---
title: "Maharashtra Polybutenes Ltd (524232) — Share Price, Financials & Analysis"
symbol: "524232"
company: "Maharashtra Polybutenes Ltd"
canonical: "https://tapetide.com/stocks/524232"
isin: "INE488E01037"
bse_code: "524232"
sector: "Commodities"
industry: "Chemicals & Petrochemicals"
generated_at: "2026-09-13T18:46:40.016Z"
---

# Maharashtra Polybutenes Ltd (524232)

Canonical page: https://tapetide.com/stocks/524232

## Company

- **BSE Code:** 524232
- **ISIN:** INE488E01037
- **Sector:** Commodities
- **Industry:** Chemicals & Petrochemicals
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Listed Since:** 2006-03-01
- **Face Value:** ₹1
- **F&O Eligible:** No
- **Website:** maharashtrapolybutenes.com; www.mahapoly.com

## About

Maharashtra Polybutenes is principally engaged in the manufacturing of Polybutene.

## Latest Price

## Key Insights

### Strengths

- Company is almost debt free.
- Stock is trading at 0.40 times its book value
- Debtor days have improved from 243 to 135 days.
- Company's working capital requirements have reduced from 408 days to 147 days

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -22.4% over past five years.
- Company has a low return on equity of 0.67% over last 3 years.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 52% | -52% | -66% |
| revenue growth | 67% | -9% | -22% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2015 | Jun 2015 | Sep 2015 | Dec 2015 | Mar 2016 | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 11.39 | 2.41 | 0.4 | 1 | 3.1 | 0.54 | 1.68 | 4.52 | 3.58 | 3.25 | 7.25 | 2.39 |
| Expenses | 4.44 | 3.19 | 0.72 | 9.66 | 5.99 | 1.83 | 1.87 | 4.4 | 4.09 | 3.3 | 7.39 | 2.6 |
| Operating Profit | 6.95 | -0.78 | -0.32 | -8.66 | -2.89 | -1.29 | -0.19 | 0.12 | -0.51 | -0.05 | -0.14 | -0.21 |
| OPM % | 61.02 | -32.37 | -80 | -866 | -93.23 | -238.89 | -11.31 | 2.65 | -14.25 | -1.54 | -1.93 | -8.79 |
| Other Income | 0.04 | 0 | 0 | 0.02 | 0.01 | 0 | 0 | 0 | 0.02 | 0 | 0 | 0 |
| Interest | 1.04 | 0.69 | 0.62 | 0.74 | 1.55 | 0.67 | 0.82 | 0.53 | 1.14 | 0.46 | 0.59 | 0.49 |
| Depreciation | -0.06 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 |
| Profit before tax | 6.01 | -1.55 | -1.02 | -9.46 | -4.51 | -2.04 | -1.09 | -0.49 | -1.71 | -0.59 | -0.81 | -0.78 |
| Tax % | -6.16 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | 6.39 | -1.54 | -1.02 | -9.45 | -4.5 | -2.03 | -1.08 | -0.49 | -1.71 | -0.58 | -0.81 | -0.78 |
| EPS in Rs | 0.41 | -0.1 | -0.07 | -0.61 | -0.29 | -0.13 | -0.07 | -0.03 | -0.11 | -0.04 | -0.05 | -0.05 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 42.35 | 76.93 | 90.22 | 74.24 | 42.99 | 27.75 | 17 | 12.74 | 20.83 | 16.47 |
| Expenses | 38.12 | 70.63 | 81.75 | 65.83 | 38.25 | 24.47 | 14 | 12.77 | 20.83 | 17.38 |
| Operating Profit | 4.23 | 6.3 | 8.47 | 8.41 | 4.74 | 3.28 | 3 | -0.03 | 0 | -0.91 |
| OPM % | 9.99 | 8.19 | 9.39 | 11.33 | 11.03 | 11.82 | 17.65 | -0.24 | 0 | -5.53 |
| Other Income | 0.67 | 0.01 | 0 | 0.35 | 0.18 | 0.17 | 0.09 | 0.04 | 0.02 | 0.02 |
| Interest | 0.41 | 0.72 | 1.78 | 2.56 | 2.92 | 2.83 | 2.75 | 0 | 0 | 2.68 |
| Depreciation | 1.49 | 1.52 | 1.52 | 1.69 | 1.7 | 0.49 | 0.3 | 0 | 0 | 0.32 |
| Profit before tax | 3 | 4.07 | 5.17 | 4.51 | 0.3 | 0.13 | 0.04 | 0.01 | 0.02 | -3.89 |
| Tax % | 3 | 16.95 | -32.69 | 53.66 | 10 | 30.77 | -950 | 0 | 50 | — |
| Net Profit | 2.91 | 3.38 | 6.86 | 2.1 | 0.27 | 0.08 | 0.41 | 0 | 0.01 | -3.88 |
| EPS in Rs | 0.19 | 0.22 | 0.44 | 0.13 | 0.02 | 0.01 | 0.03 | 0 | 0 | -0.25 |
| Dividend Payout % | 26.79 | 23.06 | 11.36 | 0 | 0 | 0 | 0 | — | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 16.41 | 15.59 | 15.59 | 15.59 | 15.59 | 15.59 | 15.59 | 15.59 | 13.53 | 13.53 |
| Reserves | -3.05 | 0.01 | 2.91 | 9.47 | 12.19 | 12.47 | 12.55 | 10.97 | 1.25 | 1.27 |
| Borrowings | 4.64 | 6.02 | 11.7 | 9.54 | 18.38 | 18.97 | 22.49 | 31.03 | 0 | 0 |
| Other Liabilities | 7.58 | 8.66 | 9.87 | 15.22 | 5.4 | 9.22 | 10.22 | 9.41 | 7.81 | 0.85 |
| Total Liabilities | 25.58 | 30.28 | 40.07 | 49.82 | 51.56 | 56.25 | 60.85 | 67 | 22.59 | 15.65 |
| Fixed Assets | 17.59 | 16.48 | 15.65 | 14.33 | 15.14 | 13.77 | 13.45 | 11.15 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 6.45 | 6.8 | 6.8 | 6.8 | 6.8 | 6.8 | 3.58 | 3.58 |
| Other Assets | 7.99 | 13.8 | 17.97 | 28.69 | 29.62 | 35.68 | 40.6 | 49.05 | 19.01 | 12.07 |
| Total Assets | 25.58 | 30.28 | 40.07 | 49.82 | 51.56 | 56.25 | 60.85 | 67 | 22.59 | 15.65 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 16.76 | -0.8 | 4.47 | 4.25 | -4.27 | 2.96 | -1.56 | -6.49 | -0.84 | 0.05 |
| Cash from Investing Activity | 0 | -0.33 | -7.13 | -0.54 | -2.16 | -0.14 | 0.01 | 0.08 | 0.84 | 0 |
| Cash from Financing Activity | -16.51 | 0.93 | 4.66 | -4.25 | 5.2 | -2.33 | 1.13 | 6.17 | 0 | 0 |
| Net Cash Flow | 0.25 | -0.2 | 2 | -0.54 | -1.23 | 0.49 | -0.42 | -0.24 | 0 | 0.05 |
| Free Cash Flow | 16.74 | -1.18 | 3.78 | 4.05 | -6.77 | 2.63 | -1.72 | -6.49 | -0.84 | 0.05 |
| CFO/OP | -455 | -19 | 71 | 50 | -39 | 68 | -48 | -216 | 2800 | — |

### Ratios

| Item | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 23.77 | 31.72 | 33.12 | 53.69 | 27.38 | 70.81 | 89.31 | 154.8 | 440.35 | 134.58 |
| Inventory Days | 50.87 | 79.34 | 46.82 | 44.39 | 60.63 | 229.99 | 467.85 | 659.65 | 44.39 | 27.1 |
| Days Payable | 21.05 | 19.69 | 8.32 | 29.6 | 11.48 | 50.29 | 121.16 | 197.05 | 225.73 | 14.52 |
| Cash Conversion Cycle | 53.59 | 91.37 | 71.61 | 68.48 | 76.54 | 250.5 | 436.01 | 617.41 | 259.01 | 147.15 |
| Working Capital Days | 1.13 | 43.61 | 28.56 | 36.65 | 111.65 | 207.25 | 379.34 | 812.88 | 262.43 | 147.37 |
| ROCE % | -5.78 | 15.65 | 18.53 | 21.48 | 17.48 | 6.93 | 6.08 | 5.16 | 0.03 | 0.14 |

## Shareholding Pattern

### annual

| Category | Mar 2025 | Dec 2025 |
| --- | --- | --- |
| Promoters | 70.29% | 70.18% |
| FIIs | 0.65% | 0.78% |
| DIIs | 17.43% | 14.87% |
| Public | 11.63% | 14.17% |
| No. of Shareholders | 51116 | 48034 |

### Quarterly

| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 70.18% | 70.17% | 70.17% | 70.29% | 70.22% | 70.22% | 70.18% |
| FIIs | 5.85% | 2.23% | 0.83% | 0.65% | 0.81% | 0.79% | 0.78% |
| DIIs | 12.11% | 16.16% | 16.53% | 17.43% | 17.33% | 16.6% | 14.87% |
| Public | 11.86% | 11.43% | 12.46% | 11.63% | 11.65% | 12.39% | 14.17% |
| No. of Shareholders | 67136 | 55246 | 54609 | 51116 | 50039 | 49098 | 48034 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 2 / 5 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 525.61 | Sell |
| EMA (10) | 524.46 | Sell |
| SMA (20) | 533.78 | Sell |
| EMA (20) | 528.95 | Sell |
| SMA (50) | 517.6 | Sell |
| EMA (50) | 524.51 | Sell |
| SMA (100) | 512.68 | Sell |
| EMA (100) | 528.65 | Sell |
| SMA (200) | 559.22 | Sell |
| EMA (200) | 556.91 | Sell |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 41.96 | Neutral |
| MACD (12,26,9) | -2.5 | Sell |
| Stochastic (14,3,3) | 20.95 | Neutral |
| ADX (14) | 21.01 | Neutral |
| Williams %R (14) | -86.58 | Buy |
| ATR (14) | 24.28 | High Volatility |
| ROC (12) | -7.92 | Sell |
| Stoch RSI (14) | 2.98 | Buy |
| UO (7,14,28) | 37.44 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 Feb - Jan orderbook closing INR 1,319.91 crore; L1 INR 391 crore; tariff rulings maintain Rs.7.47/unit. | [Updates On Order Book Of The Company For The Month Of January 2026 9 Feb - Jan orderbook closing INR 1,319.91 crore; L1 INR 391 crore; tariff rulings maintain Rs.7.47/unit.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/034332f4-40db-4d0f-a94b-5b38318dd128.pdf) |
| 6 Feb - Revised press release: Operating EBITDA adjusted by ₹4.2 Cr for Q3/9M FY26. | [Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised) 6 Feb - Revised press release: Operating EBITDA adjusted by ₹4.2 Cr for Q3/9M FY26.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/646c2eac-23fc-4e10-bd42-2f3f884fb548.pdf) |
| 27 Feb - Won INR 58 Crore LOI to supply alloy steel seamless pipes, executed by Dec 2026, from unnamed power-sector JV. | [Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 27 Feb - Won INR 58 Crore LOI to supply alloy steel seamless pipes, executed by Dec 2026, from unnamed power-sector JV.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/c11b7160-a566-4cf2-abde-7d1b77de7919.pdf) |
| 27 Feb - ₹58 crore seamless pipe contract for Anjar plant from power-sector JV; completion by December 2026 | [Announcement under Regulation 30 (LODR)-Press Release / Media Release 27 Feb - ₹58 crore seamless pipe contract for Anjar plant from power-sector JV; completion by December 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/9c67f189-35c0-4972-96e8-bc69f0f12e0f.pdf) |
| 23 Feb - Contracts totaling ~INR 173 Crore: INR 88 Cr domestic; US$9.5M international; deliveries by Dec 2027–Dec 2028. | [Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 23 Feb - Contracts totaling ~INR 173 Crore: INR 88 Cr domestic; US$9.5M international; deliveries by Dec 2027–Dec 2028.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b53c0a6c-4f78-4a3f-b5b0-623e86f1edc4.pdf) |
| 23 Feb - Awarded contracts aggregating INR 173 Crore and US$9.5M; deliveries through Dec 2028. | [Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 23 Feb - Awarded contracts aggregating INR 173 Crore and US$9.5M; deliveries through Dec 2028.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/867bbaf5-8cdc-432d-b0f6-3e9a16211a0a.pdf) |
| 20 Feb - LOI to supply HRSG piping for 16 units; aggregate orders > $40 million; valid until 18 Feb 2027. | [Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 20 Feb - LOI to supply HRSG piping for 16 units; aggregate orders > $40 million; valid until 18 Feb 2027.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b45e4b3f-740d-4b31-ada0-cc574a899fb6.pdf) |
| 15h - Virtual analyst/institutional investor meet on 10 March 2026 organized by Arihant Capital. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15h - Virtual analyst/institutional investor meet on 10 March 2026 organized by Arihant Capital.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/0f4bf64c-df2d-488f-925c-2461bb2f1c8e.pdf) |
| 12h - DEE Piping Thailand received LOI for HRSG piping, ~EUR1.9m (INR20Cr), delivery by May 2027, Taiwan project. | [Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 12h - DEE Piping Thailand received LOI for HRSG piping, ~EUR1.9m (INR20Cr), delivery by May 2027, Taiwan project.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/f187f0da-3fe9-4ea1-b53a-27f18b476bbb.pdf) |
| 11 Feb - Revised Q3 FY26 results (UDIN added). MPPL assets Rs4,034.52L uncertain; labour-code exceptional Rs421.85L. | [Resubmission Of Auditor''s Review Report On Standalone Financials With UDIN Which Was Missed Inadvertently In Earlier Submission On February 3, 2026 11 Feb - Revised Q3 FY26 results (UDIN added). MPPL assets Rs4,034.52L uncertain; labour-code exceptional Rs421.85L.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/4454bf6a-7435-464a-9d87-0d2135d01bc1.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2025 | [Concall - Nov 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/c6cf69b6-3763-4fda-aba1-01cb3605b948.pdf) |
| Nov 2024 | [Concall - Nov 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f135038c-e3c5-4250-9025-17db307f1a69.pdf) |
| Jun 2025 | [Concall - Jun 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/00183896-62bf-451f-a3ad-050450ca05d1.pdf) |
| Feb 2026 | [Concall - Feb 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/54840ae9-72d9-4fb5-aa1a-497d2c1b802e.pdf) |
| Feb 2025 | [Concall - Feb 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f3349ed1-ddf6-4c15-b352-8898eb10d5f8.pdf) |
| Aug 2025 | [Concall - Aug 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/4f7ec35c-b39d-4ac3-9a55-70d87e0ebaa6.pdf) |
| Aug 2024 | [Concall - Aug 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5fde7d31-25ec-4197-9823-be21d2d6de83.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/04cc1bde-c63a-42ee-8189-e10cf433ec37.pdf) |
| from bse | [Financial Year 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d5688a70-a04a-4320-a7ca-36349589a99c.pdf) |
| from bse | [Annual Report 2017 from bse](http://www.bseindia.com/bseplus/AnnualReport/524232/5242320317.pdf) |
| from bse | [Annual Report 2016 from bse](https://www.bseindia.com/bseplus/AnnualReport/524232/5242320316.pdf) |
| from bse | [Annual Report 2015 from bse](https://www.bseindia.com/bseplus/AnnualReport/524232/5242320315.pdf) |
| from bse | [Annual Report 2014 from bse](https://www.bseindia.com/bseplus/AnnualReport/524232/5242320314.pdf) |
| from bse | [Annual Report 2013 from bse](https://www.bseindia.com/bseplus/AnnualReport/524232/5242320313.pdf) |
| from bse | [Annual Report 2012 from bse](https://www.bseindia.com/bseplus/AnnualReport/524232/5242320312.pdf) |
| from bse | [Annual Report 2011 from bse](https://www.bseindia.com/bseplus/AnnualReport/524232/5242320311.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:46:40.016Z.