Price
Financials
Standalone, Rs crore| Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 100 | 202 | 140 | 164 | 198 | 234 | 219 | 219 |
| Expenses | 89 | 182 | 120 | 152 | 184 | 195 | 191 | 192 |
| Operating Profit | 12 | 20 | 20 | 12 | 14 | 39 | 28 | 27 |
| OPM % | 12% | 10% | 14% | 7% | 7% | 17% | 13% | 12% |
| Other Income | 1 | 4 | 0 | 1 | 2 | -0 | 0 | 3 |
| Interest | 7 | 10 | 9 | 10 | 11 | 15 | 13 | 18 |
| Depreciation | 4 | 2 | 3 | 4 | 4 | 4 | 4 | 4 |
| Profit before tax | 2 | 11 | 8 | -0 | 1 | 20 | 12 | 9 |
| Tax % | 0% | 25% | 28% | -1,576% | 0% | 38% | 0% | 67% |
| Net Profit | 2 | 8 | 6 | 5 | 1 | 12 | 12 | 3 |
| EPS in Rs | 0.91 | 4.55 | 2.43 | 2.21 | 0.38 | 5.03 | 4.76 | 1.18 |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 269 | 359 | 346 | 271 | 309 | 303 | 304 | 431 | 438 |
| Expenses | 242 | 325 | 316 | 258 | 280 | 269 | 270 | 378 | 383 |
| Operating Profit | 26 | 34 | 30 | 13 | 28 | 33 | 34 | 53 | 55 |
| OPM % | 10% | 10% | 9% | 4.8% | 9% | 11% | 11% | 12% | 12% |
| Other Income | 2 | 0 | 0 | 1 | 0 | 5 | 1 | 2 | 3 |
| Interest | 10 | 12 | 15 | 15 | 14 | 19 | 20 | 26 | 30 |
| Depreciation | 6 | 6 | 7 | 8 | 8 | 7 | 7 | 8 | 8 |
| Profit before tax | 12 | 17 | 8 | -9 | 6 | 13 | 8 | 21 | 20 |
| Tax % | 26% | 25% | 19% | -28% | 17% | 22% | -43% | 37% | 28% |
| Net Profit | 9 | 12 | 7 | -7 | 5 | 10 | 11 | 13 | 15 |
| EPS in Rs | 5.09 | 7.01 | 3.68 | -3.52 | 2.72 | 5.46 | 4.65 | 5.38 | 5.95 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 10% | 13% | 2% | ||
| Compounded Profit Growth | % | 33% | 34% | 11% | ||
| Stock Price CAGR | % | % | % | -21% | ||
| Return on Equity | % | 10% | 10% | 10% |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 19 | 19 | 19 | 25 | 25 | 25 |
| Reserves | 32 | 44 | 50 | 45 | 50 | 60 | 105 | 118 | 133 |
| Borrowings | 116 | 143 | 151 | 168 | 164 | 154 | 151 | 252 | 296 |
| Other Liabilities | 60 | 80 | 107 | 81 | 68 | 99 | 110 | 65 | 80 |
| Total Liabilities | 225 | 285 | 326 | 312 | 301 | 332 | 390 | 460 | 534 |
| Fixed Assets | 50 | 71 | 83 | 78 | 82 | 77 | 96 | 90 | 85 |
| CWIP | 14 | 0 | 0 | 0 | 0 | 6 | 0 | 0 | 11 |
| Investments | 19 | 19 | 19 | 19 | 19 | 0 | 0 | 0 | 0 |
| Other Assets | 142 | 195 | 223 | 215 | 199 | 248 | 295 | 370 | 438 |
| Total Assets | 225 | 285 | 326 | 312 | 301 | 332 | 390 | 460 | 534 |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 9 | -0 | 12 | 5 | 31 | 13 | 9 | 1 | -4 |
| Cash from Investing Activity | -19 | -13 | -20 | -2 | -12 | 17 | -18 | -1 | -11 |
| Cash from Financing Activity | 10 | 13 | 8 | -3 | -18 | -29 | 10 | 1 | 14 |
| Net Cash Flow | 0 | -0 | 0 | -0 | -0 | -0 | 0 | 1 | -1 |
| Free Cash Flow | -10 | -13 | -8 | 3 | 18 | 5 | -11 | -1 | -17 |
| CFO/OP | 41% | 7% | 50% | 45% | 108% | 41% | 25% | 12% | 4% |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 80 | 77 | 80 | 80 | 69 | 110 | 107 | 95 | 83 |
| Inventory Days | 134 | 155 | 188 | 240 | 199 | 220 | 244 | 213 | 268 |
| Days Payable | 103 | 106 | 131 | 124 | 91 | 140 | 159 | 50 | 60 |
| Cash Conversion Cycle | 111 | 126 | 137 | 196 | 177 | 190 | 191 | 258 | 291 |
| Working Capital Days | 114 | 27 | 29 | 55 | 49 | 73 | 108 | 90 | 142 |
| ROCE % | 15% | 11% | 2% | 9% | 11% | 11% | 14% | 12% |
| Sep 2023 | Oct 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Promoters | 59.74% | 59.74% | 59.74% | 59.74% | 59.74% | 59.74% | 59.74% |
| FIIs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.46% | 0.46% |
| DIIs | 0.01% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Government | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.22% |
| Public | 40.25% | 40.25% | 40.26% | 40.26% | 40.26% | 39.80% | 39.58% |
| No. of Shareholders | 3,742 | 3,742 | 2,435 | 2,302 | 2,155 | 1,552 | 1,541 |
Fundamentals
Market Cap₹ 98.9 Cr.
Current Price₹ 40.0
Stock P/E6.73
Book Value₹ 63.9
ROCE11.9 %
ROE9.75 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)2%
Compounded Profit Growth (TTM)11%
Standalone figures.
Valuation
Market capRs 101 Cr
Enterprise valueRs 350 Cr
P/E (TTM)7.62x
Price to book0.71x
Price to sales0.23x
EV / EBITDA6.36x
EV / EBIT7.38x
EV / sales0.81x
Price to cash flow89.57x
Earnings yield13.12%
P/E, 3-year average6.12x
P/B, 3-year average0.55x
P/E, 5-year average6.12x
P/B, 5-year average0.55x
Profitability
Operating margin (excl. other income)12.26%
Operating margin (incl. other income)12.74%
EBITDA margin12.74%
Pre-tax margin4.88%
Net profit margin3.08%
ROE9.72%
ROCE14.02%
ROA3.12%
ROE, 3-year average11.46%
ROCE, 3-year average12.83%
ROA, 3-year average3.17%
ROE, 5-year average6.41%
ROCE, 5-year average10.01%
ROA, 5-year average1.82%
ROIC (approx.)7.64%
Tax rate36.85%
Other income / net worth1.43%
Growth
Sales growth (latest year)41.70%
Profit growth (latest year)15.78%
Sales CAGR, 3 years11.77%
Sales CAGR, 5 years4.51%
Profit CAGR, 3 years38.03%
Profit CAGR, 5 years15.22%
Per share
EPS (TTM)Rs 5.38
EPS (latest year)Rs 5.38
EPS, 3-year averageRs 5.16
EPS, 5-year averageRs 2.94
Book value per shareRs 58.00
Sales per shareRs 174.71
Cash flow per shareRs 0.46
Free cash flow per shareRs -6.89
Efficiency
Asset turnover0.94x
Fixed asset turnover4.77x
Inventory turnover1.86x
Inventory days196 days
Debtor days95 days
Debtors turnover3.85x
Creditor days60 days
Cash conversion cycle291 days
Working capital days142 days
Leverage
Total debtRs 252 Cr
Cash and bankRs 4 Cr
Net debtRs 248 Cr
Debt to equity1.76x
Net debt / EBITDA4.52x
Interest coverage1.80x
Owners' fund to total sources31.12%
Debt to assets54.78%
Cash flow
Cash from Operating Activity (latest year)Rs 1 Cr
Cash from Investing Activity (latest year)Rs -1 Cr
Cash from Financing Activity (latest year)Rs 1 Cr
Net Cash Flow (latest year)Rs 1 Cr
Free cash flow (latest year)Rs -17 Cr
FCFE (approx.: FCF + change in debt)Rs 85 Cr
Cash from ops / profit, 5 years0.93x
Sales to cash flow381.68x
Statement figures
Net sales (TTM)Rs 431 Cr
Net sales (latest year)Rs 431 Cr
Operating profit excl. other income (latest year)Rs 53 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 55 Cr
PBDT (TTM)Rs 29 Cr
Profit before tax (TTM)Rs 21 Cr
Tax (latest year)Rs 8 Cr
Net profit (TTM)Rs 13 Cr
Net profit (latest year)Rs 13 Cr
Depreciation (TTM)Rs 8 Cr
Interest (TTM)Rs 26 Cr
Cost of goods sold (latest year)Rs 353 Cr
Total expenditure (latest year)Rs 378 Cr
Total income (latest year)Rs 433 Cr
Share capitalRs 25 Cr
ReservesRs 118 Cr
Shareholders' fundsRs 143 Cr
Total assetsRs 460 Cr
Net blockRs 90 Cr
Capital work in progressRs 0 Cr
ReceivablesRs 112 Cr
InventoryRs 189 Cr
Other liabilitiesRs 65 Cr
Shares outstanding (crore)2.47
Ownership
Promoter holding59.74% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 7.6 is at the 16th percentile of its own 3.1-year range
(median 9.9, low 5.6, high 25.8).
P/B 0.71 is at the 11th percentile (median 1.17).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | MAL | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -3.6% | -2.8% | -0.9 pts |
| 1 month | +36.2% | -6.8% | +43.0 pts |
| 3 months | +22.0% | -7.6% | +29.6 pts |
| 6 months | -3.6% | +0.4% | -4.0 pts |
| 1 year | -39.7% | -9.9% | -29.8 pts |
| 2 years | -3.3% | -13.6% | +10.3 pts |
Red flags
F-score 5 of 8| explain | Share dilution Share count up 0% in a year, 33% in three |
| look | On NSE surveillance On NSE surveillance: ESM |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Mar 2026Sales ₹219 Cr +33.5% vs Mar 2024.
Net profit ₹3 Cr -40.0%.
Activity
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|---|---|---|---|
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| Maharashtra Seamless Ltd | 9,672 | 13.1 | 14.3 % |
| Jayaswal Neco Industries Ltd | 8,997 | 15.7 | 20.7 % |
| Sunflag Iron & Steel Company Ltd | 8,368 | 39.4 | 4.07 % |
| Man Industries (India) Ltd | 7,198 | 35.2 | 16.2 % |
| Aeroflex Industries Ltd | 7,141 | 106 | 18.9 % |
| Technocraft Industries (India) Ltd | 6,635 | 19.5 | 16.3 % |
| Shivalik Bimetal Controls Ltd | 6,402 | 60.1 | 26.6 % |
No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
ESM: stage 1Less than 100 unique PAN traded in previous 30 daysSME scrip is not regularly traded