Integrated Financial
SHIVAMAUTO · price
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On the reaction day the stock moved 0.9 pts more than Nifty Microcap 250, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Shivam Autotech reported FY25 revenue from operations of Rs. 45,398.28 Lakhs, down about 3.3% from Rs. 46,966.42 Lakhs in FY24, with Q4 revenue falling 12.9% year-on-year to Rs. 10,784.45 Lakhs. The company posted a net loss of Rs. 4,804.19 Lakhs for FY25 (slightly better than the Rs. 5,018.56 Lakhs loss in FY24), while Q4 losses worsened to Rs. 1,475.89 Lakhs from Rs. 781.56 Lakhs a year ago. Other equity has sharply eroded to just Rs. 518.25 Lakhs from Rs. 3,114.88 Lakhs, and total borrowings of around Rs. 33,334 Lakhs against equity of Rs. 3,148 Lakhs indicate very high leverage. Despite continuing losses, operating cash flow turned strongly positive at Rs. 7,739 Lakhs (vs Rs. 3,293 Lakhs last year). The statutory auditor NSBP & Co. issued an unmodified opinion but flagged an Emphasis of Matter on recoverability of deferred tax assets (Rs. 1,989.25 Lakhs) and MAT credit (Rs. 880.57 Lakhs), which depend on future taxable profits. The board also re-appointed internal and secretarial auditors and disclosed substantial related party transactions, including a Rs. 750 Lakhs loan and Rs. 862.81 Lakhs interest paid to holding company Dayanand Munjal Investments.
Shareholders should be cautious: a third straight year of losses, steep equity erosion, and very high debt-to-equity (~10.6x) make this a financially stressed stock, though positive operating cash flow and an unmodified audit opinion provide some comfort. The stock is likely to remain volatile, with the emphasis of matter on tax asset recoverability and related-party dependence on the Munjal group as key risks to monitor.