Considered, approved and taken on record the audited standalone financial results and financial statements for the half year and year ended on March 31, 2025
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Inflame Appliances Ltd's board approved audited standalone results for FY25 (year ended March 31, 2025) with a clean (unmodified) audit opinion from Gandhi Minocha & Co. The company, which makes LPG stoves, cooktops, chimneys, OTGs and sheet metal components, reported profit after tax of roughly Rs. 3.12 crore for FY25 versus about Rs. 1.76 crore in FY24, a jump of around 75–80% year-on-year, driven by stronger operating performance. Total balance sheet size expanded to about Rs. 128.24 crore from Rs. 104.22 crore, with reserves surging to Rs. 48.54 crore (up from Rs. 15.04 crore) after warrant conversion and retained profits. However, operating cash flow swung sharply negative to roughly Rs. -10.56 crore in FY25 from a positive Rs. 9.04 crore in FY24, largely because inventory piled up to Rs. 44.56 crore from Rs. 28.30 crore. Of the 3.5 lakh convertible warrants issued in FY24 at Rs. 526 each, 1.5 lakh were converted into equity shares (Rs. 7.89 crore) and the remaining 2 lakh lapsed, with Rs. 2.63 crore forfeited and transferred to capital reserve. The preferential issue proceeds of Rs. 5.92 crore have been fully utilized for the stated objects with no deviation. The auditor also noted that previous period figures have been restated/regrouped where necessary.
Strong PAT growth and a clean audit opinion are positives, but the steep drop into negative operating cash flow tied to rising inventory is a red flag for working capital quality and may cap near-term upside. For shareholders, this is a mixed result — profitability is improving but cash generation needs to catch up.