🧠 1. At a Glance
Repro India is a traditional textbook printer with a digital twist — now chasing Print-on-Demand (PoD) dreams. With ₹466 Cr revenue in FY25 and net loss of ₹2 Cr, it’s not exactly Amazon KDP. While margins improved, profitability remains elusive. ROE is -0.5%, promoters are selling, and despite all this, the stock trades at 2.1x book value. Hope, it seems, is still in print.
🎬 2. Introduction with Hook
What do you get when an educational printing company tries to rebrand as a tech-forward PoD innovator?
A 30-year-old midcap with:
- Negative FY25 profits 😵
- Falling promoter shareholding 😬
- A shiny Bangalore plant 🏭
- And the tagline: We Print, You Hope.
So… is Repro India building the next Amazon Kindle backend? Or just pressing Ctrl+P on the same old problems?
🏭 3. WTF Do They Even Do? (Business Model)
Repro India’s business includes:
- 📚 Offset printing: Mainly school & college textbooks (Navneet, S. Chand, Oxford, etc.)
- 🖨️ Digital & Print-on-Demand: Long-tail inventory books for e-com platforms (Flipkart, Amazon, own platform)
- 🛒 Web-to-print: Small volumes, localized educational content, personalized printing
They offer end-to-end printing + logistics + dispatch — a full-stack B2B print solution.
Bonus points: Recent focus on expanding PoD infra through new Bangalore facility (Jul 2024).
📈 4. Financials Overview – Profit, Margins, ROE, Growth
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 138 | 287 | 422 | 479 | 466 |
| PAT (₹ Cr) | -43 | -23 | 9 | 12 | -2 |
| OPM % | -4% | 5% | 10% | 11% | 7% |
| ROCE | -7% | -3% | 5% | 6% | 1.5% |
| ROE | -35% | -18% | 6.9% | 8.5% | -0.5% |
📉 Profits were reprinted for two years, but FY25 saw margins fall again.
💸 5. Valuation – Is It Cheap, Meh, or Crack?
| Metric | Value |
|---|---|
| CMP | ₹563 |
| Book Value | ₹267 |
| P/B | 2.11x |
| EPS (FY25) | -₹1.44 |
| Dividend | ₹0 |
🧮 Let’s assume FY26 recovery with ₹20 Cr PAT → EPS ~₹14
Valuing it at 18–22x P/E gives FV Range = ₹250 to ₹310
👉 CMP is priced for fantasy, not fundamentals.
🍲 6. What’s Cooking – News, Triggers, Drama
📦 What’s in the carton:
- 🏭 New Bangalore PoD facility opened (Jul 2024)
- 🆙 Credit rating upgraded to BBB+ (ICRA, Apr 2024)
- 🧾 Preferential issue of 11 lakh shares (Aug 2023)
🚨 What’s smudging:
- FY25 PAT slipped into red
- Sales down 3% YoY despite digital pivot
- Promoters reduced holding from 51.4% → 46.8% in 3 years
🏦 7. Balance Sheet – How Much Debt, How Many Dreams?
| FY25 Metric | Value |
|---|---|
| Equity Capital | ₹14 Cr |
| Reserves | ₹368 Cr |
| Borrowings | ₹99 Cr |
| Total Assets | ₹547 Cr |
| CWIP | ₹4 Cr |
| Fixed Assets | ₹319 Cr |
💡 No immediate risk of default. But capital efficiency = meh. Asset turnover is low for a “tech-enabled” biz.
💰 8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY24 | ₹27 Cr | -₹45 Cr | ₹22 Cr | ₹4 Cr |
| FY25 | ₹50 Cr | -₹71 Cr | ₹23 Cr | ₹2 Cr |
📦 Capex is PoD-focused, but will it deliver PoS (Profit on Sheet)?
Currently, cash from ops is positive, but net profit lags.
📊 9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROCE | 1.5% ❌ |
| ROE | -0.5% ❌ |
| OPM | 7% ❌ |
| Debtor Days | 48 ✅ |
| CCC | 50 days ✅ |
💡 Operationally lean. But capital structure still too heavy for its profit engine.
💸 10. P&L Breakdown – Show Me the Money
- FY25 Revenue: ₹466 Cr
- EBITDA: ₹32 Cr
- PAT: -₹2 Cr
- EPS: -₹1.44
📉 Margins down from FY24 (11% to 7%), PAT went negative again.
🤼 11. Peer Comparison – Who Else Is in the Game?
| Company | Sales (₹ Cr) | PAT (₹ Cr) | ROE | P/E |
|---|---|---|---|---|
| Navneet Edu | 1,786 | ₹208 | 13.3% | 15.6x |
| S. Chand | 720 | ₹60 | 6.2% | 13.2x |
| Repro India | 466 | -2 | -0.5% | N/A |
👎 Smallest of the three + only one in loss = least favourable on paper
But also the only one going full-throttle on PoD infra.
🧾 12. Misc – Promoters, Shareholding, Other Gyaan
| Group | Mar 2025 |
|---|---|
| Promoter | 46.78% ⬇️ |
| FII | 9.81% |
| Public | 43.41% |
| No. of Shareholders | ~10,140 |
📉 Promoter stake down 4.7% in 3 years
📦 Retail & institutions still holding — PoD thesis not yet torn apart
🧑⚖️ 13. EduInvesting Verdict™
Repro is trying to become the “Zomato of textbooks” with on-demand logistics and print infra. The narrative is appealing, but fundamentals are flimsy:
- 🔴 FY25 profit is negative
- 🟡 Margins slipping after brief uptick
- 🟢 PoD facility gives optionality, but no proof of scale… yet
🎯 FV Range: ₹250–₹310
🎭 CMP = ₹563 = Hope Trade in full print
Final Word?
Great story. Missing pages.
✍️ Written by Prashant | 📅 9 July 2025
Tags: Repro India, Print-on-Demand, Book Publishing, Textbook Stocks, Turnaround Stocks, Promoter Selling, EduInvesting
