Flexituff Ventures International financials and balance sheet

NSE: FLEXITUFFBSE: 533638Textiles & ApparelsSmall Cap

Formerly Flexituff International

₹2.75₹0.05 (1.79%)

Share price at the NSE close on 23 Oct 2026. Previous close ₹2.80.

52-week range of traded prices to 23 Oct 2026

₹2.00Low, 9 Sep 2026₹21.95High, 3 Nov 2025

Under NSE's graded surveillance, stage 0, on the list for 23 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.
Delivery only: shares bought must be paid for in full, with no selling on the same day.

Market cap: ₹9.03 Cr3,917th largest listed
P/E: Lossover the last 12 months
P/B: Net worth zero or below
Dividend yield: Nonein the last 12 months
ROE: Net worth zero or below
ROCE: −33.4%
Debt to equity: Net worth zero or below
Volume, NSE: 4,336

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Flexituff Ventures International annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in the year to Mar 2026, −₹135 CrA loss in 8 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

The years either side of a change of basis do not compare. From the year to Mar 2025, the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue17
Materials and goods−29
Employee costs−10
Other expenses−7.7
Operating profit−30
Depreciation−24
Other income+3.2
One-off items0.0
Finance costs−32
Profit before tax−82
Tax−53
Net profit−135

What the company owns

Plant, investments and other assets₹266 Cr
Receivables₹48 Cr
Inventory₹9 Cr
Cash and bank₹1 Cr

What pays for it: net worth and liabilities

Borrowings₹268 Cr
Owed to suppliers₹91 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Flexituff Ventures International quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 11 Jul	Mar 2021Filed 16 Jun	Mar 2022Filed 17 Jun	Mar 2023Filed 31 May	Mar 2024Filed 23 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
Revenue from operations	1,456	1,262	1,245	885	847	1,042	915	599	289	17
	1,279	1,107	1,116	954	853	1,028	954	716	406	46
Materials and goods bought	931	741	765	610	515	662	592	387	192	29
Employee costs	187	–	197	177	168	188	175	170	86	10
Other expenses	162	–	154	167	169	179	187	159	128	8
Operating profit before depreciation	177	155	129	−69	−6	13	−39	−117	−117	−30
Operating margin	12.1%	12.3%	10.4%	−7.8%	−0.7%	1.3%	−4.3%	−19.6%	−40.7%	−176.6%
Materials, % of revenue	63.9%	–	61.4%	68.9%	60.8%	63.5%	64.6%	64.7%	66.7%	170.6%
Employee costs, % of revenue	12.8%	–	15.8%	20.0%	19.9%	18.0%	19.2%	28.4%	29.7%	60.5%
Other expenses, % of revenue	11.1%	–	12.4%	18.8%	20.0%	17.2%	20.5%	26.6%	44.3%	45.5%
Depreciation and amortisation	70	76	70	75	73	69	68	59	28	24
Operating profit after depreciation	107	80	58	−143	−78	−56	−107	−177	−145	−54
Other income	8	31	21	16	69	17	13	5	169	3
Finance costs	108	112	109	74	73	67	70	85	31	32
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	7	−1	−30	−201	−82	−106	−165	−256	−7	−82
	1	3	−6	−32	−22	−19	−39	−72	132	53
Current tax	–	–	1	0	0	5	0	0	0	0
Deferred tax	–	–	−6	−32	−22	−24	−39	−72	132	53
Profit from discontinued businesses	–	–	0	–	–	–	–	–	378	–
	6	−4	−24	−169	−60	−87	−126	−184	238	−135
Belonging to the company's shareholders	6	−4	−23	−169	−60	−87	−120	−184	238	−135
Belonging to outside owners of subsidiaries	–	–	0	0	–	–	−7	–	–	0
Other comprehensive income	–	–	0	1	0	0	−1	0	0	1
Total comprehensive income	–	–	−24	−168	−60	−87	−127	−184	238	−134
Net margin	0.4%	−0.3%	−1.9%	−19.1%	−7.1%	−8.3%	−13.8%	−30.8%	–	−804.0%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Belonging to outside owners of subsidiaries is left blank for the years to Mar 2024 and Mar 2025: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months. Net margin is left blank for the year to Mar 2025: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 11 Jul	Mar 2021Filed 16 Jun	Mar 2022Filed 17 Jun	Mar 2023Filed 31 May	Mar 2024Filed 23 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
	362	194	134	47	−69	−44	5	−131
	364	196	137	50	−60	−34	5	−122
Share capital	25	25	25	25	27	31	33	33
Reserves	339	171	112	25	−87	−65	−28	−154
Belonging to outside owners of subsidiaries	−1	−2	−3	−3	−9	−10	0	−10
	551	356	342	624	644	663	238	268
Repayable after a year	286	19	24	25	0	17	100	19
Repayable within a year	265	338	318	599	644	646	138	250
	758	941	917	920	672	1,192	357	431
Trade payables	262	172	240	227	0	293	82	91
Other financial liabilities	217	409	348	76	1	2	74	45
Other liabilities	–	21	11	17	27	251	64	46
Provisions	0	0	0	0	0	0	0	0
Tax owed	13	–	0	0	–	–	0	0
	295	25	29	31	290	35	106	24
Other financial liabilities	–	–	0	1	8	7	6	0
Other liabilities	–	–	5	0	–	–	0	–
Provisions	5	5	0	6	6	11	0	6
Deferred tax	4	0	0	0	–	–	0	–
Trade payables	–	1	0	0	277	–	0	0
Total assets	1,415	1,159	1,080	998	893	1,184	468	324
	637	616	566	520	509	743	303	221
Plant in use, after depreciation	549	518	459	409	375	335	236	212
Intangible assets	58	49	36	23	0	2	0	0
Intangible assets being developed	–	0	0	0	11	8	0	0
Property held to earn rent	–	0	0	0	0	–	0	0
Investments	0	0	0	0	0	0	0	0
Loans given	0	0	0	0	0	203	0	0
Other financial assets	23	15	16	12	0	6	9	9
Deferred tax	4	28	50	74	113	185	53	0
Trade receivables	–	5	0	0	–	–	0	0
Other assets	3	1	5	2	10	4	5	0
	778	543	514	478	384	440	166	103
Inventories	161	140	152	123	92	91	28	9
Trade receivables	396	239	225	230	173	105	51	48
Cash and cash equivalents	5	7	6	8	4	155	12	1
Other bank balances	16	6	13	5	8	9	3	0
Current investments	0	0	0	0	9	0	0	0
Loans given	1	2	2	2	5	3	0	0
Other financial assets	21	27	27	34	18	17	36	11
Tax paid in advance	1	4	5	3	2	1	1	1
Other assets	177	119	85	73	73	58	34	33
Net debt	530	344	323	611	623	498	222	267

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 16 Jun	Mar 2022Filed 17 Jun	Mar 2023Filed 31 May	Mar 2024Filed 23 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
	82	−106	39	13	−319	5
	82	−106	37	15	−318	1
	63	–	64	128	−213	30
Receivables	5	–	27	51	15	6
Inventories	−12	–	30	1	63	19
Payables	58	–	−37	−23	−85	9
Other working capital	12	–	44	98	−206	−4
Tax paid	0	–	1	0	0	4
Interest paid	0	–	0	−2	−1	0
Capital spending	5	–	0	0	0	0
Free cash flow	78	−106	39	13	−319	5
	2	–	−1	−4	474	0
Plant and property sold	0	–	−2	−5	73	0
Interest received	2	–	0	1	2	0
	−85	–	−42	142	−298	−15
Borrowings raised	−30	–	0	217	−236	29
Interest paid	−55	–	−53	−83	−1	−44
Lease payments	0	–	0	−2	0	0
Dividends paid	0	–	0	0	0	0
Shares bought back	0	–	0	0	0	0
Shares issued	0	–	11	9	10	0
Net change in cash	−1	−106	−4	151	−143	−10

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Flexituff Ventures International dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 11 Jul	Mar 2021Filed 16 Jun	Mar 2022Filed 17 Jun	Mar 2023Filed 31 May	Mar 2024Filed 23 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
Earnings per share	₹2.30	–	−₹9.29	−₹67.73	−₹23.98	−₹34.90	−₹48.05	−₹64.35	₹74.85	−₹41.15
Diluted earnings per share	₹2.30	–	−₹9.29	−₹67.73	−₹23.98	−₹34.90	−₹48.05	−₹64.35	₹69.44	−₹41.15
Book value per share	–	–	₹146.16	₹78.66	₹54.89	₹20.07	−₹22.42	−₹11.18	₹1.53	−₹37.06
Shareholder yield	–	–	–	–	0.0%	–	−16.2%	−6.4%	−10.7%	0.0%
Market cap at the year end (₹ crore)	454	130	107	8	50	55	68	144	95	20

Earnings per share is left blank for the year to Mar 2018: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.Flexituff Ventures International PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 11 Jul	Mar 2021Filed 16 Jun	Mar 2022Filed 17 Jun	Mar 2023Filed 31 May	Mar 2024Filed 23 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
Revenue growth	10.9%	−13.3%	−1.4%	−28.9%	−4.3%	22.9%	−12.1%	−34.6%	–	−94.2%
Operating profit growth	23.7%	−12.2%	−17.0%	–	–	–	–	–	–	–
Net profit growth	18.9%	–	–	–	–	–	–	–	–	–
Earnings per share growth	18.6%	–	–	–	–	–	–	–	–	–
	–	–	−6.4%	−60.2%	−35.9%	−93.0%	2,312.2%	389.2%	−1,624.5%	231.5%
	–	–	–	−53.9 pts	24.3 pts	−57.1 pts	2,405.2 pts	−1,923.0 pts	−2,013.8 pts	1,856.1 pts
From the net margin	–	–	–	−58.8 pts	38.0 pts	−6.5 pts	−53.0 pts	3,127.2 pts	–	–
From asset turnover	–	–	–	14.2 pts	−2.2 pts	−13.8 pts	5.0 pts	−2,200.7 pts	–	–
From borrowing	–	–	–	−9.3 pts	−11.4 pts	−36.7 pts	2,453.2 pts	−2,849.4 pts	–	–
Return on capital employed	–	–	6.4%	−26.0%	−16.5%	−8.4%	−18.7%	−28.6%	−59.9%	−39.5%
Cash conversion	–	–	–	–	–	–	–	–	−134.1%	–
Interest cover	1.0	0.7	0.5	–	–	–	–	–	–	–
Debt to equity	–	–	1.52	1.84	2.55	13.17	–	–	47.35	–
Receivable days	–	–	116	98	97	81	69	64	64	1,034
Inventory days	–	–	77	84	108	68	57	86	54	112
Payable days	–	–	125	103	170	125	0	276	155	1,160
Cash conversion cycle, days	–	–	68	79	35	23	126	−126	−37	−14
Working capital days	–	–	77	−30	−45	50	134	−165	−88	−1,729
Asset turnover	–	–	0.88	0.69	0.76	1.00	0.97	0.58	0.35	0.04
Assets per rupee of net worth	–	–	3.89	4.60	6.74	11.14	−182.64	−21.95	−56.40	−6.80
Sales per rupee of plant	–	–	2.27	1.71	1.85	2.55	2.44	1.79	1.22	0.08
Capital spending to depreciation	–	–	–	–	0.06	–	0.00	0.00	0.00	0.00
Plant being built, % of plant in use	–	–	–	0.0%	0.0%	0.0%	–	–	0.0%	0.0%

Interest cover is left blank for the years to Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2023, Mar 2024 and Mar 2026: net worth is below zero, so there is no shareholders' money to set the borrowings against. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth is left blank for the year to Mar 2025: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −34.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−35.3%	−54.3%	−73.6%
Return on equity, average	–	243.1%	−334.6%
Return on capital employed, average	–	−31.0%	−42.7%
Operating margin, average	−21.4%	−48.0%	−79.0%
Net margin, average	−98.3%	−214.2%	−417.4%
Asset turnover, average	–	0.59	0.32
Cash conversion cycle, days, average	–	−6	−59

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−369	−302	5
Cash from investing	–	470	0
Cash from financing	–	−171	−15
Capital spending	–	0	0
Dividends paid	–	0	0
Shares bought back	–	0	0
Shares issued for cash	–	19	0
Borrowings raised	–	–	29
Borrowings repaid	–	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	2	4	2	3	4
Altman Z-scorePublished threshold 1.81	–	–	1.48	0.20	0.48	0.45	0.20	−0.74	0.33	−2.32
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.21	−2.35	−3.44	−3.19	−1.31	7.16
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−12.89	–	−17.38	−18.59	10.07	−35.35
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−10.88	−1.30	−20.66	−12.68	−4.49	−0.12	87.97
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	7.52	24.04	−47.75	−14.25	33.12	−18.65	16.39
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−5.48	−3.98	−0.66	−1.89	−2.76	−1.68	−153.72
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	0.00	0.00	–	–	–	0.00
Effective tax ratePublished threshold 17.16 per cent	18.63	–	–	–	–	–	–	–	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Amount, ₹ Cr
17 Apr 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Working Capital Limits	CARE D / CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	251.17
17 Apr 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	13.31
17 Apr 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Working Capital Limits	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	199.02
24 Sep 2025	ICRA Limited (opens in a new tab)	Fund Based-Cash Credit	[ICRA]D ISSUER NOT COOPERATINGReview, Other	289
24 Sep 2025	ICRA Limited (opens in a new tab)	Non Fund Based-Others	[ICRA]D ISSUER NOT COOPERATINGReview, Other	293
24 Sep 2025	ICRA Limited (opens in a new tab)	Fund Based-Term Loan	[ICRA]D ISSUER NOT COOPERATINGReview, Other	37

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.