Indrayani Biotech Limited Earnings Summary — Q4 FY2025
Indrayani Biotech Swings to Net Loss as Interest Costs and Margin Collapse Pressure Performance
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue grew 107.9% sequentially in Q4 FY2026.
- Revenue of ₹73 Cr is 43.9% higher year-on-year.
- Revenue has compounded at 31.8% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹1 Cr is 112.8% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 5.5% annualised across the period.
- Operating margin stands at 6.9% in Q4 FY2026.
- Operating margin expanded by 1822 bps year-on-year.
- Over the last two years operating margin has contracted by 1605 bps.
- PBT margin is -1.3%.
- Expense growth of 20.4% remained below revenue growth of 43.9%.
- Operating profit of ₹5 Cr is 187.1% higher year-on-year.
- Operating leverage continues to improve.
- 4 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 65/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 | Q3 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Volatile | 73 | 35 | 36 | 29 | 51 | 17 | 31 | 32 | 44 | 39 |
| Expenses | Volatile | 68 | 32 | 34 | 27 | 56 | 14 | 26 | 26 | 34 | 36 |
| Operating Profit | Volatile | 5 | 3 | 2 | 2 | -6 | 3 | 5 | 6 | 10 | 3 |
| Operating Margin | Volatile | 6.9% | 8.0% | 6.8% | 7.5% | -11.3% | 16.9% | 16.6% | 19.0% | 22.9% | 8.8% |
| Other Income | Improving | 2 | 1 | 2 | 1 | 3 | — | 0 | 0 | 1 | 0 |
| Interest | Volatile | 6 | 2 | 2 | 2 | 7 | 1 | 1 | 1 | 6 | 1 |
| Depreciation | Volatile | 2 | 1 | 1 | 1 | -2 | 1 | 3 | 4 | 1 | 1 |
| Profit Before Tax | Volatile | -1 | 0 | 1 | 0 | -8 | 0 | 1 | 1 | 5 | 1 |
| Tax | Volatile | -2 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | — | — |
| Net Profit | Volatile | 1 | 0 | 0 | 0 | -9 | 0 | 1 | 1 | 4 | 1 |
| Net Margin | Volatile | 1.5% | 0.3% | 1.1% | 0.6% | -16.9% | 1.4% | 4.0% | 2.7% | 8.7% | 2.5% |
Key Takeaways
- Indrayani Biotech has experienced a sharp deterioration in financial health, turning net loss-making for the full fiscal year 2025 despite historical revenue growth.
- The interest coverage ratio has reached a critical 0.52x, suggesting the company is struggling to service its debt obligations from operating profits.
- Operating margins collapsed from double-digit levels to negative territory in the most recent quarter (Q4 FY25).
- Working capital management is under severe strain with debtor days ballooning to 165 days and a total cycle of 211 days.
- Promoter skin-in-the-game has significantly decreased, with holdings falling from 72% to 32.9% over the last three years.
- The company continues to burn cash, reporting negative Free Cash Flow for three consecutive fiscal years (FY23-FY25).
Management Guidance
Management remains focused on a highly diversified conglomerate model spanning Food, Engineering, and Healthcare, though operational synergy remains unproven.
Sentiment Shift
Deteriorating
The transition from profitability to a net loss, combined with a liquidity crunch and tax disputes, indicates a significant downward shift in the company's credit and operational profile.
Outlook
The outlook is cautious to negative due to unsustainable debt levels, poor earnings quality dominated by 'Other Income', and ongoing regulatory hurdles including ITAT tax assessments.
From the Annual Report (Key Quotes)
“Expansion appears to be fueled by excessive debt and capital infusions rather than operational efficiency.”
“The pursuit of multiple business units... suggests a lack of strategic focus.”
“The heavy reliance on 'Other Income' to support earnings further obscures the weakness in core operations.”
Official Quarterly Documents
This summary is AI-generated from Indrayani Biotech Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.