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 | 332 | 517 | 257 | 172 | 149 | 303 | 382 | 171 | 245 | 654 | 381 | 490 |
| Expenses | 294 | 498 | 224 | 159 | 140 | 262 | 352 | 157 | 224 | 608 | 347 | 443 |
| Operating Profit | 38 | 19 | 32 | 14 | 10 | 41 | 29 | 14 | 20 | 45 | 34 | 47 |
| OPM % | 11% | 3.6% | 13% | 8% | 6% | 14% | 8% | 8% | 8% | 7% | 9% | 10% |
| Other Income | 6 | 8 | 5 | 3 | 4 | 6 | 4 | 3 | 6 | 8 | 15 | 2 |
| Interest | 6 | 6 | 7 | 8 | 9 | 11 | 10 | 11 | 13 | 15 | 15 | 16 |
| Depreciation | 3 | 3 | 3 | 3 | 4 | 4 | 3 | 3 | 4 | 4 | 5 | 5 |
| Profit before tax | 35 | 17 | 27 | 6 | 1 | 33 | 20 | 2 | 9 | 35 | 29 | 27 |
| Tax % | 18% | 31% | -8% | 5% | -40% | 19% | 30% | 33% | 26% | 21% | 26% | 32% |
| Net Profit | 29 | 12 | 29 | 5 | 1 | 27 | 14 | 2 | 7 | 27 | 21 | 19 |
| EPS in Rs | 1.28 | 0.48 | 0.91 | 0.14 | 0.07 | 0.88 | 0.45 | 0.05 | 0.20 | 0.79 | 0.69 | 0.63 |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 409 | 549 | 604 | 770 | 1,177 | 1,380 | 1,006 | 1,449 | 1,768 |
| Expenses | 385 | 525 | 582 | 723 | 1,091 | 1,274 | 912 | 1,335 | 1,622 |
| Operating Profit | 23 | 24 | 22 | 48 | 86 | 105 | 95 | 115 | 147 |
| OPM % | 6% | 4.3% | 3.6% | 6% | 7% | 8% | 9% | 8% | 8% |
| Other Income | 2 | 8 | 10 | 7 | 8 | 19 | 16 | 31 | 31 |
| Interest | 4 | 7 | 8 | 10 | 16 | 25 | 37 | 54 | 59 |
| Depreciation | 2 | 5 | 8 | 9 | 12 | 12 | 14 | 17 | 18 |
| Profit before tax | 19 | 20 | 15 | 36 | 66 | 87 | 60 | 75 | 100 |
| Tax % | 27% | 31% | 29% | 28% | 28% | 15% | 20% | 24% | |
| Net Profit | 14 | 14 | 11 | 26 | 48 | 74 | 48 | 57 | 74 |
| EPS in Rs | 1.10 | 2.00 | 2.34 | 1.55 | 1.74 | 2.31 | |||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 19% | 7% | 76% | ||
| Compounded Profit Growth | % | 53% | 6% | 59% | ||
| Stock Price CAGR | % | % | % | 0% | ||
| Return on Equity | % | 17% | 14% | 11% |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 22 | 22 | 30 | 30 | 30 |
| Reserves | 38 | 51 | 61 | 76 | 126 | 366 | 411 | 469 |
| Borrowings | 83 | 142 | 159 | 175 | 262 | 365 | 453 | 779 |
| Other Liabilities | 74 | 95 | 129 | 119 | 166 | 179 | 183 | 343 |
| Total Liabilities | 201 | 293 | 355 | 392 | 575 | 941 | 1,076 | 1,621 |
| Fixed Assets | 49 | 78 | 79 | 83 | 85 | 85 | 94 | 194 |
| CWIP | 0 | 2 | 4 | 0 | 0 | 0 | 9 | 31 |
| Investments | 8 | 4 | 12 | 21 | 21 | 31 | 37 | 56 |
| Other Assets | 144 | 209 | 260 | 289 | 469 | 825 | 937 | 1,341 |
| Total Assets | 201 | 293 | 355 | 392 | 575 | 941 | 1,076 | 1,621 |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -20 | -25 | 2 | 5 | -56 | -150 | -112 | -111 |
| Cash from Investing Activity | -23 | -28 | -14 | -11 | -3 | -48 | -35 | -146 |
| Cash from Financing Activity | 34 | 54 | 13 | 15 | 75 | 266 | 56 | 267 |
| Net Cash Flow | -9 | 1 | 2 | 8 | 15 | 68 | -91 | 10 |
| Free Cash Flow | -39 | -61 | -8 | -1 | -64 | -165 | -130 | -230 |
| CFO/OP | -67% | -81% | 29% | 22% | -52% | -118% | -114% | -84% |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 25 | 23 | 29 | 29 | 35 | 49 | 72 | 46 |
| Inventory Days | 95 | 89 | 106 | 95 | 89 | 136 | 266 | 267 |
| Days Payable | 63 | 63 | 71 | 56 | 51 | 44 | 67 | 75 |
| Cash Conversion Cycle | 57 | 49 | 64 | 68 | 73 | 141 | 272 | 238 |
| Working Capital Days | 4 | -9 | -12 | -1 | 10 | 45 | 99 | 45 |
| ROCE % | 15% | 9% | 18% | 24% | 19% | 12% | 12% |
| Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 73.33% | 73.33% | 73.33% | 73.33% | 73.33% | 73.33% | 73.33% | 73.33% | 73.33% | 73.33% |
| FIIs | 6.46% | 5.08% | 2.81% | 2.63% | 2.63% | 2.08% | 1.70% | 1.70% | 1.70% | 1.73% |
| DIIs | 2.00% | 2.50% | 2.00% | 1.98% | 1.98% | 1.87% | 1.66% | 0.17% | 0.00% | 0.00% |
| Public | 18.21% | 19.09% | 21.84% | 22.06% | 22.05% | 22.71% | 23.31% | 24.80% | 24.97% | 24.93% |
| No. of Shareholders | 1,15,928 | 1,12,093 | 1,44,549 | 1,46,062 | 1,47,308 | 1,45,343 | 1,41,649 | 1,37,920 | 1,32,098 | 1,27,922 |
Fundamentals
Market Cap₹ 783 Cr.
Current Price₹ 26.3
Stock P/E11.3
Book Value₹ 16.6
ROCE11.6 %
ROE11.1 %
Dividend Yield0.00 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)76%
Compounded Profit Growth (TTM)59%
Consolidated figures.
Valuation
Market capRs 771 Cr
Enterprise valueRs 1,009 Cr
P/E (TTM)11.15x
Price to book1.95x
Price to sales0.44x
EV / EBITDA5.69x
EV / EBIT6.34x
EV / sales0.57x
Earnings yield8.97%
P/E, 3-year average15.63x
P/B, 3-year average2.76x
P/E, 5-year average15.63x
P/B, 5-year average2.76x
Profitability
Operating margin (excl. other income)7.64%
Operating margin (incl. other income)9.05%
EBITDA margin10.03%
Pre-tax margin5.66%
Net profit margin3.91%
Net margin, latest quarter3.86%
ROE25.76%
ROCE19.22%
ROA9.24%
ROE, 3-year average30.31%
ROCE, 3-year average20.55%
ROA, 3-year average8.28%
ROE, 5-year average26.35%
ROCE, 5-year average17.86%
ROA, 5-year average6.59%
ROIC (approx.)21.31%
Tax rate15.04%
Other income / net worth4.90%
Growth
Sales growth (latest year)17.22%
Profit growth (latest year)58.92%
Sales CAGR, 3 years31.72%
Sales CAGR, 5 years27.55%
Profit CAGR, 3 years98.32%
Profit CAGR, 5 years37.43%
Sales growth QoQ28.65%
Profit growth QoQ-8.39%
Sales growth YoY (latest quarter)186.73%
Profit growth YoY (latest quarter)1142.76%
Per share
EPS (TTM)Rs 2.30
EPS (latest year)Rs 2.33
EPS (latest quarter)Rs 0.63
EPS, 3-year averageRs 1.81
EPS, 5-year averageRs 81.67
Book value per shareRs 13.20
Sales per shareRs 58.94
Cash flow per shareRs -5.01
Free cash flow per shareRs -7.67
Efficiency
Asset turnover1.47x
Fixed asset turnover16.25x
Inventory turnover2.77x
Inventory days132 days
Debtor days49 days
Debtors turnover7.44x
Creditor days75 days
Cash conversion cycle238 days
Working capital days45 days
Leverage
Total debtRs 365 Cr
Cash and bankRs 127 Cr
Net debtRs 238 Cr
Debt to equity0.92x
Net debt / EBITDA1.35x
Interest coverage2.70x
Current ratio (filing 2026-03-31)1.23x
Quick ratio (filing 2026-03-31)0.41x
Trade payables (filing 2026-03-31)Rs 241 Cr
Owners' fund to total sources42.10%
Debt to assets38.83%
Cash flow
Cash from Operating Activity (latest year)Rs -150 Cr
Cash from Investing Activity (latest year)Rs -48 Cr
Cash from Financing Activity (latest year)Rs 266 Cr
Net Cash Flow (latest year)Rs 68 Cr
Free cash flow (latest year)Rs -230 Cr
FCFE (approx.: FCF + change in debt)Rs -127 Cr
Cash from ops / profit, 5 years-1.68x
Statement figures
Net sales (TTM)Rs 1,768 Cr
Net sales (latest year)Rs 1,380 Cr
Sales (latest quarter)Rs 490 Cr
Operating profit excl. other income (latest year)Rs 105 Cr
Operating profit (latest quarter)Rs 47 Cr
Other income (TTM)Rs 31 Cr
EBITDA (TTM)Rs 177 Cr
PBDT (TTM)Rs 118 Cr
Profit before tax (TTM)Rs 100 Cr
Tax (latest year)Rs 13 Cr
Net profit (TTM)Rs 69 Cr
Net profit (latest year)Rs 70 Cr
Net profit (latest quarter)Rs 19 Cr
Depreciation (TTM)Rs 18 Cr
Depreciation (latest quarter)Rs 5 Cr
Interest (TTM)Rs 59 Cr
Cost of goods sold (latest year)Rs 1,171 Cr
Total expenditure (latest year)Rs 1,274 Cr
Total income (latest year)Rs 1,399 Cr
Share capitalRs 30 Cr
ReservesRs 366 Cr
Shareholders' fundsRs 396 Cr
Total assetsRs 941 Cr
Net blockRs 85 Cr
InvestmentsRs 31 Cr
ReceivablesRs 185 Cr
InventoryRs 423 Cr
Other liabilitiesRs 179 Cr
Shares outstanding (crore)30.00
Ownership
Promoter holding73.33% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 11.2 is at the 3th percentile of its own 2.7-year range
(median 17.4, low 10.8, high 122.3).
P/B 1.95 is at the 9th percentile (median 5.77).
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 | MUKKA | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -5.0% | -2.8% | -2.2 pts |
| 1 month | -3.7% | -6.8% | +3.0 pts |
| 3 months | +7.3% | -7.6% | +14.9 pts |
| 6 months | +39.0% | +0.4% | +38.6 pts |
| 1 year | -4.6% | -9.9% | +5.3 pts |
| 2 years | -40.3% | -13.6% | -26.8 pts |
Red flags
F-score 3 of 8| explain | Weak cash conversion Cash from operations was -146% of net profit over the last 3 years |
| explain | High accruals Profit exceeded operating cash by 23% of total assets in 2026 |
| explain | Receivables outrunning sales Receivables grew 64% vs sales +17% in 2026 |
| look | Inventory outrunning sales Inventory grew 84% vs sales +17% in 2026 |
| look | Share dilution Share count up 36% in a year, -100% 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
Jun 2026Sales ₹490 Cr +186.5% vs Jun 2025.
Net profit ₹19 Cr +850.0%.
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| Godrej Agrovet Ltd | 12,155 | 25.9 | 19.2 % |
| Avanti Feeds Ltd | 10,184 | 18.9 | 24.4 % |
| KSE Ltd | 570 | 12.4 | 33.6 % |
| Shivam Chemicals Ltd | 212 | 35.5 | 16.6 % |
| Mayank Cattle Food Ltd | 114 | 19.0 | 15.8 % |
| Narmada Agrobase Ltd | 97 | 27.1 | 8.95 % |
| Ajooni Biotech Ltd | 54 | 13.7 | 6.11 % |
No bulk or block deals on record.
No corporate actions on record.
| Date | Type | What it says |
|---|---|---|
| 2026-09-30 | Acquisition | Update on Acquisition |
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