Results for the financial year ended 31.03.2025
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On the reaction day the stock moved 8.1 pts more than Nifty Microcap 250 and 8.2 pts more than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Garg Furnace Ltd reported FY25 revenue from operations of Rs 26,161.49 lakhs, up marginally from Rs 25,802.58 lakhs in FY24 (about 1.4% growth). Total income rose to Rs 26,331.51 lakhs. However, profit before tax fell sharply to Rs 555.84 lakhs from Rs 763.59 lakhs in FY24, a decline of around 27%, indicating margin compression. Q4 revenue grew to Rs 7,415.58 lakhs but Q4 PAT dropped to Rs 205.21 lakhs from Rs 328.39 lakhs. EPS for the year stood at Rs 13.84 vs Rs 15.88 earlier. Operating cash flow remained negative at Rs -376.89 lakhs, though improved from Rs -1,340.98 lakhs last year. Note 7 discloses that prior period paid-up capital, reserves and EPS have been restated due to an earlier error in warrant-to-equity conversion. The statutory auditor issued an unmodified opinion on the results.
Marginal revenue growth was overshadowed by a significant drop in profits, suggesting rising costs or weaker margins, which is negative for shareholders. Persistent negative operating cash flow remains a concern even though it improved. The restatement of prior period numbers may raise minor governance questions but does not affect current period results.