ANIKINDS - Anik Industries

📊 NSE: ANIKINDS 🏢 Trading 📅 Last Updated: 12/13/2025 18:20

💰 Financial Performance

Revenue Growth by Segment

Trading Others grew 211% YoY in H1 FY26 to INR 119.85 Cr; Wind Power revenue was INR 0.48 Cr; Property Development recorded zero revenue in H1 FY26 compared to INR 8.51 Cr in FY25.

Profitability Margins

Net Profit Margin improved significantly from 0.29% in FY24 to 3.34% in FY25, driven by a 1048% increase in standalone PAT to INR 3.88 Cr.

EBITDA Margin

PBT margin for H1 FY26 was 1.3% (INR 1.57 Cr PBT on INR 119.45 Cr revenue), reflecting the low-margin nature of the dominant trading business.

Credit Rating & Borrowing

Defaulted in FY23; finance costs for H1 FY26 were INR 0.27 Cr. Bank facilities are mostly closed except for those backed by 100% margin.

⚙️ Operational Drivers

Raw Materials

Purchase of stock in trade (commodities) accounted for INR 115.25 Cr in H1 FY26, representing 96.5% of total revenue.

Raw Material Costs

Stock in trade costs were INR 115.25 Cr in H1 FY26, representing 96.5% of revenue; procurement strategies focus on high-volume commodity trading.

Manufacturing Efficiency

Wind power capacity utilization is reflected in the INR 0.48 Cr revenue generated in H1 FY26.

📈 Strategic Growth

Expected Growth Rate

12%

Growth Strategy

The company aims to achieve growth by scaling its high-volume 'Trading Others' segment, which saw a 211% YoY revenue increase in H1 FY26 to INR 119.85 Cr, and by completing real estate projects in the 'Property Development' segment.

Products & Services

Traded commodities, residential and commercial real estate units, and wind-generated electricity.

Brand Portfolio

Anik Industries

🌍 External Factors

Industry Trends

The trading industry is volume-driven with low margins; the company is positioning itself for growth by scaling its trading operations, which saw a 211% YoY revenue increase in H1 FY26.

Competitive Landscape

Operates in a highly competitive commodity trading and real estate market with numerous regional and national players.

Competitive Moat

The company's moat is its low financial leverage (D/E of 0.01) and diversified revenue streams (Trading, Real Estate, Wind Power), though the 99.6% concentration in trading in H1 FY26 suggests this moat is currently narrow.

Macro Economic Sensitivity

High sensitivity to commodity price cycles and inflation, which directly impact procurement costs for the trading division.

Consumer Behavior

Demand for real estate units and commodity volumes are sensitive to interest rates and economic growth.

Geopolitical Risks

Trade barriers and geopolitical tensions affecting commodity flows could disrupt the primary trading business.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to RERA for real estate projects and standard commodity trading regulations; compliance is managed through internal financial controls.

Taxation Policy Impact

Effective tax rate is approximately 27%, based on a current tax provision of INR 1.22 Cr on a PBT of INR 4.50 Cr in FY25.

⚠️ Risk Analysis

Key Uncertainties

The history of debt defaults in FY23 remains a key uncertainty, as it has restricted access to traditional bank credit, forcing the company to rely on internal accruals or 100% margin-backed facilities.