Revised submission of Audited financial result along with audit report thereon for the Quarter and year ended on 31st March, 2025
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Vaxfab Enterprises Ltd (formerly Ellora Trading Ltd), a small textile trading company, filed revised audited results for FY25. Revenue from operations jumped from ₹914.39 lakhs to ₹5,867.10 lakhs — a roughly 540% year-on-year surge — and the company swung from a loss of ₹356.99 lakhs in FY24 to a profit of ₹58.42 lakhs (EPS ₹0.695 vs negative ₹4.250). Q4 alone posted revenue of ₹318.90 lakhs and PAT of ₹178.60 lakhs. The auditor (SSRV & Associates) issued an unmodified (clean) opinion. However, the balance sheet shows red flags: inventories ballooned from ₹52 lakhs to ₹6,627 lakhs, trade receivables rose to ₹2,117 lakhs, and trade payables spiked from ₹273 lakhs to ₹8,767 lakhs. Non-current borrowings jumped to ₹774 lakhs (from ₹9 lakhs), and operating cash flow stayed negative at (₹608.75) lakhs.
While the headline turnaround from loss to profit looks impressive, the explosive growth in inventories and receivables paired with negative operating cash flow and sharply higher borrowings suggests poor cash conversion. Shareholders should watch closely to see whether the revenue surge translates into real cash collection or signals working-capital stress.