Price
Financials
Standalone, Rs crore| Mar 2025 | Mar 2026 | |
|---|---|---|
| Sales | 80 | 96 |
| Expenses | 68 | 77 |
| Operating Profit | 12 | 18 |
| OPM % | 15% | 19% |
| Other Income | 2 | 3 |
| Interest | 1 | 1 |
| Depreciation | 0 | 0 |
| Profit before tax | 13 | 20 |
| Tax % | 29% | 24% |
| Net Profit | 9 | 15 |
| EPS in Rs | 5.29 | 6.89 |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 96 | 114 | 68 | 93 | 63 | 101 | 125 | 136 |
| Expenses | 89 | 104 | 58 | 83 | 57 | 88 | 107 | 116 |
| Operating Profit | 7 | 9 | 10 | 10 | 6 | 13 | 18 | 20 |
| OPM % | 7% | 8% | 14% | 11% | 10% | 13% | 14% | 15% |
| Other Income | 3 | 2 | 2 | 3 | 3 | 4 | 4 | 5 |
| Interest | 1 | 1 | 2 | 2 | 3 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 |
| Profit before tax | 8 | 10 | 10 | 10 | 6 | 15 | 20 | 24 |
| Tax % | 27% | 22% | 26% | 25% | 35% | 25% | 27% | 25% |
| Net Profit | 6 | 8 | 7 | 7 | 4 | 12 | 15 | 18 |
| EPS in Rs | 49.30 | 64.61 | 57.68 | 59.45 | 32.55 | 6.66 | 8.56 | 8.03 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 15% | 29% | 9% | ||
| Compounded Profit Growth | % | 20% | 64% | 21% | ||
| Stock Price CAGR | % | % | % | 53% | ||
| Return on Equity | % | 19% | 21% | 18% |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 1 | 1 | 1 | 17 | 17 | 22 |
| Reserves | 17 | 25 | 32 | 39 | 43 | 39 | 54 | 102 |
| Borrowings | 10 | 23 | 18 | 35 | 32 | 16 | 15 | 14 |
| Other Liabilities | 41 | 36 | 34 | 19 | 21 | 21 | 52 | 45 |
| Total Liabilities | 69 | 85 | 85 | 94 | 98 | 93 | 138 | 183 |
| Fixed Assets | 3 | 3 | 3 | 3 | 2 | 3 | 2 | 3 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 2 | 3 | 1 | 0 | 4 | 3 | 4 | 5 |
| Other Assets | 64 | 78 | 81 | 91 | 92 | 87 | 132 | 175 |
| Total Assets | 69 | 85 | 85 | 94 | 98 | 93 | 138 | 183 |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 11 | -2 | 3 | 3 | 8 | 22 | -6 | 9 |
| Cash from Investing Activity | -2 | -0 | -4 | -5 | 5 | -13 | -3 | -28 |
| Cash from Financing Activity | 2 | 5 | 1 | 1 | -2 | -29 | 11 | 28 |
| Net Cash Flow | 11 | 3 | 0 | -0 | 11 | -20 | 2 | 9 |
| Free Cash Flow | 8 | -3 | 3 | 3 | 8 | 11 | -11 | -23 |
| CFO/OP | 190% | 1% | 56% | 57% | 163% | 194% | -0% | 81% |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 63 | 68 | 68 | 61 | 76 | 49 | 118 | 118 |
| Inventory Days | 25 | 21 | 70 | 55 | 18 | 20 | 108 | 175 |
| Days Payable | 147 | 107 | 169 | 17 | 33 | 77 | 327 | 229 |
| Cash Conversion Cycle | -58 | -17 | -31 | 99 | 62 | -7 | -100 | 64 |
| Working Capital Days | -27 | -29 | -44 | -23 | -59 | 19 | 38 | 53 |
| ROCE % | 30% | 23% | 19% | 12% | 22% | 27% | 22% |
| Sep 2025 | Mar 2026 | |
|---|---|---|
| Promoters | 73.68% | 73.68% |
| DIIs | 9.26% | 11.28% |
| Public | 17.06% | 15.03% |
| No. of Shareholders | 1,026 | 854 |
Fundamentals
Market Cap₹ 179 Cr.
Current Price₹ 81.0
Stock P/E10.0
Book Value₹ 56.1
ROCE22.2 %
ROE18.3 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)9%
Compounded Profit Growth (TTM)21%
Standalone figures.
Valuation
Market capRs 132 Cr
Enterprise valueRs 147 Cr
P/E (TTM)11.40x
Price to book2.36x
Price to sales1.30x
EV / EBITDA8.67x
EV / EBIT8.81x
EV / sales1.45x
Price to cash flow6.05x
Earnings yield8.77%
Profitability
Operating margin (excl. other income)13.17%
Operating margin (incl. other income)16.74%
EBITDA margin16.74%
Pre-tax margin15.25%
Net profit margin11.41%
ROE23.05%
ROCE22.45%
ROA12.11%
ROE, 3-year average17.56%
ROCE, 3-year average17.74%
ROA, 3-year average8.18%
ROE, 5-year average22.74%
ROCE, 5-year average21.18%
ROA, 5-year average8.68%
ROIC (approx.)17.56%
Tax rate25.19%
Other income / net worth6.46%
Growth
Sales growth (latest year)61.04%
Profit growth (latest year)186.63%
Sales CAGR, 3 years14.41%
Sales CAGR, 5 years1.04%
Profit CAGR, 3 years17.38%
Profit CAGR, 5 years13.60%
Per share
EPS (TTM)Rs 6.66
EPS (latest year)Rs 6.66
EPS, 3-year averageRs 32.89
EPS, 5-year averageRs 44.19
Book value per shareRs 32.24
Sales per shareRs 58.40
Cash flow per shareRs 12.56
Free cash flow per shareRs -13.24
Efficiency
Asset turnover1.09x
Fixed asset turnover40.27x
Inventory turnover17.95x
Inventory days20 days
Debtor days49 days
Debtors turnover7.42x
Creditor days229 days
Cash conversion cycle64 days
Working capital days53 days
Leverage
Total debtRs 16 Cr
Cash and bankRs 1 Cr
Net debtRs 15 Cr
Debt to equity0.29x
Net debt / EBITDA0.90x
Interest coverage13.38x
Owners' fund to total sources60.24%
Debt to assets17.34%
Cash flow
Cash from Operating Activity (latest year)Rs 22 Cr
Cash from Investing Activity (latest year)Rs -13 Cr
Cash from Financing Activity (latest year)Rs -29 Cr
Net Cash Flow (latest year)Rs -20 Cr
Free cash flow (latest year)Rs -23 Cr
FCFE (approx.: FCF + change in debt)Rs -39 Cr
Cash from ops / profit, 5 years0.64x
Sales to cash flow4.65x
Statement figures
Net sales (TTM)Rs 101 Cr
Net sales (latest year)Rs 101 Cr
Operating profit excl. other income (latest year)Rs 13 Cr
Other income (TTM)Rs 4 Cr
EBITDA (TTM)Rs 17 Cr
PBDT (TTM)Rs 16 Cr
Profit before tax (TTM)Rs 15 Cr
Tax (latest year)Rs 4 Cr
Net profit (TTM)Rs 12 Cr
Net profit (latest year)Rs 12 Cr
Depreciation (TTM)Rs 0 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 72 Cr
Total expenditure (latest year)Rs 88 Cr
Total income (latest year)Rs 105 Cr
Share capitalRs 17 Cr
ReservesRs 39 Cr
Shareholders' fundsRs 56 Cr
Total assetsRs 93 Cr
Net blockRs 3 Cr
InvestmentsRs 3 Cr
ReceivablesRs 14 Cr
InventoryRs 4 Cr
Other liabilitiesRs 21 Cr
Shares outstanding (crore)1.74
Ownership
Promoter holding73.68%
Computed by MarketFriction from the standalone statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
| Period | MRIL | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -4.9% | -2.8% | -2.1 pts |
| 1 month | +20.6% | -6.8% | +27.4 pts |
| 3 months | +83.1% | -7.6% | +90.8 pts |
| 6 months | +38.9% | +0.4% | +38.5 pts |
Red flags
F-score 7 of 8| explain | Share dilution Share count up 1350% in a year, 1350% 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
No quarterly results published.
Activity
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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