We hereby submit the financial result for the half year and year ended on March 31, 2025
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Malpani Pipes & Fittings, a pipe manufacturer based in Ratlam, Madhya Pradesh and recently listed on the BSE SME platform in February 2025, reported its first full-year results as a listed company. Revenue from operations stayed nearly flat at Rs. 14,096.73 lakhs versus Rs. 14,096.18 lakhs in the previous year. Profit after tax grew about 9.5% to Rs. 806.95 lakhs (from Rs. 736.61 lakhs), helped by lower material costs and improved margins. Basic EPS stood at Rs. 9.68 versus Rs. 9.88 in the prior year. The company raised Rs. 2,592 lakhs through its IPO earlier in the year, which strengthened reserves to Rs. 3,587.69 lakhs. However, trade receivables ballooned sharply to Rs. 4,991 lakhs from Rs. 1,141 lakhs, and the company reported negative operating cash flow of Rs. 1,396 lakhs. The statutory auditor Karma & Co. LLP issued an unmodified (clean) opinion on the results.
Marginal top-line growth and modest profit improvement show the business is steady but not accelerating. The surge in receivables and negative operating cash flow raise concerns about working capital and cash quality, though the recent IPO funds provide a cushion. Short-term shareholder sentiment may be neutral to slightly cautious given the flat revenue and stretched working capital.