Audited Financial Results for the half year and year ended 31/03/2025.
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Indobell Insulations Ltd, a Kolkata-based fiber products manufacturer listed on BSE SME since January 2025, reported strong FY25 results with revenue from operations rising to Rs 2,572.91 lakhs from Rs 1,788.15 lakhs, a growth of about 44%. Profit after tax more than doubled to Rs 218.59 lakhs (from Rs 103.26 lakhs), and EPS rose to Rs 3.47 from Rs 2.52. The board recommended a final dividend of Rs 2 per share and confirmed there is no deviation in the use of IPO proceeds (Rs 1,014.30 lakhs raised). However, the company posted a sharply negative operating cash flow of Rs (431.57) lakhs versus Rs 24.59 lakhs last year, driven mainly by a steep rise in trade receivables from Rs 658.74 lakhs to Rs 1,423.35 lakhs. The statutory auditor issued an unmodified opinion and a new internal auditor (M/s. Basu Chatterjea & Co.) was appointed for FY26.
Strong revenue and profit growth, along with a maiden dividend, should be viewed positively by shareholders, though the large negative operating cash flow and ballooning receivables are red flags that may weigh on the stock until collection improves. Long-term debt has been fully repaid, strengthening the balance sheet.