(37,821)
Total Equity	(851)	523
Non-current liabilities
Long term provisions	32	134
Total Non-current liabilities	32	134
Current liabilities
Financial liabilities
Borrowings	2,683	1,221
Other current liabilities	352	178
Short-term provisions	-	20
Total Current Liabilities	3,035	1,418
TOTAL	2,215	2,076

 Maxplus Logistics Limited Standalone Profit & Loss Statement (All amounts in INR '000)

Particulars	2025	2024
Revenue from operations	650	168
Other income	-	1,603
Total Income	650	1,771
Expenses
Employee benefit expense	819	534
Finance cost	58	7
Depreciation and amortization expense	-	6
Other expense	1,293	490
Total expenses	2,170	1,037
Profit/ (loss) before tax	(1,520)	734
Profit/ (loss) for the period	(1,520)	734
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurement of the net defined benefit liability / asset, net	146	4
Loss on Sale of Fixed Assets	-	(41)
Income tax relating to items that will not be reclassified to profit or loss	-	(1)
	146	(38)
Total comprehensive income for the period	(1,374)	696
Earnings per equity share
a) Basic	(0.36)	0.18
b) Diluted	(0.36)	0.18

 Maxplus Logistics Limited Standalone Cash Flow Statement (All amounts in INR '000)

Cash Flow Statement Analysis – MAXPLUS LOGISTICS LIMITED

A. Cash Flow from Operating Activities

The company reported a net loss before tax of ₹1,520 thousand in 2025 compared to a profit of ₹734 thousand in 2024, indicating a deterioration in core operating performance. After adjustments for non-cash and finance items such as gratuity provision and interest, the operating loss stood at ₹1,439 thousand.

Working capital movements further impacted liquidity. Decrease in trade receivables and other receivables provided limited support, while an increase in current liabilities offered some cash inflow. However, these were insufficient to offset operational losses, resulting in net cash outflow from operating activities of ₹1,401 thousand in 2025, compared to a positive inflow of ₹567 thousand in 2024. This reflects weakened operational efficiency and cash generation capacity.

B. Cash Flow from Investing Activities

Investing activity during 2025 was minimal, consisting mainly of sale of investments amounting to ₹18 thousand, generating a small cash inflow. There were no major capital expenditures or investment purchases reported, indicating limited expansion or asset acquisition during the year.

C. Cash Flow from Financing Activities

Financing activities remained the primary source of funds. The company raised ₹1,462 thousand through an increase in unsecured loans, which supported liquidity during the year. After accounting for interest payments of ₹58 thousand, net cash inflow from financing activities stood at ₹1,404 thousand, compared to an outflow in the previous year. This indicates reliance on external borrowings to meet operational cash deficits.

Overall Cash Position

Despite operating losses, financing inflows helped maintain liquidity. The company recorded a net increase in cash and cash equivalents of ₹21 thousand in 2025, improving the closing balance to ₹115 thousand from ₹94 thousand in 2024. However, sustainability depends on improving operating cash flows rather than continued dependence on borrowings.

Below are the Financial Ratios

Particulars	2025	2024
Current Ratio	0.14	0.19
Return on Equity Ratio	928.25%	57.33%
Return on Capital Employed	178.70%	140.30%
Debt-Equity Ratio	315%	233%
Debt Service Coverage Ratio	-57%	60%
Trade Receivable Turnover Ratio	10.4	0
Net Profit Ratio	(2.34)	-

Key Ratio Analysis – Maxplus Logistics Limited

1. Current Ratio
The current ratio declined from 0.19 in 2024 to 0.14 in 2025, indicating a weak short-term liquidity position. The company does not have sufficient current assets to cover its current liabilities, reflecting dependence on external funding and possible working capital stress.

2. Return on Equity (ROE)
ROE increased significantly from 57.33% in 2024 to 928.25% in 2025. This sharp rise indicates exceptionally high returns generated for shareholders; however, such an abnormal increase may be due to a low equity base or exceptional income and should be assessed cautiously for sustainability.

3. Return on Capital Employed (ROCE)
ROCE improved from 140.30% to 178.70%, showing more efficient utilization of total capital employed. The company appears to be generating higher operating profits relative to the capital invested, indicating improved operational performance.

4. Debt–Equity Ratio
The debt–equity ratio rose from 233% in 2024 to 315% in 2025, reflecting a highly leveraged capital structure. Increased reliance on borrowed funds raises financial risk and interest burden, which may affect long-term solvency.

5. Debt Service Coverage Ratio (DSCR)
DSCR declined sharply from 60% in 2024 to negative (-57%) in 2025, indicating the company’s inability to generate adequate earnings to service its debt obligations. This signals financial strain and potential repayment risk.

6. Trade Receivable Turnover Ratio
The ratio improved to 10.4 in 2025 from negligible levels in 2024, suggesting better collection efficiency and improved credit management. Faster receivable turnover strengthens cash flow and liquidity.

7. Net Profit Ratio
The net profit ratio stands at negative (2.34) in 2025, indicating losses at the net level despite strong returns on capital ratios. This may be due to high finance costs, exceptional expenses, or operational inefficiencies affecting final profitability.