Pushkar Banijya Limited Annual Reports, Balance Sheet and Financials

Pushkar Banijay Limited Consolidated Balance Sheet (Rs In Lakhs)

Particulars	2025	2024
ASSETS
1 FINANCIAL ASSETS
a Cash and Cash Equivalents	21.78	45.25
b Receivables:
Trade Receivables	1.15	-
Other Receivables	6.97	-
c Loans	1,319.27	1,915.64
d Investments	4,741.79	4,875.70
e Other Financial Assets	236.67	13.93
2 NON FINANCIAL ASSETS
a Inventories	1,032.75	-
b Current Tax Assets	53.58	31.71
c Deferred Tax Assets	112.07	-
d Property, Plant & Equipment	4.75	4.99
e Other Non- Financial Assets	26.08	26.27
Total Assets	7,556.86	6,913.49
LIABILITIES AND EQUITY
LIABILITIES
1 FINANCIAL LIABILITIES
a Borrowings (Other than Debt Securities)	760.00	-
b Deposits	10.00	-
c Other Financial Liabilities	82.56	-
NON FINANCIAL LIABILITIES
a Current Tax Liabilities (Net)	-	113.34
b Deferred Tax Liabilities (Net)	-	116.50
c Other Non-Financial Liabilities	355.05	18.62
II EQUITY
a Equity Share Capital	497.90	497.90
b Other Equity	5,449.84	6,167.13
c Non-controlling interest	401.51	-
Total Liabilities and Equity	7,556.86	6,913.49

 Pushkar Banijay Limited Consolidated Profit & Loss Statement (Rs In Lakhs)

Particulars	2025	2024
I Revenue from Operations
i Interest Income	182.55	238.91
ii Dividend Income	32.15	35.16
iii Fees and commission Income	1.81	-
iv Net Gain on Fair Value Changes	-	15.83
Total Revenue from Operations	216.51	289.90
II Other Income	0.06	1.37
III Total Income	216.57	291.27
IV EXPENSES
i Finance Cost	94.86	-
ii Impairment on Financial Instruments	180.94	149.09
iii Purchase of stock-in-trade	502.64	-
iv Changes in inventories of finished goods, stock-in-trade and work-in-progress	(490.55)	-
v Employee Benefits Expense	56.53	44.02
vi Depreciation,Amortisation and Impairment	0.24	0.25
vii Other Expenses	25.08	20.59
vii Net Loss on Fair Value Changes	0.56	-
Total Expenses	370.30	213.95
V Profit/(Loss) before Exceptional Items and Tax	(153.73)	77.32
VII Profit/(Loss) before Tax	(153.73)	77.32
VIII Tax Expense:
Current Tax	32.98	151.53
Deferred Tax	(45.52)	(37.50)
IX Profit / (Loss) after tax  & before share of profit of associates (VII - VIII)	(141.19)	(36.71)
X Share of Profit/(Loss) from Associate Company	35.05	(27.34)
XI Profit/(loss) for the period	(106.14)	(64.05)
XII Other Comprehensive Income
a.i Items that will not be reclassified to profit or loss	(1,262.92)	2,598.80
a.ii Income tax relating to items that will not be reclassified to profit or loss	183.06	(228.04)
a.iii Share of OCI in Associates relating to items that will not be reclassified to profit or loss	2.02	49.93
Other Comprehensive Income for the period	(1,077.84)	2,420.69
XIII Total Comprehensive Income for the period	(1,183.98)	2,356.64
XIV Earnings Per Share
i Basic (Equity Share Face Value 10/- each)	(1.33)	(1.29)
ii Diluted (Equity Share Face Value 10/- each)	(1.33)	(1.29)

 Pushkar Banijay Limited Consolidated Cash Flow Statement (Rs In Lakhs)

Particulars	2025	2024
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax & Extraordinary Items	(153.73)	77.32
Adjustment for :
Dividend from shares lying as Investments	(32.15)	(35.16)
Interest Expenses on Loan	94.86	-
Depreciation Expenses	0.24	0.25
Impairment on Financial Instruments	180.94	149.09
Operating Profit before Working Capital Adjustment	90.16	191.50
Changes in Working Capital
(Increase)/Decrease in Trade Receivables	25.27	-
(Increase)/Decrease in Other Receivables	(4.47)	0.30
(Increase)/Decrease in Loans	1,025.43	179.71
(Increase)/Decrease in Other Financial Assets	25.56	24.73
(Increase)/Decrease in Inventories	(502.64)	-
(Increase)/Decrease in Current Tax Assets	(19.50)	(1.45)
(Increase)/Decrease in Other Non Financial Assets	496.62	0.24
Increase/(Decrease) in Trade Payables	-	-
Increase/(Decrease) in Other Payables	-	-
Increase/(Decrease) in Deposits	-	-
Increase/(Decrease) in Other Financial Liabilities	82.57	-
Increase/(Decrease) in Other Non Financial Liabilities	209.12	17.64
Cash Generated from Operation	1,428.12	412.67
Less: Payment of Taxes	146.32	38.20
Net cashflow from / (used in) operating activities (A)	1,281.80	374.47
B. CASH FLOW FROM INVESTING ACTIVITIES
Dividend from Shares lying as Investments	32.15	35.16
(Increase)/Decrease in Advance for purchase of shares	(107.62)	-
Purchase of Investments	(4,087.79)	(3,493.96)
Proceeds from sale of Non-current Investments	3,297.54	3,107.81
Net cashflow from / (used in) Investing Activities (B)	(865.72)	(350.99)
C. CASH FLOW FROM FINANCING ACTIVITIES
Increase/(Decrease) in Borrowings	(86.00)	-
Interest Expenses on Loan	(94.86)	-
Payment for Buyback of Equity Shares	(277.40)	-
Net cashflow from / (used in) financing activities (C)	(458.26)
Net Increase/(Decrease) in cash and cash equivalents	(42.18)	23.48
Opening Cash & Cash Equivalent	45.25	21.77
Opening Cash & Cash Equivalent of new subsidiary company	18.71	-
Closing Cash & Cash Equivalent	21.78	45.25
CLOSING CASH & CASH EQUIVALENT
Cash at Bank	12.08	39.34
Cash in Hand	9.70	5.91
	21.78	45.25

Cash Flow Statement Analysis – Pushkar Banijay Limited

(₹ in Lakhs)

The Cash Flow Statement of Pushkar Banijay Limited reflects strong operational cash generation in FY 2025 despite accounting losses, alongside significant investment activity and shareholder capital restructuring.

A. Cash Flow from Operating Activities

1. Profitability & Non-Cash Adjustments

• Net Loss before tax stood at (₹153.73 lakhs) in FY 2025 compared to profit of ₹77.32 lakhs in FY 2024.

• However, major non-cash charges impacted profitability:

  • Impairment on Financial Instruments: ₹180.94 lakhs

  • Interest Expense: ₹94.86 lakhs

  • Depreciation: ₹0.24 lakhs

After adjustments, Operating Profit before Working Capital changes was ₹90.16 lakhs.

This indicates that the reported accounting loss was largely driven by impairment charges rather than operational weakness.

2. Working Capital Movement

FY 2025 witnessed significant working capital realignment:

• Decrease in Loans: ₹1,025.43 lakhs (major cash inflow)

• Increase in Inventories: (₹502.64 lakhs) (cash outflow)

• Reduction in Other Non-Financial Assets: ₹496.62 lakhs

• Increase in Other Non-Financial Liabilities: ₹209.12 lakhs

• Increase in Other Financial Liabilities: ₹82.57 lakhs

These movements resulted in Cash Generated from Operations of ₹1,428.12 lakhs, significantly higher than ₹412.67 lakhs in FY 2024.

After tax payments of ₹146.32 lakhs, Net Cash from Operating Activities stood at ₹1,281.80 lakhs, reflecting strong liquidity generation from core operations and asset restructuring.

Interpretation:
Despite reporting accounting losses, the Company generated robust operating cash flows, primarily due to recovery/realignment of loans and efficient working capital management.

B. Cash Flow from Investing Activities

Investing activity reflects active portfolio management:

• Purchase of Investments: ₹4,087.79 lakhs

• Sale of Non-Current Investments: ₹3,297.54 lakhs

• Dividend Received: ₹32.15 lakhs

• Advance for Purchase of Shares: ₹107.62 lakhs

Net Cash Used in Investing Activities: (₹865.72 lakhs) compared to (₹350.99 lakhs) in FY 2024.

Interpretation:
The Company continued strategic rebalancing of its investment portfolio. The higher net outflow indicates expansion or repositioning of investment holdings, consistent with an investment-oriented business model.

C. Cash Flow from Financing Activities

Financing activities in FY 2025 included:

• Repayment of Borrowings: ₹86.00 lakhs

• Interest Payment: ₹94.86 lakhs

• Buyback of Equity Shares: ₹277.40 lakhs

Net Cash Used in Financing Activities: (₹458.26 lakhs)

Interpretation:
The Company reduced leverage and returned capital to shareholders through buyback. This reflects a deliberate capital structure optimization strategy and confidence in internal liquidity.

D. Overall Cash Position

• Net Decrease in Cash & Cash Equivalents: (₹42.18 lakhs)

• Closing Cash Balance: ₹21.78 lakhs (FY 2025)

• Previous Year Closing Balance: ₹45.25 lakhs

Although cash balances reduced, this was primarily due to:

• Investment deployment

• Buyback of shares

• Debt servicing

Importantly, operating cash flows were strong enough to fund major investing and financing activities without liquidity stress.

Overall Assessment

1. Strong Operational Liquidity: Substantial operating cash inflow despite accounting losses.

2. Active Investment Strategy: Significant portfolio restructuring and capital deployment.

3. Prudent Capital Management: Debt reduction and shareholder value enhancement through buyback.

4. Controlled Liquidity Impact: Cash reduction remains moderate relative to operational inflows.

Conclusion

Pushkar Banijay Limited demonstrated healthy cash flow management in FY 2025. The Company generated strong operational cash, strategically deployed funds into investments, optimized capital structure through debt repayment and buyback, and maintained adequate liquidity levels.