| Periods | 1 Week | 1 Month | 3 Months | 6 Months | 1 Year | 3 Years | All Time |
|---|---|---|---|---|---|---|---|
| Primex-40 | |||||||
| Merino Industries Limited |
|
Particular |
31-03-2025 |
31-03-2024 |
|
Non- Current assets |
||
|
Property, Plant and Equipment |
1,23,678.19 |
1,27,490.15 |
|
Right of use assets |
7,011.70 |
7,680.03 |
|
Capital work-in-progress |
4,249.95 |
2,892.70 |
|
Other intangible assets |
1,217.80 |
18.55 |
|
Intangible
assets under development |
- |
801.61 |
|
Investments |
7,931.42 |
5,612.41 |
|
Loans |
17.03 |
26.02 |
|
Others |
890.29 |
882.11 |
|
Non-current tax assets (net) |
3,766.88 |
2,914.63 |
|
Other non-current assets |
1,168.90 |
1,710.63 |
|
Current assets |
||
|
Inventories |
65,458.84 |
58,938.46 |
|
Biological
assets other than bearer plants |
- |
32.55 |
|
Investments |
2,832.62 |
12,155.04 |
|
Trade
receivables |
20,178.30 |
21,469.70 |
|
Cash and cash equivalents |
291.43 |
1,414.14 |
|
Bank balances other than above |
69.64 |
650.74 |
|
Loans |
73.48 |
174.60 |
|
Other |
909.37 |
1,525.57 |
|
Other current assets |
12,940.58 |
13,499.73 |
|
Total Assets |
2,52,686.42 |
2,59,889.37 |
|
Equity |
||
|
Equity Share Capital |
1,127.94 |
1,127.94 |
|
Other Equity |
1,34,569.88 |
1,34,904.53 |
|
Non-current liabilities |
||
|
Borrowings |
15,209.85 |
21,393.89 |
|
Lease liabilities |
1,106.26 |
1,351.51 |
|
Other financial liabilities |
- |
7.96 |
|
Provisions |
617.41 |
562.74 |
|
Deferred tax liabilities (net) |
2,633.65 |
3,231.93 |
|
Other
non-current liabilities |
59.94 |
66.03 |
|
Current liabilities |
||
|
Borrowings |
55,039.58 |
50,834.55 |
|
Lease liabilities |
510.42 |
486.99 |
|
Trade payables |
|
|
|
Total outstanding dues of micro and small enterprises |
1,438.55 |
1,688.45 |
|
Total outstanding dues of
creditors other than above |
23,174.38 |
24,952.08 |
|
Other financial liabilities |
10,971.68 |
11,782.31 |
|
Other current liabilities |
4,472.68 |
3,338.82 |
|
Provision |
1,754.20 |
4,159.64 |
|
Total equity and liabilities |
2,52,686.42 |
2,59,889.37 |
|
Particulars |
31-03-2025 |
31-03-2024 |
|
Revenue from operations |
2,30,138.71 |
2,25,182.71 |
|
Other Income |
5,359.17 |
5,729.44 |
|
Total income |
2,35,497.88 |
2,30,912.15 |
|
Expenses |
|
|
|
Cost of materials consumed |
1,14,340.90 |
1,10,010.51 |
|
Purchase of stock in trade |
13,312.49 |
7,438.76 |
|
Change in inventories of finished goods, stock in trade work-in-progress and biological assets |
(6,048.85) |
4,366.59 |
|
Employee benefit expense |
35,019.57 |
29,041.26 |
|
Finance cost |
5,787.43 |
2,638.33 |
|
Depreciation and amortization expense |
12,807.43 |
7,386.53 |
|
Other expenses |
62,964.44 |
53,682.22 |
|
Total expenses |
2,38,183.41 |
2,14,564.20 |
|
(Loss)/Profit Before Tax |
(2,685.53) |
16,347.95 |
|
Current tax |
(1,033.24) |
2,399.92 |
|
Deferred tax |
(920.00) |
1,794.33 |
|
Net (Loss)/Profit For The Year |
(732.29) |
12,153.70 |
|
Other Comprehensive Income (OCI) |
|
|
|
Items that will not be reclassified subsequently to profit or loss: |
|
|
|
Remeasurements of post-employment benefit obligations |
798.26 |
35.30 |
|
Income tax relating to items that will not be reclassified to profit or loss |
(200.91) |
(8.88) |
|
Items that may be reclassified to profit and loss: |
||
|
Changes
in fair value of FVTOCI equity instruments |
480.03 |
23.26 |
|
Income tax relating to items that will be reclassified to profit or loss |
(120.81) |
(5.85) |
|
Total Comprehensive Income for the year |
224.28 |
12,197.53 |
|
Earnings per equity share (in Rs.) |
|
|
|
Basic |
(6.55) |
108.72 |
|
Diluted |
(6.55) |
108.72 |
|
Particular |
31-03-2025 |
31-03-2024 |
|
Cash Flow From Operating Activities |
|
|
|
Net (loss)/Profit Before Tax as per statement of profit and loss |
(2,685.53) |
16,347.95 |
|
Adjustments for: |
|
|
|
Depreciation and amortisation expense |
12,807.43 |
7,386.53 |
|
(Profit)
on sale/disposal of property, plant and equipment (net) |
(55.26) |
(28.13) |
|
Fair
value changes of derivative measured at FVTPL (gain) |
44.06 |
200.80 |
|
Finance costs |
5,787.43 |
2,638.33 |
|
Advances
written off |
0.36 |
0.06 |
|
Unrealised
foreign exchange (gain) (net) |
(225.89) |
(436.05) |
|
Net
gain on sale of investment measured at FVTPL |
(583.71) |
(163.92) |
|
(Gain) on fair valuation of financial instruments measured at FVTPL (net) |
(387.29) |
(2,792.99) |
|
Gain
on lease modification |
(8.60) |
(117.70) |
|
Interest
income |
(499.86) |
(213.18) |
|
Dividend
income |
(38.64) |
(50.37) |
|
Recovery
of bad debts |
(6.00) |
(9.24) |
|
Income
due to amortisation of government grants |
(6.09) |
(6.09) |
|
Provisions/liabilities
no longer required written back (net) |
(1,599.71) |
(223.21) |
|
Operating Profit before Working Capital Changes |
12,542.70 |
22,532.79 |
|
Adjustments for: |
|
|
|
Trade
receivables |
1,326.52 |
(3,798.82) |
|
Other
non-current and current financial assets |
32.99 |
(36.56) |
|
Other
non-current and current other assets |
493.01 |
(3,848.59) |
|
Inventories |
(6,520.38) |
(794.38) |
|
Biological
assets other than bearer plants |
32.55 |
1,493.69 |
|
Trade
payables |
(1,893.50) |
6,378.54 |
|
Other
non-current and current financial liabilities |
1,964.67 |
2,942.87 |
|
Other
non-current and current liabilities |
2,720.97 |
(1,737.55) |
|
Other
non-current and current provisions |
(601.64) |
541.31 |
|
Cash Generated from Operations |
10,097.89 |
23,673.30 |
|
Net direct tax paid |
(769.88) |
(3,450.55) |
|
Net Cash generating from Operating Activities |
9,328.01 |
20,222.75 |
|
Cash Flow From Investing Activities |
|
|
|
Acquisition of property, plant and equipment and capital work-in-progress |
(10,920.70) |
(34,623.59) |
|
Acquisition of intangible assets and intangible assets under development |
(1,468.98) |
(808.58) |
|
Proceeds from sale of property, plant and equipment/intangible assets |
87.92 |
146.83 |
|
Purchase
of investment |
(5,602.48) |
(4,727.70) |
|
Proceeds
from redemption of bank deposits |
1,172.57 |
6,728.17 |
|
Proceeds
from sale of investment |
14,276.74 |
4,344.08 |
|
Interest
received |
488.76 |
196.91 |
|
Dividend
income |
38.64 |
50.37 |
|
Net Cash Used in Investing Activities |
(1,927.53) |
(28,693.51) |
|
Cash Flow From Financing Activities |
|
|
|
Proceeds
from non- current borrowings |
7,000.00 |
4,316.69 |
|
Repayment
of non- current borrowings |
(12,243.54) |
(4,186.15) |
|
Increase
in current borrowings |
1,561.31 |
13,359.77 |
|
Principal
payment of lease liabilities |
(572.70) |
(496.06) |
|
Interest
payment of lease liabilities |
(138.87) |
(147.63) |
|
Finance
cost paid |
(5,271.10) |
(2,474.31) |
|
Dividend
paid |
(555.12) |
(1,008.17) |
|
Net Cash (Used In)/Flow
From Financing Activities |
(10,220.02) |
9,364.14 |
|
Net Increase/(Decrease) in Cash and Cash Equivalents |
(2,819.54) |
893.37 |
|
Opening balance of cash and cash equivalents |
1,408.94 |
515.57 |
|
Closing balance of cash and cash
equivalents |
(1,410.60) |
1,408.94 |
Summary of the Cash Flow Statement
for the years 2025 and 2024:
Cash Flow from Operating Activities
In FY
2025, the company generated ₹9,32,801 lakhs from operations, which is
much lower than ₹20,22,275 lakhs in FY 2024. The fall is mainly because
inventories increased by ₹6,52,038 lakhs, trade receivables went up by ₹1,32,652
lakhs, and profitability before tax dropped compared to last year. Although
provisions and other liabilities supported cash flow, the overall inflow from
core business operations was nearly halved, indicating weaker working capital
efficiency.
Cash Flow
from Investing Activities
The
company had a net outflow of ₹1,92,753 lakhs in FY 2025, compared to a
much higher outflow of ₹28,69,351 lakhs in FY 2024. A large part of
funds went into property, plant & equipment (₹10,92,070 lakhs) and
intangible assets (₹1,46,898 lakhs). However, this was partly offset by
high proceeds from the redemption/sale of investments (₹14,27,674 lakhs)
and interest/dividend income (₹5,275 lakhs combined). Compared to last
year, the company controlled investment outflows better, though capital
expenditure remained significant.
Cash Flow
from Financing Activities
In FY
2025, financing activities led to a net outflow of ₹10,22,002 lakhs,
while FY 2024 showed an inflow of ₹9,36,414 lakhs. The negative flow
came mainly from repayment of non-current borrowings (₹12,24,354 lakhs)
and high finance costs (₹5,27,110 lakhs). Although the company raised
fresh long-term borrowings (₹7,000 lakhs) and short-term borrowings (₹1,56,131
lakhs), these were not enough to cover repayments and dividend payouts.
This indicates rising repayment obligations and heavier interest costs.
Net
Effect on Cash
Overall,
the company saw a cash decrease of ₹2,81,954 lakhs in FY 2025, compared
to a positive increase of ₹89,337 lakhs in FY 2024. The closing balance
turned negative at ₹1,41,060 lakhs, against a positive ₹1,40,894
lakhs last year. This reflects liquidity stress caused by weaker operating
inflows and heavy financing outflows, even though investment outflows were
relatively controlled this year.
|
Particular |
31-03-2025 |
31-03-2024 |
|
Current Ratio (in times) |
1.06 |
1.13 |
|
Debt Equity Ratio (in times) |
0.53 |
0.54 |
|
Debt Service Coverage Ratio (in times) |
0.96 |
3.03 |
|
Return on Equity Ratio (in %) |
(0.54)% |
9.32% |
|
Inventory Turnover Ratio (in days) |
187 |
178 |
|
Trade receivable Turnover Ratio (in days) |
33 |
32 |
|
Trade Payable Turnover Ratio (in days) |
50 |
50 |
|
Net Capital Turnover Ratio (in times) |
25.56 |
10.85 |
|
Net Profit Ratio (in %) |
(0.32)% |
5.40% |
|
Return on Capital Employed Ratio (in %) |
1.50% |
8.89% |
|
Return
on investment (in %) |
12.74% |
18.84% |
Summary of the financial ratio for
the years 2025 and 2024:
Current Ratio
The
current ratio was 1.06 times in 2025, slightly lower than 1.13 times
in 2024. This shows that the company has just enough current assets to
cover its current liabilities, but the slight fall indicates a reduction in
short-term liquidity strength.
Debt-Equity
Ratio
The
debt-equity ratio stood at 0.53 times in 2025, almost the same as 0.54
times in 2024. This means the company is moderately dependent on debt
financing, but still maintains a balanced capital structure with more equity
than debt.
Debt
Service Coverage Ratio
The DSCR
fell sharply to 0.96 times in 2025 from 3.03 times in 2024. A
DSCR below 1 means the company is not generating enough cash profits to fully
meet its debt obligations, which raises concern about repayment capacity.
Return on
Equity
ROE
turned negative at –0.54% in 2025, compared to a healthy 9.32% in
2024. This shows the company generated a small loss for shareholders in
2025, while in 2024 it gave a good return on their investment.
Inventory
Turnover Ratio
The
inventory turnover cycle increased slightly to 187 days in 2025 from 178
days in 2024. This means the company is taking more time to sell its
inventory, which may signal slower sales or excess stock.
Trade
Receivables Turnover Ratio
Receivables
turnover remained stable at 33 days in 2025 compared to 32 days in
2024. This indicates that the company collects money from customers in
about a month, showing consistent credit control.
Trade
Payables Turnover Ratio
Payables
turnover stayed constant at 50 days for both years. This shows the
company takes around 50 days to pay its suppliers, indicating stable payment
practices.
Net
Capital Turnover Ratio
The net
capital turnover improved significantly to 25.56 times in 2025 from 10.85
times in 2024. This means the company is now using its working capital much
more efficiently to generate revenue.
Net
Profit Ratio
The net
profit ratio declined sharply to –0.32% in 2025 from 5.40% in 2024.
This shows the company made a small net loss in 2025, compared to good
profitability in the previous year.
Return on Capital Employed
ROCE
dropped to 1.50% in 2025 from 8.89% in 2024. This indicates that
the company’s ability to generate returns from the capital employed has
weakened, showing lower efficiency and profitability.
