---
title: "Mercantile Ventures Ltd (538942) — Share Price, Financials & Analysis"
symbol: "538942"
company: "Mercantile Ventures Ltd"
canonical: "https://tapetide.com/stocks/538942"
isin: "INE689O01013"
nse_symbol: "MERCANTILE"
bse_code: "538942"
sector: "Commercial Services"
industry: "Diversified Services"
market_cap_cr: 268.6
generated_at: "2026-09-13T18:24:39.884Z"
---

# Mercantile Ventures Ltd (538942)

Canonical page: https://tapetide.com/stocks/538942

## Company

- **NSE Symbol:** MERCANTILE
- **BSE Code:** 538942
- **ISIN:** INE689O01013
- **Sector:** Commercial Services
- **Industry:** Diversified Services
- **Macro Sector:** Services
- **Stock Type:** EQUITY
- **Listed Since:** 2026-04-20
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** mercantileventures.co.in

## About

Incorporated in 1985, Mercantile Ventures Ltd provides leasing of properties and Manpower supply services[1]

## Latest Price

- **Price:** ₹23.86
- **Change:** -0.17 (-0.71%)
- **Open:** ₹24
- **Day High:** ₹24.78
- **Day Low:** ₹23.52
- **Previous Close:** ₹24.03
- **Volume:** 3994
- **As Of:** 2026-09-11T10:29:51+00:00

## Key Fundamentals

Observed at 2026-09-11T04:41:52.735678Z.

- **Market Cap:** ₹268.6 Cr
- **Classification:** Microcap
- **P/E (reported):** 73.7
- **P/E (TTM):** 39.11
- **EPS (TTM):** ₹0.61
- **Book Value:** ₹24.18
- **Price to Book:** 1.01
- **Dividend Yield:** 0%
- **ROE:** 4.73%
- **ROCE:** 3.58%
- **Debt to Equity:** 0
- **Revenue (yearly):** ₹93.34 Cr
- **Net Income:** ₹0.46 Cr
- **EBITDA:** ₹0.44 Cr
- **52-Week High:** ₹31.9
- **52-Week Low:** ₹19
- **RSI (14):** 43.21

## Tapetide Score

- **Score:** 51 / 100
- **Score date:** 2026-09-04
- **Archetype:** Trend Ahead of Fundamentals
- **What it means:** The price trend is running ahead of what the financials currently support. Moves like this depend on the fundamentals catching up; check what would have to be true for that.
- **Pillar profile:** Quality: Weak · Valuation: Expensive · Momentum: Rising
- **Percentile:** 52 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 85.18 | 9% |
| growth | 64.73 | 9% |
| momentum | 79.78 | 12% |
| ownership | 50 | 24% |
| quality | 42.73 | 22% |
| valuation | 29.73 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company is almost debt free.
- Stock is trading at 0.98 times its book value

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 1.95% over last 3 years.
- Earnings include an other income of Rs.5.35 Cr.

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -183.61% | -138.79% | -244.41% |
| ebitda margin growth | 26.32% | -97.25% | -94.8% | -98.67% |
| net income growth | -29.41% | -97.18% | -27% | -12% |
| revenue growth | -1.16% | 9.68% | 26% | 20% |
| roce | 38.12% | -373.28% | 16.23% | 2.81% |
| roe | -29.24% | -312.11% | 1.56% | 117.97% |

## Financial Statements

### Quarterly Results

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

| Item | 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 | 15.19 | 16.13 | 15.39 | 16.74 | 17.84 | 18.34 | 19.26 | 21.08 | 23.51 | 25.07 | 23.67 | 23.03 |
| Expenses | 14.22 | 15.13 | 18.15 | 16.79 | 17.16 | 17.68 | 19.21 | 21.39 | 22.96 | 24.63 | 23.9 | 23.1 |
| Operating Profit | 0.97 | 1 | -2.76 | -0.05 | 0.68 | 0.66 | 0.05 | -0.31 | 0.55 | 0.44 | -0.23 | -0.07 |
| OPM % | 6.39 | 6.2 | -17.93 | -0.3 | 3.81 | 3.6 | 0.26 | -1.47 | 2.34 | 1.76 | -0.97 | -0.3 |
| Other Income | 0.79 | -8.33 | 2.47 | 8.25 | 1.1 | 1.63 | 1.96 | 0.13 | 0.11 | 0.67 | 2.09 | 2.48 |
| Interest | 0.25 | 0.55 | 0.24 | 0.25 | 0.26 | -0.33 | 0.03 | 0.05 | 0 | 0.04 | 0.01 | 0.06 |
| Depreciation | 0.25 | 0.27 | 0.21 | 0.23 | 0.24 | 0.21 | 0.25 | 0.21 | 0.21 | 0.21 | 0.26 | 0.2 |
| Profit before tax | 1.26 | -8.15 | -0.74 | 7.72 | 1.28 | 2.41 | 1.73 | -0.44 | 0.45 | 0.86 | 1.59 | 2.15 |
| Tax % | 19.84 | 3.44 | 74.32 | 12.44 | 24.22 | 34.02 | -304.05 | 34.09 | 111.11 | 5.81 | -7.55 | 43.72 |
| Net Profit | 1.26 | -9.08 | -1.28 | 6.76 | 0.96 | 1.59 | 6.99 | -0.6 | -0.06 | 0.81 | 1.71 | 1.21 |
| EPS in Rs | 0.13 | -0.45 | -0.12 | 0.5 | 0.07 | 0.17 | 0.81 | -0.1 | 0.13 | 0.26 | 0.28 | -0.06 |

### Profit & Loss

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

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 29.95 | 34.4 | 38.24 | 37.3 | 37.04 | 47.15 | 60.39 | 72.19 | 93.34 | 95.28 |
| Expenses | 27.14 | 31.38 | 34.34 | 32.89 | 34.84 | 43.77 | 60.24 | 70.83 | 92.9 | 94.59 |
| Operating Profit | 2.81 | 3.02 | 3.9 | 4.41 | 2.2 | 3.38 | 0.15 | 1.36 | 0.44 | 0.69 |
| OPM % | 9.38 | 8.78 | 10.2 | 11.82 | 5.94 | 7.17 | 0.25 | 1.88 | 0.47 | 0.72 |
| Other Income | 5.24 | 3.82 | 6.45 | 6.95 | 16.32 | 7.51 | -3.96 | 12.88 | 3.01 | 5.35 |
| Interest | 0.66 | 0.54 | 0.94 | 0.99 | 1.08 | 1.08 | 1.34 | 0.2 | 0.11 | 0.11 |
| Depreciation | 1.17 | 1.07 | 1.01 | 1.01 | 0.99 | 0.98 | 0.99 | 0.93 | 0.9 | 0.88 |
| Profit before tax | 6.22 | 5.23 | 8.4 | 9.36 | 16.45 | 8.83 | -6.14 | 13.11 | 2.44 | 5.05 |
| Tax % | 81.67 | 29.06 | -35.36 | 31.73 | 30.21 | 23.56 | 23.29 | -24.18 | 20.9 | — |
| Net Profit | 1.14 | 6.66 | 21.09 | 9.38 | 16.4 | 16.62 | -7.62 | 16.23 | 1.94 | 3.67 |
| EPS in Rs | 0.1 | 0.6 | 2.3 | 1.01 | 1.03 | 1.42 | -0.71 | 1.45 | 0.53 | 0.61 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

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

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 111.92 | 111.92 | 111.92 | 111.92 | 111.92 | 111.92 | 111.92 | 111.92 | 111.92 | 111.92 |
| Reserves | 137.2 | 141.85 | 159.66 | 159.44 | 191.15 | 226.28 | 199.4 | 221.26 | 218.85 | 160.72 |
| Borrowings | 5.92 | 4.12 | 0.73 | 0.16 | 0 | 0 | 4 | 0 | 0 | 0 |
| Other Liabilities | 16.13 | 13.01 | 11.76 | 9.52 | 9.07 | 17.9 | 21.25 | 63.63 | 59.82 | 33.37 |
| Total Liabilities | 271.17 | 270.9 | 284.07 | 281.04 | 312.14 | 356.1 | 336.57 | 396.81 | 390.59 | 306.01 |
| Fixed Assets | 85.71 | 84.66 | 84.29 | 76.44 | 76.89 | 76.81 | 76.61 | 90.42 | 94.47 | 93.71 |
| CWIP | 0 | 44.02 | 44.02 | 44.02 | 44.02 | 0 | 0 | 0 | 0 | 0 |
| Investments | 64.16 | 65.89 | 81.37 | 69.96 | 89.93 | 147.55 | 177.2 | 175.41 | 222.81 | 149.51 |
| Other Assets | 121.3 | 76.33 | 74.39 | 90.62 | 101.3 | 131.74 | 82.76 | 130.98 | 73.31 | 62.79 |
| Total Assets | 271.17 | 270.9 | 284.07 | 281.04 | 312.14 | 356.1 | 336.57 | 396.81 | 390.59 | 306.01 |

### Cash Flow

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

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -27.09 | 4.15 | 10.23 | -9.31 | 22.72 | -6.14 | -13.74 | 39.24 | -32.81 | 0.83 |
| Cash from Investing Activity | 33.63 | -4.11 | -4.42 | 17.01 | -12.62 | -10.02 | 9.16 | 17.23 | -18.28 | -0.22 |
| Cash from Financing Activity | -4.99 | -0.07 | -3.65 | 0 | 0 | 0 | 4 | -4.57 | 0.24 | -0.36 |
| Net Cash Flow | 1.54 | -0.02 | 2.16 | 7.7 | 10.09 | -16.16 | -0.58 | 51.9 | -50.85 | 0.25 |
| Free Cash Flow | -27.16 | 5.23 | 11.82 | -13.46 | 22.59 | 37.7 | -13.79 | 38.36 | -37.77 | 0.7 |
| CFO/OP | -998 | 187 | 403 | -191 | 585 | -158 | -334 | 27527 | -2141 | 639 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 70.47 | 69.71 | 73.42 | 82.66 | 74.37 | 80.51 | 74.08 | 79.54 | 83.43 | 68.08 |
| Inventory Days | 2.07 | — | — | — | — | — | — | — | — | — |
| Days Payable | 26.37 | — | — | — | — | — | — | — | — | — |
| Cash Conversion Cycle | 46.17 | 69.71 | 73.42 | 82.66 | 74.37 | 80.51 | 74.08 | 79.54 | 83.43 | 68.08 |
| Working Capital Days | 1202.72 | 639.57 | 522.46 | 500.06 | 499.94 | 949.45 | 465.09 | 346.44 | 236.32 | 155.4 |
| ROCE % | 2.33 | 3.06 | 2.35 | 3.47 | 3.69 | 5.53 | 2.66 | 0.96 | 1.53 | 0.82 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 72.75% | 72.75% | 72.75% | 72.75% | 72.75% | 72.75% | 72.75% | 72.75% | 72.75% | 72.75% | 72.75% | 72.75% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 9.5% | 9.5% | 9.49% | 9.48% | 9.47% | 9.5% | 9.49% | 9.48% | 9.45% | 9.45% | 9.44% | 9.42% |
| Others | 17.75% | 17.75% | 17.76% | 17.76% | 17.78% | 17.75% | 17.76% | 17.76% | 17.8% | 17.8% | 17.8% | 17.83% |
| No. of Shareholders | 51234 | 51044 | 51128 | 50915 | 50896 | 50894 | 50819 | 50729 | 50668 | 50562 | 50488 | 50547 |

## 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) | 24.81 | Sell |
| EMA (10) | 24.49 | Sell |
| SMA (20) | 24.59 | Sell |
| EMA (20) | 24.58 | Sell |
| SMA (50) | 24.59 | Sell |
| EMA (50) | 24.62 | Sell |
| SMA (100) | 24.89 | Sell |
| EMA (100) | 24.55 | Sell |
| SMA (200) | 23.92 | Sell |
| EMA (200) | 24.38 | Sell |

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

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 42.31 | Neutral |
| MACD (12,26,9) | -0.06 | Sell |
| Stochastic (14,3,3) | 24.63 | Neutral |
| ADX (14) | 21.18 | Neutral |
| Williams %R (14) | -77.39 | Neutral |
| ATR (14) | 2.23 | High Volatility |
| ROC (12) | -2.57 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 29.21 | Buy |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-08-31 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7e2a172d-1669-431e-9bae-6823062814ba.pdf) |
| 2026-08-29 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ef773029-4c05-410d-bd3d-016021fad866.pdf) |
| 2026-08-29 | [25Th Annual General Meeting](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4d8d8b5c-244d-48e3-9166-2a362cde78b7.pdf) |
| 2026-08-28 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=596e6425-baab-4d56-9db6-fa72c1ef62fc.pdf) |
| 2026-08-22 | [Announcement under Regulation 30 (LODR)-Scheme of Arrangement](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=26e24459-b79a-4719-b10c-f4d48930b8d5.pdf) |
| 2026-08-15 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fb7679bc-f931-4bb2-9382-66f0d33734d0.pdf) |
| 2026-08-14 | [Outcome Of The Board Meeting - Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter Ended June 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=83a00180-e6eb-432a-9ce5-ecfedaf9618a.pdf) |
| 2026-08-14 | [Board Meeting Outcome for Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter Ended June 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bb757a2b-c075-481e-8fda-24f29e1c8f81.pdf) |
| 2026-08-14 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9277ffcd-42e5-433e-8a66-fc290bda656f.pdf) |
| 2026-08-14 | [25Th Annual General Meeting (AGM) Of The Company.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4400d8b5-339d-49c6-9159-82cd105f26ac.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-08-14 | [Results](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d8da4075-a452-4b97-b811-2b5137eec94a.pdf) |
| 2026-05-27 | [Audited Financial Results For The Quarter And Year Ended 31St March 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e77b1a13-9ae8-484a-8138-75270cf24e9b.pdf) |
| 2026-02-06 | [Unaudited Standalone And Consolidated Financial Results For Quarter Ended 31St December 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=962b4979-6fe8-42e2-b17b-200e1a27a429.pdf) |
| 2025-10-27 | [Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended 30Th September 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=924720a2-fe86-462a-a3c4-b16c7c114c46.pdf) |
| 2025-08-04 | [Financial Results](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=294193a4-0bd7-40fb-bdaa-2f580edf321e.pdf) |
| 2025-05-28 | [Audited Standalone And Consolidated Financial Results Of The Company For The Quarter And Year Ended 31St March 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9c72a725-35f5-481f-b879-629763515f01.pdf) |
| 2025-02-12 | [Financial Results](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6f2ea2ac-3f61-4e39-b3f1-8b70ef6d1539.pdf) |
| 2024-11-07 | [Unaudited Quarterly Results Of The Company For The Quarter And Half Year Ended 30Th September 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9be783c2-bfac-457c-b2c6-541e1a83100b.pdf) |
| 2024-08-14 | [Unaudited Financial Results For The Quarter Ended June 30, 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8fcf6dff-9a8e-4d23-96a7-1cc1b7f954e7.pdf) |
| 2024-05-23 | [Results- Approval Of Audited Financial Statements Of The Company For The Quarter And Year Ended 31St March 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1829956a-57ba-48db-bddf-39efc8e315ee.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 9 Apr - Filed Regulation 74(5) certificate for quarter ended 31 March 2026. | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 9 Apr - Filed Regulation 74(5) certificate for quarter ended 31 March 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/2146e063-9db8-4b24-a046-cf547bedea08.pdf) |
| 4 Feb - Announces planned opening of new Manoj Vaibhav jewellery store in Chandanagar, Hyderabad; no date yet. | [Intimation Of Opening Of New Proposed Jewellery Store 4 Feb - Announces planned opening of new Manoj Vaibhav jewellery store in Chandanagar, Hyderabad; no date yet.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e7c02c0e-d9cd-495c-99f4-866a8af574f4.pdf) |
| 30 Apr - Mercantile Ventures confirms it is not a Large Corporate for year ended 31 March 2026. | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 30 Apr - Mercantile Ventures confirms it is not a Large Corporate for year ended 31 March 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/4106ea2d-8b29-4747-b47f-19a97bc04113.pdf) |
| 30 Apr - Mercantile Ventures confirms it is not a Large Corporate for year ended 31 March 2026. | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 30 Apr - Mercantile Ventures confirms it is not a Large Corporate for year ended 31 March 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/4106ea2d-8b29-4747-b47f-19a97bc04113.pdf) |
| 3 Feb - Board meeting Feb 10, 2026 to approve Q3 results; trading window closed Feb 12. | [Board Meeting Intimation for Declaration Of Unaudited Financial Results For The Quarter Ended December 31, 2025 3 Feb - Board meeting Feb 10, 2026 to approve Q3 results; trading window closed Feb 12.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/74fc19d4-ae45-405d-bb0d-cb993fc56710.pdf) |
| 26 Mar - Trading window closed for designated persons from 1 April 2026 until 48 hours post FY/Q4 results for March 31, 2026. | [Closure of Trading Window 26 Mar - Trading window closed for designated persons from 1 April 2026 until 48 hours post FY/Q4 results for March 31, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f3e366f1-a6e7-418b-a30c-5414af17c291.pdf) |
| 23 Mar - Filed Second Motion Petition with NCLT for amalgamation of India Radiators into Mercantile Ventures, dated 23 March 2026. | [Announcement under Regulation 30 (LODR)-Scheme of Arrangement 23 Mar - Filed Second Motion Petition with NCLT for amalgamation of India Radiators into Mercantile Ventures, dated 23 March 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a6e8a0bc-6a9f-4ae7-8d33-6471fd8aa24b.pdf) |
| 17 Mar - Equity shareholders approved India Radiators merger into Mercantile Ventures on 13-Mar-2026 with 99.999% votes in favor. | [Shareholder Meeting / Postal Ballot-Scrutinizer"s Report 17 Mar - Equity shareholders approved India Radiators merger into Mercantile Ventures on 13-Mar-2026 with 99.999% votes in favor.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/cde24c2c-9374-4a54-b94a-260376f6a507.pdf) |
| 13 Mar - Unsecured creditors' meeting held March 13, 2026 for India Radiators–Mercantile amalgamation; remote e-voting offered. | [Announcement under Regulation 30 (LODR)-Scheme of Arrangement 13 Mar - Unsecured creditors' meeting held March 13, 2026 for India Radiators–Mercantile amalgamation; remote e-voting offered.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8c06a7e1-81f5-4d80-9575-7aa4794b3465.pdf) |
| 13 Mar - Shareholders' meeting held March 13, 2026 for proposed amalgamation with India Radiators; e-voting conducted. | [Announcement under Regulation 30 (LODR)-Scheme of Arrangement 13 Mar - Shareholders' meeting held March 13, 2026 for proposed amalgamation with India Radiators; e-voting conducted.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ba8a49ec-892e-4fd7-b6f2-eaa90662b620.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Mar 2025 | [Concall - Mar 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e7e59a5f-7b7e-48d8-ba68-9b11d09fd91d.pdf) |
| Jun 2025 | [Concall - Jun 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/88ad2e6b-e111-4a06-bdbd-3f04ca13bc04.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/9448be95-911f-4832-a838-a4c01fdde6d7.pdf) |
| from bse | [Annual Report 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b170dfb6-5637-416a-92d7-01ae17e2d9bb.pdf) |
| from bse | [Financial Year 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b27349dd-a898-4a9f-ab52-3fb01fe80a46.pdf) |
| from bse | [Annual Report 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/2437057b-c6dc-453e-bc48-9f539f390dcc.pdf) |
| from bse | [Annual Report 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/49ac8a87-6a63-478b-9162-374dc5b6cd8b.pdf) |
| from bse | [Annual Report 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/538942/74742538942.pdf) |
| from bse | [Annual Report 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/538942/70111538942.pdf) |
| from bse | [Annual Report 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/538942/65122538942.pdf) |
| from bse | [Annual Report 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/538942/5389420319.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/538942/5389420318.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 2026-09-13T18:24:39.884Z.