Price
Financials
Consolidated, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10.31 | 17.49 | 22.96 | 10.71 | 27.46 | 11.75 | 44.85 | 11.61 | 37.89 | 90.23 | 50.79 | 43.72 |
| Expenses | 7.32 | 14.90 | 17.55 | 8.12 | 23.82 | 8.30 | 36.49 | 7.50 | 34.08 | 86.26 | 37.44 | 39.46 |
| Operating Profit | 2.99 | 2.59 | 5.41 | 2.59 | 3.64 | 3.45 | 8.36 | 4.11 | 3.81 | 3.97 | 13.35 | 4.26 |
| OPM % | 29.00% | 14.81% | 23.56% | 24.18% | 13.26% | 29.36% | 18.64% | 35.40% | 10.06% | 4.40% | 26.28% | 9.74% |
| Other Income | 6.78 | 0.82 | 0.86 | 0.22 | 0.23 | 0.49 | 0.31 | 0.14 | 0.53 | 0.15 | 0.35 | 0.22 |
| Interest | 0.48 | 0.35 | 0.42 | 0.46 | 1.35 | 1.38 | 1.42 | 1.67 | 1.26 | 1.30 | 1.82 | 1.39 |
| Depreciation | 0.38 | 0.35 | 0.37 | 0.39 | 0.39 | 0.39 | 0.44 | 0.91 | 0.91 | 0.94 | 0.92 | 0.96 |
| Profit before tax | 8.91 | 2.71 | 5.48 | 1.96 | 2.13 | 2.17 | 6.81 | 1.67 | 2.17 | 1.88 | 10.96 | 2.13 |
| Tax % | 1.23% | 0.00% | -804.93% | 0.00% | 0.00% | 0.00% | 47.58% | 0.00% | 0.00% | 0.00% | 267.43% | 0.00% |
| Net Profit | 8.80 | 2.71 | 49.59 | 1.97 | 2.13 | 2.17 | 3.57 | 1.67 | 2.17 | 1.88 | -18.35 | 2.13 |
| EPS in Rs | 0.39 | 0.12 | 2.24 | 0.08 | 0.09 | 0.09 | 0.15 | 0.07 | 0.09 | 0.08 | -0.76 | 0.09 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 207 | 218 | 159 | 5 | 2 | 1 | 45 | 23 | 55 | 95 | 191 | 223 |
| Expenses | 163 | 216 | 163 | 25 | 19 | 3 | 38 | 21 | 42 | 76 | 165 | 197 |
| Operating Profit | 44 | 2 | -4 | -20 | -17 | -2 | 7 | 2 | 12 | 18 | 26 | 25 |
| OPM % | 21% | 1.0% | -2.7% | -407% | -919% | -150% | 15% | 7% | 23% | 19% | 13% | 11% |
| Other Income | -193 | 2 | -95 | 0 | 1 | 3 | 1 | 2 | 9 | 1 | 1 | 1 |
| Interest | 0 | 29 | 24 | 0 | 0 | 0 | 2 | 1 | 2 | 5 | 6 | 6 |
| Depreciation | 8 | 8 | 8 | 8 | 8 | 7 | 3 | 2 | 2 | 2 | 4 | 4 |
| Profit before tax | -157 | -32 | -132 | -27 | -24 | -5 | 3 | 0 | 18 | 13 | 17 | 17 |
| Tax % | -29% | 9% | 46% | 0% | 0% | 0% | 0% | 0% | -249% | 25% | 176% | |
| Net Profit | -111 | -35 | -191 | -27 | -24 | -5 | 3 | 0 | 62 | 10 | -13 | -12 |
| EPS in Rs | -6.67 | -1.58 | -8.69 | -1.25 | -1.09 | -0.25 | 0.14 | 0.01 | 2.79 | 0.41 | -0.52 | -0.50 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | -1% | 181% | 103% | 133% | ||
| Compounded Profit Growth | % | % | % | -228% | ||
| Stock Price CAGR | 9% | % | 12% | -37% | ||
| Return on Equity | % | 9% | 11% | -6% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 24 | 33 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 48 | 48 |
| Reserves | 286 | 198 | 69 | -121 | -148 | -172 | -39 | 18 | 19 | 78 | 174 | 168 |
| Borrowings | 161 | 157 | 104 | 117 | 117 | 135 | 33 | 8 | 17 | 12 | 48 | 44 |
| Other Liabilities | 122 | 98 | 125 | 160 | 165 | 154 | 27 | 4 | 8 | 7 | 43 | 94 |
| Total Liabilities | 593 | 486 | 342 | 200 | 178 | 161 | 65 | 75 | 87 | 141 | 314 | 354 |
| Fixed Assets | 128 | 120 | 93 | 90 | 82 | 75 | 46 | 47 | 43 | 26 | 47 | 46 |
| CWIP | 17 | 17 | 7 | 2 | 2 | 2 | 0 | 5 | 10 | 0 | 2 | 1 |
| Investments | 6 | 7 | 7 | 7 | 7 | 8 | 8 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 442 | 341 | 236 | 102 | 87 | 76 | 11 | 23 | 34 | 115 | 265 | 307 |
| Total Assets | 593 | 486 | 342 | 200 | 178 | 161 | 65 | 75 | 87 | 141 | 314 | 354 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -32 | -22 | -22 | 33 | 0 | 1 | -146 | -58 | -5 | -13 | -49 | 3 |
| Cash from Investing Activity | 11 | 0 | -1 | -0 | -0 | -1 | 20 | -9 | -5 | 19 | -67 | -3 |
| Cash from Financing Activity | 21 | 0 | 22 | -33 | -0 | 0 | 126 | 66 | 10 | -5 | 122 | -6 |
| Net Cash Flow | 0 | -22 | -1 | -0 | 0 | -0 | 0 | 0 | 0 | 1 | 6 | -6 |
| Free Cash Flow | -23 | -22 | -23 | 33 | 0 | 1 | -123 | -66 | -9 | 3 | -73 | 1 |
| CFO/OP | -280% | 55% | -867% | -2,147% | -2% | -4% | 8,889% | -865% | -296% | -103% | -267% | 12% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 262 | 167 | 57 | 78 | 1,466 | 1,866 | 1,326 | 11 | 45 | 169 | 324 | 375 |
| Inventory Days | 546 | 184 | 241 | 134 | 7,084 | 30,641 | 972 | 96 | 383 | 101 | 100 | 77 |
| Days Payable | 190 | 149 | 84 | 150 | 8,344 | 37,323 | 817 | 6 | 14 | 42 | 245 | 174 |
| Cash Conversion Cycle | 618 | 201 | 214 | 62 | 206 | -4,815 | 1,480 | 101 | 414 | 228 | 180 | 278 |
| Working Capital Days | 287 | 16 | -42 | -431 | -15,613 | -43,260 | -8,167 | 108 | 161 | 234 | 314 | 202 |
| ROCE % | 1% | 9% | -1% | -8% | -102% | -242% | -24% | 9% | 1% | 12% | 9% | 9% |
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 74.63% | 74.59% | 67.51% | 66.46% | 66.46% | 66.48% | 62.06% | 58.01% | 55.52% | 51.70% | 51.58% | 41.73% |
| FIIs | 0.00% | 0.00% | 8.38% | 4.77% | 4.15% | 3.80% | 3.13% | 0.16% | 0.16% | 1.83% | 5.58% | 20.36% |
| Public | 25.37% | 25.41% | 24.11% | 28.76% | 29.38% | 29.72% | 34.81% | 41.82% | 44.32% | 46.46% | 42.84% | 37.92% |
| No. of Shareholders | 67,404 | 87,335 | 1,06,932 | 1,70,707 | 1,80,238 | 1,85,677 | 1,89,600 | 2,40,201 | 2,33,068 | 2,25,366 | 2,19,167 | 2,14,987 |
Fundamentals
Market Cap₹ 1,068 Cr.
Current Price₹ 36.0
Book Value₹ 8.97
ROCE8.67 %
ROE-5.76 %
Dividend Yield0.00 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)133%
Compounded Profit Growth (TTM)-228%
Consolidated figures.
Valuation
Market capRs 868 Cr
Enterprise valueRs 901 Cr
Price to book4.01x
Price to sales3.90x
EV / EBITDA33.82x
EV / EBIT39.32x
EV / sales4.05x
Price to cash flow287.30x
Earnings yield-1.40%
P/E, 3-year average72.06x
P/B, 3-year average5.42x
P/E, 5-year average319.16x
P/B, 5-year average5.26x
Profitability
Operating margin (excl. other income)13.42%
Operating margin (incl. other income)14.02%
EBITDA margin11.97%
Pre-tax margin7.70%
Net profit margin-5.47%
Net margin, latest quarter4.87%
ROE-5.76%
ROCE8.68%
ROA-3.78%
ROE, 3-year average22.27%
ROCE, 3-year average11.96%
ROA, 3-year average18.25%
ROE, 5-year average15.22%
ROCE, 5-year average9.33%
ROA, 5-year average11.87%
ROIC (approx.)-6.95%
Tax rate175.72%
Other income / net worth0.54%
Growth
Sales growth (latest year)101.06%
Profit growth (latest year)-228.48%
Sales CAGR, 3 years102.60%
Sales CAGR, 5 years180.87%
Sales growth QoQ-13.92%
Sales growth YoY (latest quarter)276.57%
Profit growth YoY (latest quarter)27.54%
Per share
EPS (TTM)Rs -0.51
EPS (latest year)Rs -0.52
EPS (latest quarter)Rs 0.09
EPS, 3-year averageRs 0.89
EPS, 5-year averageRs 0.56
Book value per shareRs 8.97
Sales per shareRs 9.24
Cash flow per shareRs 0.13
Free cash flow per shareRs 0.04
Efficiency
Asset turnover0.54x
Fixed asset turnover4.16x
Inventory turnover5.05x
Inventory days72 days
Debtor days375 days
Debtors turnover0.97x
Creditor days174 days
Cash conversion cycle278 days
Working capital days202 days
Leverage
Total debtRs 44 Cr
Cash and bankRs 11 Cr
Net debtRs 33 Cr
Debt to equity0.20x
Net debt / EBITDA1.25x
Interest coverage3.97x
Current ratio (filing 2026-03-31)1.91x
Quick ratio (filing 2026-03-31)1.69x
Trade payables (filing 2026-03-31)Rs 66 Cr
Owners' fund to total sources61.05%
Debt to assets12.48%
Cash flow
Cash from Operating Activity (latest year)Rs 3 Cr
Cash from Investing Activity (latest year)Rs -3 Cr
Cash from Financing Activity (latest year)Rs -6 Cr
Net Cash Flow (latest year)Rs -6 Cr
Free cash flow (latest year)Rs 1 Cr
FCFE (approx.: FCF + change in debt)Rs -3 Cr
Cash from ops / profit, 5 years-1.97x
Sales to cash flow63.09x
Statement figures
Net sales (TTM)Rs 223 Cr
Net sales (latest year)Rs 191 Cr
Sales (latest quarter)Rs 44 Cr
Operating profit excl. other income (latest year)Rs 26 Cr
Operating profit (latest quarter)Rs 4 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs 27 Cr
PBDT (TTM)Rs 21 Cr
Profit before tax (TTM)Rs 17 Cr
Tax (latest year)Rs 29 Cr
Net profit (TTM)Rs -12 Cr
Net profit (latest year)Rs -13 Cr
Net profit (latest quarter)Rs 2 Cr
Depreciation (TTM)Rs 4 Cr
Depreciation (latest quarter)Rs 1 Cr
Interest (TTM)Rs 6 Cr
Cost of goods sold (latest year)Rs 147 Cr
Total expenditure (latest year)Rs 165 Cr
Total income (latest year)Rs 192 Cr
Share capitalRs 48 Cr
ReservesRs 168 Cr
Shareholders' fundsRs 216 Cr
Total assetsRs 354 Cr
Net blockRs 46 Cr
Capital work in progressRs 1 Cr
ReceivablesRs 196 Cr
InventoryRs 29 Cr
Other liabilitiesRs 94 Cr
Shares outstanding (crore)24.10
Ownership
Promoter holding41.73% (-16.28 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/B 4.01 is at the 18th percentile (median 5.64).
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 | MICEL | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +1.7% | -2.8% | +4.5 pts |
| 1 month | -7.7% | -6.8% | -0.9 pts |
| 3 months | -9.4% | -7.6% | -1.8 pts |
| 6 months | +20.1% | +0.4% | +19.7 pts |
| 1 year | -40.1% | -9.9% | -30.2 pts |
| 2 years | -65.2% | -13.6% | -51.7 pts |
| 3 years | +39.0% | +14.2% | +24.8 pts |
| 5 years | +2627.3% | +27.9% | +2599.4 pts |
Red flags
F-score 5 of 8| explain | Weak cash conversion Cash from operations was -99% of net profit over the last 3 years |
| explain | Receivables outrunning sales Receivables grew 133% vs sales +101% in 2026 |
| 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
Jun 2026Sales ₹44 Cr +276.6% vs Jun 2025.
Net profit ₹2 Cr +27.5%.
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| HBL Engineering Ltd | 22,406 | 28.0 | 59.3 % |
| Inox India Ltd | 18,792 | 73.1 | 33.5 % |
| KRN Heat Exchanger and Refrigeration Ltd | 9,446 | 97.4 | 16.1 % |
| Esab India Ltd | 8,482 | 41.0 | 64.7 % |
| Subros Ltd | 4,580 | 26.6 | 19.2 % |
| Harsha Engineers International Ltd | 4,234 | 27.4 | 13.0 % |
| Ador Welding Ltd | 2,812 | 23.5 | 22.7 % |
| Diffusion Engineers Ltd | 1,678 | 30.4 | 15.8 % |
| Sahasra Electronic Solutions Ltd | 1,082 | 76.2 | 6.04 % |
| Tankup Engineers Ltd | 910 | 190 | 19.0 % |
| Vilas Transcore Ltd | 895 | 23.2 | 15.9 % |
| Oriental Rail Infrastructure Ltd | 826 | 17.5 | 12.0 % |
| Technocrats Plasma Systems Ltd | 708 | 47.4 | 67.0 % |
| Hy-Tech Engineers Ltd | 660 | 28.8 | 23.9 % |
| Mallcom (India) Ltd | 589 | 22.0 | 11.6 % |
No bulk or block deals on record.
| Ex-date | Action | Factor |
|---|---|---|
| 2024-08-21 | Annual General Meeting | |
| 2023-08-11 | Annual General Meeting | |
| 2022-08-12 | Annual General Meeting |
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.
| Order date | Forum | Case |
|---|---|---|
| 2021-02-03 | NCLAT | SREI Equipment Finance Ltd. VS Prabhakar Nanidraju, RP of MIC Electronics Ltd. |
| 2020-11-25 | NCLAT | SREI Equipment Finance Ltd. VS Prabhakar Nanidraju, RP of MIC Electronics Ltd. |
| 2020-11-24 | NCLAT | SREI Equipment Finance Ltd. VS Prabhakar Nanidraju, RP of MIC Electronics Ltd. |
| 2020-11-04 | NCLAT | SREI Equipment Finance Ltd. VS Prabhakar Nanidraju, RP of MIC Electronics Ltd. |
| 2020-10-29 | NCLT | SREI Equipment Finance Ltd Vs MIC Electronics Ltd Vs |
| 2020-08-14 | NCLAT | SREI Equipment Finance Ltd. VS Prabhakar Nanidraju, RP of MIC Electronics Ltd. |
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
EPS in the scrip is zero (4 trailing quarters)ESM: stage 2