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Mahan Industries

531515 BSE
₹32.41

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P/E
Not meaningful: last twelve months’ earnings are mostly a one-off item
View as Markdown
MCP
Close 4 Nov 2026 ₹32.41 +23.70 +272% 1Y
Start ₹8.71

Key Fundamentals

Microcap

Price-based figures at the close · EPS basis: Standalone · TTM

ROCE
1.26%
Debt to Equity
1.01
EPS (TTM)
₹3.73
Book Value
₹19.74
Market Cap
—
P/E (TTM)
Not meaningful: last twelve months’ earnings are mostly a one-off item
P/B
1.64
ROE
0.96%
Dividend Yield
0.00%
EBITDA
₹10.00 L
52W High
₹52.63
52W Low
₹8.71

Key Insights

Strengths

2
  • Debtor days have improved from 541 to 75.6 days.
  • Company's working capital requirements have reduced from 610 days to 124 days

Weaknesses

5
  • Stock is trading at 2.53 times its book value
  • Promoter holding is low: 1.16%
  • Company has a low return on equity of -0.49% over last 3 years.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.3.17 Cr.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish6211
OscillatorsStrong Bullish225
Moving AveragesStrong Bullish406

Key readings

RSI (14)
43.02
Neutral
MACD (12,26,9)
2.53
Bearish
SMA (50)
26.53
Bullish
SMA (200)
10.84
Bullish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+41.77%
5Y+79.97%
3Y+74.62%
1Y+187.10%
TTM+255.70%

Net profit

Net profit growth by window
10YTurned to profit
5YTurned to profit
3YTurned to profit
1YTurned to profit
TTMTurned to profit

Operating cash flow

Operating cash flow growth by window
10YTurned positive
5YTurned positive
3YTurned positive
1YTurned positive
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+159.82 pp
5Y+974.66 pp
3Y+1.08 pp
1Y+3.31 pp
TTM−8.70 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹0.16 Cr
Mar 2018₹0.02 Cr
Mar 2019₹0.46 Cr
Mar 2020₹0.69 Cr
Mar 2021₹0.33 Cr
Mar 2022₹0.72 Cr
Mar 2023₹1.17 Cr
Mar 2024₹0.71 Cr
Mar 2025₹2.17 Cr
Mar 2026₹6.23 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹1.18 Cr
Mar 2018−₹0.33 Cr
Mar 2019−₹3.63 Cr
Mar 2020−₹0.89 Cr
Mar 2021−₹3.22 Cr
Mar 2022−₹0.16 Cr
Mar 2023−₹0.02 Cr
Mar 2024−₹0.05 Cr
Mar 2025−₹0.14 Cr
Mar 2026₹0.05 Cr

Quarterly Results

₹ Cr
531515 quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
0.22
0.26
0.1
0.13
0.46
0.37
0.94
0.32
0.65
1.5
1.59
2.36
2.66
Expenses
0.22
0.23
0.08
0.13
0.38
0.35
0.94
0.51
0.56
1.46
1.97
2.13
3.54
Operating Profit
0
0.03
0.02
0
0.08
0.02
0
−0.19
0.09
0.04
−0.38
0.23
−0.88
OPM %
0%
11.54%
20%
0%
17.39%
5.41%
0%
−59.38%
13.85%
2.67%
−23.9%
9.75%
−33.08%
Other Income
0
0
0
−0.06
0
0
0
−0.01
0
0
0.13
0
3.04
Interest
0.01
0.01
0.01
0.01
0
0.01
0.01
0.01
0.01
0.02
0.02
0.02
0.03
Depreciation
0
0
0
0
0
0
0
0
0
0
0
0
0
PBT
−0.01
0.02
0.01
−0.07
0.08
0.01
−0.01
−0.21
0.08
0.02
−0.27
0.21
2.13
Tax %
0%
0%
0%
0%
25%
0%
0%
−9.52%
0%
0%
0%
0%
19.25%
Net Profit
−0.01
0.02
0.01
−0.07
0.06
0.01
−0.01
−0.19
0.08
0.02
−0.27
0.21
1.72
EPS (₹)
0
0.01
0
−0.02
0.02
0
−0.03
−0.42
0.18
0.04
−0.6
0.47
3.82

Profit & Loss

₹ Cr
531515 profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1.33
0.19
0.16
0.02
0.46
0.69
0.33
0.72
1.17
0.71
2.17
6.23
8.11
Expenses
1.56
0.49
0.87
0.35
4.09
1.65
3.54
0.88
1.16
0.73
2.2
6.11
9.1
Operating Profit
−0.23
−0.3
−0.71
−0.33
−3.63
−0.96
−3.21
−0.16
0.01
−0.02
−0.03
0.12
−0.99
OPM %
−17.29%
−157.89%
−443.75%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
−789.13%
−139.13%
−972.73%
−22.22%
0.85%
−2.82%
−1.38%
1.93%
−12.21%
Other Income
0
0
0
0
0
0.07
0
0
0
0
−0.08
0
3.17
Interest
0.55
0.5
0.47
0
0
0
0
0
0.03
0.03
0.03
0.07
0.09
Depreciation
0
0
0
0
0
0
0
0
0
0
0
0
0
PBT
−0.78
−0.8
−1.18
−0.33
−3.63
−0.89
−3.21
−0.16
−0.02
−0.05
−0.14
0.05
2.09
Tax %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—
Net Profit
−0.78
−0.8
−1.18
−0.33
−3.63
−0.89
−3.22
−0.16
−0.02
−0.05
−0.14
0.05
1.68
EPS (₹)
−0.22
−0.22
−0.33
−0.09
−1.01
−0.25
−0.89
−0.04
−0.01
−0.01
−0.31
0.11
3.73
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
531515 balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
36
36
36
36
36
36
36
36
36
36
4.5
4.5
Reserves
−22.01
−22.82
−24.65
−24.98
−28.61
−29.5
−32.72
−32.88
−32.9
−32.95
0.66
0.71
Borrowings
4.35
4.34
3.06
3.21
0
0
0
0
3.48
3.47
3.47
5.27
Other Liabilities
0.03
0.49
0.53
0.51
3.44
2.83
2.82
3.42
0.08
0.06
0.11
0.48
Total Liabilities
18.37
18.01
14.94
14.74
10.83
9.33
6.1
6.54
6.66
6.58
8.74
10.96
Fixed Assets
0.07
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.06
CWIP
0
0
0
0
0
0
0
0
0
0
0
0
Investments
10.81
10.27
7.46
7.42
4.1
3.28
1.42
0
0
0
0.32
0.91
Other Assets
7.49
7.67
7.41
7.25
6.66
5.98
4.62
6.48
6.6
6.52
8.36
9.99
Total Assets
18.37
18.01
14.94
14.74
10.83
9.33
6.1
6.54
6.66
6.58
8.74
10.96

Cash Flow

₹ Cr
531515 cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
11.96
−0.62
−0.81
−0.13
−0.85
0.09
−1.82
−0.65
−0.07
0.03
−1.93
0.49
Investing
−5.08
0.57
2.1
−0.02
0.69
0.51
−0.01
−0.01
−0.01
−0.01
−0.33
−2.27
Financing
−6.86
0.02
−1.28
0.15
0.18
−0.6
0.01
0.61
0.08
0
2.25
1.8
Net Cash Flow
0.02
−0.03
0
−0.01
0.01
0
−1.82
−0.04
0
0.02
−0.01
0.02
Free Cash Flow
11.96
−0.62
−0.81
−0.13
−0.85
0.09
−1.82
−0.65
−0.07
0.03
−1.93
0.49
CFO/OP
−5,200
207
114
39
23
−9
57
406
−700
−150
6,433
408

Ratios

531515 financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
318
2,228
2,532
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
968
667
4,878
2,464
724
1,167
382
75.58
Inventory Days
62.13
1,251
—
1,338
160
24.33
94.19
79.64
57.17
193
59.8
81.18
Days Payable
2.59
1,095
—
1,046
15
6.08
11.77
0
21.99
53.68
14.44
29.04
Cash Conversion Cycle
378
2,385
2,532
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
1,113
685
4,960
2,543
759
1,307
427
128
Working Capital Days
−790
−5,917
−3,810
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
−1,412
−772
1,936
836
767
1,275
431
124
ROCE %
−1.04%
−1.67%
−4.45%
−2.3%
−33.58%
−12.81%
−65.64%
−5%
0.21%
−0.31%
−0.4%
1.26%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Mahan Industries insights

55 extracted metrics across FY07–FY27.

Shareholding Pattern

As of Sep 2026

  • Others 56.47%
  • Public 42.37%
  • Promoters 1.16%

No promoter shares pledged as of 14 Oct 2026

Change since Jun 2026

Documents

Frequently Asked Questions about Mahan Industries

What does Mahan Industries Ltd do?
IIncorporated in 1995, Mahan Industries Ltd provides financing and investment services
Where is Mahan Industries Ltd (MAHANIN) listed?
Mahan Industries Ltd trades under code 531515 on the BSE.
Which sector does Mahan Industries Ltd belong to?
Mahan Industries Ltd is classified under the Services sector, in the Commercial Services & Supplies industry.
What is the 52-week high and low of Mahan Industries Ltd?
Over the last 52 weeks Mahan Industries Ltd has traded between ₹8.71 and ₹52.63 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Mahan Industries Ltd?
Mahan Industries Ltd reported a return on equity of 0.96%. Its debt-to-equity ratio is 1.01.

Company Information

IIncorporated in 1995, Mahan Industries Ltd provides financing and investment services

Website mahan.co.in
Listed 11 Mar 1996
Face Value ₹10

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