ANTGRAPHIC - Antarctica

📊 NSE: ANTGRAPHIC 🏢 Packaging 📅 Last Updated: 12/13/2025 18:21

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew by 2,884% YoY to INR 25.05 Cr in FY25. Segment-wise: Agriculture & Others contributed INR 12.84 Cr (51.2% of revenue), Commodities contributed INR 12.05 Cr (48.1% of revenue), and Printing Stationery & Other Items contributed INR 0.16 Cr (0.6% of revenue).

Geographic Revenue Split

Not disclosed in available documents; however, the company operates out of Ahmedabad and Siliguri.

Profitability Margins

The company reported a Net Loss of INR 0.32 Cr in FY25, an improvement from a loss of INR 0.43 Cr in FY24. Net Profit Margin stood at -1.29%. For the half-year ended September 2025, the company reported a profit of INR 1.14 Cr, representing a significant turnaround.

EBITDA Margin

EBITDA for FY25 was INR 0.52 Cr, representing an EBITDA margin of 2.09%. This is a recovery from the previous year's operating losses.

Capital Expenditure

Capital expenditure on property, plant, and equipment was INR 0.28 Cr in FY25, compared to INR 0.22 Cr in the half-year ended September 2025.

Credit Rating & Borrowing

The company reported long-term borrowings of INR 2.33 Cr as of March 31, 2025. Finance costs were minimal at INR 0.0032 Cr, suggesting very low interest rates or non-interest bearing debt from related parties.

⚙️ Operational Drivers

Raw Materials

Specific raw material names are not listed, but 'Cost of Materials Consumed' accounted for INR 22.91 Cr, representing 91.46% of total revenue in FY25.

Capacity Expansion

Current installed capacity is not disclosed. The company operates with a very lean staff of 4 employees as of March 31, 2025.

Raw Material Costs

Raw material costs were INR 22.91 Cr in FY25 (91.46% of revenue). For the half-year ended September 2025, material costs were INR 7.84 Cr (78.5% of revenue).

Logistics & Distribution

Other expenses, which include distribution and administrative costs, were INR 0.50 Cr in FY25, representing 2% of revenue.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

The company is pivoting from its traditional Printing and Stationery business (which saw negligible revenue) toward Commodities and Agriculture trading, which now accounts for over 99% of total turnover. Growth is being driven by high-volume trading activities.

Products & Services

Printing stationery, agricultural products, and various traded commodities.

Brand Portfolio

Antarctica Limited.

New Products/Services

The company has shifted focus to Agriculture and Commodities trading, which contributed INR 24.89 Cr in its first full year of significant operation.

🌍 External Factors

Industry Trends

The industry is shifting toward organized commodity trading. The company is positioning itself by moving away from traditional printing (which is stagnant) into high-turnover agricultural segments.

Competitive Landscape

The company competes in the highly fragmented and price-sensitive commodity and agricultural trading markets.

Competitive Moat

The company appears to have no sustainable moat; auditors issued a disclaimer of opinion due to missing fixed asset registers and lack of transaction documentation.

Macro Economic Sensitivity

High sensitivity to agricultural commodity prices and Indian government policies regarding agricultural trade.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to agricultural trade regulations and manufacturing standards, though specific impacts are not quantified.

Taxation Policy Impact

The company provided for tax expenses of INR 0.38 Cr for the half-year ended September 2025.

Legal Contingencies

The company identifies 'Litigation' as a major risk area. Auditors were unable to verify compliance with Regulation 46 of SEBI LODR and noted the company has not yet appointed an Internal Auditor.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'Disclaimer of Opinion' from auditors who could not verify sales, purchases, or inventory, creating a 100% risk regarding the reliability of financial statements.