Earning Presentation
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OK Play India released its earnings presentation for Q4-FY25 and FY25. Full-year revenue declined 9.1% year-on-year to INR 1,678 million, with EBITDA falling 19.5% to INR 277 million and margins contracting to 16.51% from 18.63%. The company slipped into a loss at the PAT level with INR (8) million versus INR 11 million profit in FY24, primarily dragged by a notional deferred tax charge of INR 58 million in Q4. Q4 revenue stood at INR 572 million, down 4.8% year-on-year but up 74.4% sequentially, with EBITDA margin of 18.18%. Management outlined plans to expand toy manufacturing capacity by 4x with an envisaged capex of around INR 1,000 million, alongside a 10-year exclusive deal with MANN+HUMMEL for air purifiers. An order pipeline of about INR 3,000 million over the next 2-3 years was disclosed from existing partnerships with Hamleys, MGAE, Amazon and others.
While sequential revenue recovery and margin stabilization are encouraging, the full-year loss, revenue decline and high finance costs (INR 144 million) remain concerns for shareholders. The capacity expansion, new air purifier partnership and disclosed pipeline could support future growth, but execution and profitability recovery are key things to watch.