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Banganga Paper Industries Limited (formerly Inertia Steel Limited) filed its audited results for FY25. On a consolidated basis, revenue from operations surged to Rs. 5,809.63 lakhs from just Rs. 39.40 lakhs in FY24, driven by its newly acquired wholly-owned subsidiary, Banganga Paper Mills Limited (acquired July 9, 2024). The company swung to a consolidated net profit of Rs. 188.23 lakhs from a loss of Rs. 2.19 lakhs in FY24, with EPS of Rs. 1.57 versus Rs. (0.88). On a standalone basis, however, the company remained a shell with negligible revenue and reported a loss of Rs. 15.58 lakhs. Total consolidated assets expanded sharply to Rs. 3,900.50 lakhs from Rs. 52.12 lakhs, funded by a Rs. 1,173 lakh equity infusion and Rs. 1,000.50 lakhs in fresh borrowings. Statutory auditor Jain Chhajed & Associates issued an unmodified (clean) opinion on both standalone and consolidated results, though operating cash flow stayed negative (standalone Rs. -372.61 lakhs; consolidated Rs. -235.81 lakhs) due to working capital build-up and heavy capex.
The dramatic revenue and profit turnaround reflects the new subsidiary's contribution and a sizeable equity raise, supporting a positive growth narrative for the stock. However, a still loss-making standalone entity, a sharp jump in debt (D/E around 0.64x), and negative operating cash flows signal the company is in an early build-out phase with execution and cash burn risk for shareholders.