MarketFriction

Mazda Ltd

NSE MAZDA · BSE 523792 · Industrial Products
₹288.15 -5.00%
NSE close2026-10-01
52 week range159.20 - 308.00
Market cap₹578 Cr.
P/E19.3
ESM Price band 5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales62.7153.9757.5536.1756.7946.7853.5249.6350.8447.3964.1980.34
Expenses54.2743.7245.4634.4547.8036.0945.6346.4040.3836.6054.1873.00
Operating Profit8.4410.2512.091.728.9910.697.893.2310.4610.7910.017.34
OPM %13.46%18.99%21.01%4.76%15.83%22.85%14.74%6.51%20.57%22.77%15.59%9.14%
Other Income1.001.771.963.143.880.200.924.270.821.840.123.59
Interest0.100.110.150.150.070.210.100.160.250.280.320.18
Depreciation1.001.001.020.960.970.980.981.021.041.061.071.13
Profit before tax8.3410.9112.883.7511.839.707.736.329.9911.298.749.62
Tax %25.78%24.20%27.25%22.93%24.09%23.51%28.07%22.31%24.22%22.67%28.15%23.80%
Net Profit6.198.269.372.908.987.425.564.917.588.726.297.33
EPS in Rs3.104.134.681.454.493.712.782.453.794.353.143.66
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales122110107139180152165192225193212243
Expenses1049793120155129137154186163178204
Operating Profit181314192524283840303539
OPM %15%12%13%14%14%16%17%20%18%16%16%16%
Other Income254322327776
Interest101111111111
Depreciation233333234444
Profit before tax171514192222283642333640
Tax %29%14%29%24%26%26%23%25%25%25%24%
Net Profit121310141716212732252830
EPS in Rs5.656.074.846.628.328.1610.6213.3215.7612.4113.7414.94
Dividend Payout %23%24%34%27%24%27%23%21%20%29%29%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth6%7%3%17%
Compounded Profit Growth9%11%1%11%
Stock Price CAGR16%16%7%9%
Return on Equity12%13%13%11%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital444444444444
Reserves8795114120130128143160182208226245
Borrowings322321101000
Other Liabilities293120243734242838283566
Total Liabilities123132141151173167173192224240265315
Fixed Assets212334343433353576757474
CWIP034481725400010
Investments334147574328403143788965
Other Assets696556568889738610588101175
Total Assets123132141151173167173192224240265315
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1617714-522208244311-19
Cash from Investing Activity-9-17-10-7104-20-5-15-30-924
Cash from Financing Activity-4-4-4-4-9-19-2-6-6-6-7-8
Net Cash Flow3-4-73-47-2-336-5-3
Free Cash Flow1110-813-121010-719407-23
CFO/OP117%125%81%117%1%112%112%49%82%134%63%-35%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days7068758579677692705477102
Inventory Days114111116132181133131156208113178394
Days Payable7175709311266557073446389
Cash Conversion Cycle113104120124148135152178205122191407
Working Capital Days73598479105849411811678111187
ROCE %18%17%14%12%15%17%16%18%21%21%15%16%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters48.34%48.34%48.34%48.34%48.52%48.52%48.58%48.58%48.58%48.58%48.58%48.68%
FIIs0.21%0.20%0.21%0.21%0.20%0.27%0.15%0.15%0.08%0.13%0.05%0.07%
DIIs0.02%0.02%0.02%0.02%0.02%0.05%0.05%0.05%0.05%0.05%0.05%0.05%
Public51.41%51.43%51.43%51.42%51.24%51.16%51.21%51.21%51.29%51.24%51.32%51.20%
No. of Shareholders6,4538,52110,10510,68510,44511,88612,98112,92314,90014,19613,99213,620

Fundamentals

Market Cap₹ 578 Cr.
Current Price₹ 289
Stock P/E19.3
Book Value₹ 125
ROCE15.6 %
ROE11.5 %
Dividend Yield1.38 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)17%
Compounded Profit Growth (TTM)11%
Standalone figures.
Valuation
Market capRs 577 Cr
Enterprise valueRs 570 Cr
P/E (TTM)19.29x
Price to book2.31x
Price to sales2.38x
EV / EBITDA12.68x
EV / EBIT14.02x
EV / sales2.35x
Earnings yield5.19%
Dividend yield1.39%
P/E, 3-year average11.54x
P/B, 3-year average1.30x
P/E, 5-year average7.67x
P/B, 5-year average0.88x
Profitability
Operating margin (excl. other income)16.29%
Operating margin (incl. other income)19.59%
EBITDA margin18.52%
Pre-tax margin16.33%
Net profit margin12.32%
Net margin, latest quarter9.12%
ROE11.48%
ROCE15.59%
ROA9.49%
ROE, 3-year average12.85%
ROCE, 3-year average17.33%
ROA, 3-year average10.96%
ROE, 5-year average13.48%
ROCE, 5-year average18.16%
ROA, 5-year average11.47%
ROIC (approx.)12.69%
Tax rate24.34%
Other income / net worth2.81%
Growth
Sales growth (latest year)9.72%
Profit growth (latest year)10.70%
Sales CAGR, 3 years3.45%
Sales CAGR, 5 years6.83%
Profit CAGR, 3 years1.09%
Profit CAGR, 5 years10.99%
Sales growth QoQ25.16%
Profit growth QoQ16.53%
Sales growth YoY (latest quarter)61.88%
Profit growth YoY (latest quarter)49.29%
Per share
EPS (TTM)Rs 14.94
EPS (latest year)Rs 13.74
EPS (latest quarter)Rs 3.66
EPS, 3-year averageRs 34.95
EPS, 5-year averageRs 44.87
Book value per shareRs 124.51
Sales per shareRs 121.23
Cash flow per shareRs -9.37
Free cash flow per shareRs -11.49
Dividend per share (latest year)Rs 4.00
Dividend per share, 3-year averageRs 7.88
Dividend per share, 5-year averageRs 9.95
Dividends
Dividend payout29.15%
Dividend payout, 3-year average26.19%
Dividend payout, 5-year average24.50%
Efficiency
Asset turnover0.67x
Fixed asset turnover2.85x
Inventory turnover1.25x
Inventory days293 days
Debtor days102 days
Debtors turnover3.59x
Creditor days89 days
Cash conversion cycle407 days
Working capital days187 days
Leverage
Cash and bankRs 7 Cr
Net debtRs -7 Cr
Net debt / EBITDA-0.15x
Interest coverage39.49x
Owners' fund to total sources79.18%
Cash flow
Cash from Operating Activity (latest year)Rs -19 Cr
Cash from Investing Activity (latest year)Rs 24 Cr
Cash from Financing Activity (latest year)Rs -8 Cr
Net Cash Flow (latest year)Rs -3 Cr
Free cash flow (latest year)Rs -23 Cr
Cash from ops / profit, 5 years0.50x
Statement figures
Net sales (TTM)Rs 243 Cr
Net sales (latest year)Rs 212 Cr
Sales (latest quarter)Rs 80 Cr
Operating profit excl. other income (latest year)Rs 35 Cr
Operating profit (latest quarter)Rs 7 Cr
Other income (TTM)Rs 6 Cr
EBITDA (TTM)Rs 45 Cr
PBDT (TTM)Rs 44 Cr
Profit before tax (TTM)Rs 40 Cr
Tax (latest year)Rs 9 Cr
Net profit (TTM)Rs 30 Cr
Net profit (latest year)Rs 28 Cr
Net profit (latest quarter)Rs 7 Cr
Depreciation (TTM)Rs 4 Cr
Depreciation (latest quarter)Rs 1 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 122 Cr
Total expenditure (latest year)Rs 178 Cr
Total income (latest year)Rs 219 Cr
Share capitalRs 4 Cr
ReservesRs 245 Cr
Shareholders' fundsRs 249 Cr
Total assetsRs 315 Cr
Net blockRs 74 Cr
Capital work in progressRs 0 Cr
InvestmentsRs 65 Cr
ReceivablesRs 59 Cr
InventoryRs 98 Cr
Other liabilitiesRs 66 Cr
Shares outstanding (crore)2.00
Ownership
Promoter holding48.68% (+0.10 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 19.3 is at the 86th percentile of its own 9.4-year range (median 13.5, low 7.0, high 23.6).
P/B 2.31 is at the 79th percentile (median 1.59).
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.
PeriodMAZDANifty 50Difference
1 week+7.7%-2.8% +10.5 pts
1 month+15.5%-6.8% +22.3 pts
3 months+25.6%-7.6% +33.2 pts
6 months+78.8%+0.4% +78.4 pts
1 year+7.7%-9.9% +17.6 pts
2 years+13.2%-13.6% +26.8 pts
3 years+23.3%+14.2% +9.1 pts
5 years+112.2%+27.9% +84.3 pts

Red flags

F-score 4 of 8
explainWeak cash conversion Cash from operations was 42% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 15% of total assets in 2026
explainReceivables outrunning sales Receivables grew 45% vs sales +10% in 2026
lookInventory outrunning sales Inventory grew 125% vs sales +10% in 2026
lookOn 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.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-09-22Croll Reynolds International Inc.Acquirersell590,503SAST Open Market
2026-09-22Croll Reynolds International Inc.Acquirersell590,503SAST Open Market
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹80 Cr +61.9% vs Jun 2025. Net profit ₹7 Cr +49.3%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-04Dividend - Rs 4 Per Share
2025-09-04Dividend - Rs 3.60 Per Share
2025-01-28Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share0.2000
2024-08-22Dividend - Rs 16 Per Share
2024-08-22Annual General Meeting
2023-09-07Annual General Meeting/Dividend - Rs 14 Per Share
2022-09-14Dividend - Rs 12.10 Per Share
2022-09-14Annual General Meeting
2021-09-08 Annual General Meeting/Dividend - Rs 11 Per Share
2020-09-16 Annual General Meeting/Dividend - Rs 2.50 Per Share
2020-02-20 Interim Dividend - Rs 7.5 Per Share
2019-09-12 Annual General Meeting/Dividend - Rs 9 Per Share
2018-08-14 Annual General Meeting/Dividend Rs 8.10 Per Share
2017-08-23 Annual General Meeting/Dividend - Rs 7.30 Per Share
DateTypeWhat it says
2026-09-22Shareholder meetingVoting results.
2026-09-21Shareholder meetingProceedings of Annual General Meeting held on September 21, 2026
2026-08-17Record DateRecord date for the purpose of Final Dividend is 04-Sep-2026.
2026-08-11Shareholder meetingNotice of Annual General Meeting to be held on Monday, September 21, 2026
2026-08-10Board meeting outcomeMazda Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-07Volume querySignificant increase in volume has been observed in Mazda Limited. The Exchange, in order to ensure that investors have latest relevant information ab...
2026-07-06Volume querySignificant increase in volume has been observed in Mazda Limited. The Exchange, in order to ensure that investors have latest relevant information ab...
2026-06-17Disclosure under SEBI TakeovMazda Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acq...
2026-05-26Board meeting outcomeMazda Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-26Board meeting outcomeMazda Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-26DividendBoard of Directors at its meeting held on May 26, 2026, recommended Final Dividend of Rs. 4 per equity share.
2026-02-11Board meeting outcomeMazda Limited has submitted to the Exchange, the unaudited financial results for the period ended December 31, 2025.
2025-12-31Order winBagging/Receiving of orders/contracts
2025-12-02Order winBagging/Receiving of orders/contracts
2025-11-12Board meeting outcomeMazda Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
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 1
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03