Shaya Polymers Annual Reports, Balance Sheet and Financials

Shaya Polymers Limited Consolidated Balance Sheet (Rs. in Crores)

Particulars	31-03-2025	31-03-2024
Non-current assets
Plant, property and equipment	25.84	12.56
Capital WIP	25.93	8.06
Intangible assets	25.02	-
Intangible assets under development	0.44	0.44
Right of use assets	6.35	5.90
Financial assets	11.06	1.34
Deferred tax assets	0.21	0.07
Other non current assets	6.04	-
Current assets
Inventories	38.80	18.16
Trade receivables	29.27	7.96
Cash and cash equivalent	1.76	0.99
Bank and other balances	4.20	-
Other current financial assets	0.16	0.52
Other current assets	17.25	0.92
Total assets	192.37	56.95
Equity
Equity share capital	22.25	5.57
Other equity	44.44	10.27
Non controlling interest	10.98	-
Non-Current liabilities
Borrowing	59.84	25.61
Lease liabilities	0.06	-
Provisions	0.25	0.13
Current liabilities
Borrowings	27.86	10.32
Lease liabilities	0.06	-
Trade payables – outstanding dues of micro and small enterprises	0.33	-
Trade payables – outstanding dues other than above	17.57	3.47
Other financial liabilities	0.28	-
Provisions	0.03	-
Other current liabilities	3.93	0.42
Other tax liabilities	4.48	1.15
Total equity and liabilities	192.37	56.95

Shaya Polymers Limited Consolidated Profit & Loss Statement (Rs in Crores)

Particulars	31-03-2025	31-03-2024
Income
Revenue from Operations	90.99	24.95
Other Income	0.28	0.03
Total Income	91.27	24.98
Expenses
Cost of material consumed	58.35	18.72
Purchase of stock in trade	0.10	-
Change in inventories and WIP	4.04	-5.74
Employee benefits expense	4.66	2.06
Finance costs	2.63	1.64
Depreciation & amortization expense	1.99	0.72
Other Expenses	4.93	2.73
Total Expenses	76.71	20.13
Profit/(loss) before tax	14.56	4.85
Current Tax expenses	4.48	1.15
Deferred tax expense	0.10	-0.02
Profit/ Loss after tax	9.98	3.72
Other comprehensive income for the year
Other items that will not be reclassified to P/L account
Remeasurement of defined benefit asset/(liability)	-0.07	-
Income tax relating to above	-0.01	-
Total comprehensive income for the year	9.93	3.72
Earning per share
Basic	4.49	6.67
Diluted	4.49	6.67

Shaya Polymers 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	14.56	4.85
Adjustment for -:
Depreciation and amortisation	1.99	0.72
Unrealised (gain)/loss on account of foreign exchange fluctuation	-	-
Profit on sale of PPE	-	-
Allowance of expected credit loss	0.02	-
Liabilities / provision no longer required written back	0.10	-
Bad debts written off	-	0.04
Interest income to bank deposits	-0.13	-0.02
Interest income on security deposits	-0.12	-
Interest expenses	1.75	1.64
Adjustment for change in working capital
Trade receivables	-21.39	-2.12
Inventories	-20.64	-5.56
Other financial assets	0.36	-1.12
Other assets	-16.33	3.94
Trade payables	14.44	-0.43
Other current liabilities	3.55	-0.28
Other financial liabilities	17.82	1.88
Cashflow generated from operations	-4.03	3.54
Income tax paid	-1.29	-0.24
Net Cash from/(used in) Operating Activities	-5.32	3.30
Cash Flow from Investing Activities
Acquisition of PPE and intangible assets	-56.62	-18.46
Proceeds from sale of investment property	0.60	-
Loans and advances given	-6.04	-
Deposits with original maturity greater than 3 months and less than 12 months	4.20	-
Investment in fixed deposits	-9.62	-
Interest received in fixed deposits	0.08	0.03
Net Cash from / (used in) Investing Activities	-67.40	-18.43
Cash Flow from Financing Activities
Proceeds from issue of equity shares	40.96	5.70
Proceeds from / repayment of borrowings	34.22	11.92
Repayment of lease liabilities	0.06	-
Interest paid	-1.75	-1.64
Net Cash from/(used in) Financing Activities	73.49	15.98
Net Increase/decrease in Cash & cash equivalents	0.77	0.85
Cash and cash equivalents at the beginning of the year	0.99	0.14
Cash and cash equivalents at the end of the year	1.76	0.99

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

Cash Flow from Operating Activities

Shaya Polymers Limited reported a shift from positive operating cash flow in FY24 to a negative position in FY25. Net profit before tax improved significantly to ₹14.56 crore from ₹4.85 crore, indicating stronger accounting profitability. However, this did not translate into cash generation due to heavy working capital strain. Large increases in trade receivables (₹21.39 crore) and inventories (₹20.64 crore), along with a sharp rise in other assets (₹16.33 crore), absorbed significant liquidity. Although trade payables and other liabilities increased, they were not sufficient to offset the outflows. As a result, cash flow from operations turned negative at ₹4.03 crore compared to a positive ₹3.54 crore last year, and after tax payments, net operating cash outflow widened to ₹5.32 crore.

 

Cash Flow from Investing Activities

Investing activities show a substantial increase in cash outflows in FY25, indicating aggressive expansion. The company invested heavily in property, plant, and equipment (₹56.62 crore) compared to ₹18.46 crore in the previous year, suggesting capacity expansion or modernization. Additional outflows were seen in loans and advances (₹6.04 crore) and fixed deposits (₹9.62 crore), partially offset by ₹0.60 crore from sale of investment property and small interest inflows. Overall, net investing cash outflow increased sharply to ₹67.40 crore from ₹18.43 crore, reflecting strong capital expenditure and liquidity deployment into long-term assets.

 

Cash Flow from Financing Activities

Financing activities provided strong support to fund the company’s expansion plans. FY25 saw significant inflows from equity issuance (₹40.96 crore) and borrowings (₹34.22 crore), indicating both dilution and increased leverage. These inflows comfortably offset interest payments and lease repayments. Compared to FY24, financing inflows increased substantially from ₹15.98 crore to ₹73.49 crore, showing heavy reliance on external funding to support investment and working capital requirements.

 

Net Increase/decrease in Cash & cash equivalents

Despite large movements in operating, investing, and financing activities, the overall cash position remained largely stable. The company recorded a marginal net increase in cash and cash equivalents of ₹0.77 crore in FY25, slightly lower than ₹0.85 crore in FY24. Cash at year-end stood at ₹1.76 crore compared to ₹0.99 crore previously. This indicates that while the company expanded aggressively and raised significant funds, most of the inflows were deployed into operations and investments, leaving minimal net cash accumulation.

Financial ratios of Shaya Polymers Limited.

Particulars	31-03-2025	31-03-2024
Current ratio	1.99	1.55
Debt equity ratio	1.23	2.18
Debt service coverage ratio	2.33	0.59
Return on equity	18.68%	27.95%
Inventory turnover ratio	287.51%	205.53%
Trade receivables turnover ratio	5.59	5.21
Trade payables turnover ratio	8.65	6.05
Net capital turnover ratio	2.25	3.71
Net profit %	13.78%	12.65%
Return on capital employed	8.69%	10.80%
Return on investment	4.31%	1.25%

Summary of Financial Ratios for the year 2025 and 2024.

Current Ratio

The current ratio improved to 1.99 in FY25 from 1.55 in FY24, indicating a stronger liquidity position. This suggests that the company has enhanced its ability to meet short-term liabilities with its short-term assets, reflecting improved working capital management and financial stability.

 

Debt Equity Ratio

The debt-equity ratio declined significantly to 1.23 from 2.18, showing a reduction in financial leverage. This improvement indicates that the company has strengthened its capital structure by relying less on debt and relatively more on equity, thereby reducing financial risk.

 

Debt Service Coverage Ratio

The debt service coverage ratio increased sharply to 2.33 from 0.59, reflecting a strong improvement in the company’s ability to service its debt obligations. This indicates that earnings are now comfortably sufficient to cover interest and principal repayments, enhancing lender confidence.

 

Return on Equity

Return on equity declined to 18.68% from 27.95%, indicating a reduction in shareholder returns despite higher profits. This decline may be due to a larger equity base or higher capital employed, which has diluted returns on equity capital.

 

Inventory Turnover Ratio

The inventory turnover ratio improved to 287.51% from 205.53%, indicating faster movement of inventory and better stock management. This suggests improved operational efficiency and reduced holding time of goods.

 

Trade Receivables Turnover Ratio

The trade receivables turnover ratio improved to 5.59 from 5.21, showing better efficiency in collection from customers. This indicates improved credit control and quicker conversion of sales into cash.

 

Trade Payables Turnover Ratio

The trade payables turnover ratio increased to 8.65 from 6.05, indicating that the company is settling its supplier dues faster than before. This may reflect stronger liquidity or reduced credit period from suppliers.

 

Net Capital Turnover Ratio

The net capital turnover ratio declined to 2.25 from 3.71, indicating lower efficiency in generating revenue from capital employed. This suggests that the increase in capital base has not been fully translated into proportionate revenue growth.

 

Net Profit %

Net profit margin improved slightly to 13.78% from 12.65%, indicating better profitability at the operational level. This reflects improved cost control or pricing efficiency during the year.

 

Return on Capital Employed

Return on capital employed declined to 8.69% from 10.80%, indicating reduced efficiency in generating returns from total capital employed. This suggests that increased capital investment has not yet yielded proportionate returns.

 

Return on Investment

Return on investment improved significantly to 4.31% from 1.25%, indicating better returns from invested funds. This reflects improved efficiency in deploying investment resources, although overall returns remain moderate.