---
title: "Mahickra Chemicals Ltd (MAHICKRA) — Share Price, Financials & Analysis"
symbol: "MAHICKRA"
company: "Mahickra Chemicals Ltd"
canonical: "https://tapetide.com/stocks/MAHICKRA"
isin: "INE961Y01015"
nse_symbol: "MAHICKRA"
sector: "Chemicals"
industry: "Dyes & Pigments"
market_cap_cr: 296.21
generated_at: "2026-09-13T18:46:03.745Z"
---

# Mahickra Chemicals Ltd (MAHICKRA)

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

## Company

- **NSE Symbol:** MAHICKRA
- **ISIN:** INE961Y01015
- **Sector:** Chemicals
- **Industry:** Dyes & Pigments
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Listed Since:** 2018-04-26
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** mahickra.com

## About

Incorporated in 1997, Mahickra Chemicals Ltd manufacturers, trades & exports Dyes and Chemicals[1]

## Latest Price

- **Price:** ₹305.95
- **Change:** +3.45 (+1.14%)
- **Open:** ₹300
- **Day High:** ₹306
- **Day Low:** ₹295
- **Previous Close:** ₹302.5
- **Volume:** 8250
- **As Of:** 2026-09-11T08:05:22+00:00

## Key Fundamentals

Observed at 2026-09-11T04:34:20.958949Z.

- **Market Cap:** ₹296.21 Cr
- **Classification:** SME
- **P/E (reported):** 57.4
- **Book Value:** ₹68.35
- **Price to Book:** 4.43
- **Dividend Yield:** 0.05%
- **ROE:** 7.09%
- **ROCE:** 13.33%
- **Debt to Equity:** 0.24
- **Revenue (yearly):** ₹106.33 Cr
- **Net Income:** ₹5.19 Cr
- **EBITDA:** ₹7.64 Cr
- **52-Week High:** ₹308.8
- **52-Week Low:** ₹131
- **RSI (14):** 61.59

## 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: Average · Valuation: Expensive · Momentum: Rising
- **Percentile:** 52 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 75.59 | 9% |
| growth | 63.34 | 9% |
| momentum | 97.17 | 12% |
| ownership | 37.89 | 24% |
| quality | 53.8 | 22% |
| valuation | 24.8 | 24% |

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

## Key Insights

### Weaknesses

- Stock is trading at 4.48 times its book value
- Promoter holding has decreased over last quarter: -8.17%
- The company has delivered a poor sales growth of 4.22% over past five years.
- Company has a low return on equity of 7.38% over last 3 years.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | 85.71% | -108.19% | -100.08% |
| ebitda margin growth | 26.06% | 79.55% | 33.65% |
| net income growth | 107.6% | 15% | 11% |
| revenue growth | 17.1% | 1% | 4% |
| roce | 70.46% | -18.37% | 13.71% |
| roe | 120.19% | 6.81% | -29.87% |

## Financial Statements

### Quarterly Results

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

| Item | Sep 2020 | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 34 | 53 | 42 | 60 | 54 | 49 | 37 | 35 | 45 | 43 | 49 | 57 |
| Expenses | 33 | 52 | 41 | 60 | 53 | 47 | 36 | 36 | 42 | 43 | 48 | 51 |
| Operating Profit | 1 | 1 | 2 | 0 | 0 | 2 | 2 | -1 | 2 | 0 | 1 | 6 |
| OPM % | 2.9 | 2.1 | 3.6 | 0.3 | 0.9 | 3.7 | 4.1 | -2.5 | 5 | 0.4 | 3 | 11 |
| Other Income | 1 | 2 | 1 | 3 | 2 | 1 | 0 | 2 | 0 | 2 | 1 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 2 | 3 | 2 | 2 | 2 | 2 | 1 | 1 | 2 | 2 | 1 | 6 |
| Tax % | 29 | 29 | 28 | 28 | 29 | 27 | 29 | 28 | 25 | 31 | 32 | 24 |
| Net Profit | 1 | 2 | 2 | 2 | 2 | 2 | 0 | 1 | 1 | 1 | 1 | 4 |
| EPS in Rs | 1.29 | 2.54 | 2.06 | 2.07 | 1.96 | 2.09 | 0.6 | 0.71 | 1.66 | 1.47 | 1.12 | 4.35 |

### 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 20 | 80 | 94 | 86 | 102 | 103 | 72 | 88 | 106 |
| Expenses | 19 | 79 | 94 | 84 | 101 | 101 | 71 | 86 | 99 |
| Operating Profit | 1 | 1 | 1 | 2 | 2 | 2 | 1 | 2 | 8 |
| OPM % | 3.9 | 1.3 | 0.6 | 2.4 | 1.7 | 2.4 | 0.9 | 2.8 | 7 |
| Other Income | 0 | 2 | 4 | 3 | 4 | 4 | 2 | 3 | 1 |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Profit before tax | 1 | 3 | 4 | 4 | 5 | 5 | 2 | 4 | 7 |
| Tax % | 21 | 30 | 28 | 30 | 28 | 28 | 29 | 28 | 25 |
| Net Profit | 1 | 2 | 3 | 3 | 3 | 3 | 1 | 3 | 5 |
| EPS in Rs | 1.44 | 2.82 | 3.68 | 3.83 | 4.12 | 4.04 | 1.32 | 3.11 | 5.28 |
| Dividend Payout % | 0 | 0 | 8 | 5 | 16 | 16 | 23 | 6 | 3 |

### Balance Sheet

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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 5 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 10 |
| Reserves | 3 | 8 | 16 | 19 | 22 | 24 | 25 | 28 | 57 |
| Borrowings | 6 | 5 | 6 | 11 | 10 | 10 | 13 | 15 | 16 |
| Other Liabilities | 20 | 23 | 21 | 20 | 25 | 21 | 14 | 17 | 14 |
| Total Liabilities | 35 | 43 | 50 | 58 | 65 | 63 | 61 | 68 | 97 |
| Fixed Assets | 1 | 1 | 1 | 1 | 2 | 4 | 5 | 5 | 5 |
| CWIP | 0 | 0 | 2 | 3 | 3 | 0 | 1 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 34 | 42 | 47 | 54 | 61 | 59 | 55 | 63 | 92 |
| Total Assets | 35 | 43 | 50 | 58 | 65 | 63 | 61 | 68 | 97 |

### Cash Flow

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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -11 | -4 | -3 | -2 | 3 | 2 | -1 | 0 | -8 |
| Cash from Investing Activity | -1 | 0 | -2 | -1 | -1 | -1 | -1 | 0 | -7 |
| Cash from Financing Activity | 13 | 3 | 6 | 3 | -2 | -1 | 2 | 0 | 25 |
| Net Cash Flow | 1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 9 |
| Free Cash Flow | -12 | -4 | -6 | -3 | 2 | 1 | -2 | 0 | -8 |
| CFO/OP | -1417 | -328 | -397 | -59 | 259 | 149 | -75 | 21 | -84 |

### Ratios

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 313 | 108 | 106 | 143 | 136 | 130 | 119 | 106 | 115 |
| Inventory Days | 212 | 42 | 49 | 71 | 72 | 78 | 143 | 150 | 145 |
| Days Payable | 416 | 111 | 83 | 89 | 98 | 77 | 72 | 73 | 51 |
| Cash Conversion Cycle | 109 | 39 | 72 | 125 | 110 | 132 | 190 | 182 | 210 |
| Working Capital Days | 116 | 66 | 82 | 101 | 93 | 100 | 140 | 121 | 152 |
| ROCE % | — | 20 | 20 | 15 | 14 | 14 | 6 | 10 | 13 |

## Shareholding Pattern

### Quarterly

| Category | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 49.82% | 50.61% | 51.33% | 52.18% | 53.05% | 53.84% | 54.95% | 51.81% | 48.57% | 48.27% | 40.1% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 2.29% | 2.29% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 34.77% | 34.42% | 32.94% | 32.68% | 31.91% | 32.83% | 32.76% | 36.57% | 41.69% | 39.51% | 44.88% |
| Others | 13.12% | 12.68% | 15.73% | 15.14% | 15.05% | 13.33% | 12.29% | 11.62% | 9.74% | 12.22% | 15.02% |
| No. of Shareholders | 309 | 327 | 305 | 312 | 291 | 303 | 309 | 351 | 374 | 355 | 475 |

## Technical Indicators

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

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 12 / 3 / 4

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 295.74 | Buy |
| EMA (10) | 295.69 | Buy |
| SMA (20) | 288.44 | Buy |
| EMA (20) | 288.28 | Buy |
| SMA (50) | 269.69 | Buy |
| EMA (50) | 272.31 | Buy |
| SMA (100) | 251.72 | Buy |
| EMA (100) | 251.5 | Buy |
| SMA (200) | 209.25 | Buy |
| EMA (200) | 219.85 | Buy |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 62.83 | Neutral |
| MACD (12,26,9) | 9.52 | Buy |
| Stochastic (14,3,3) | 87.49 | Sell |
| ADX (14) | 13.36 | Neutral |
| Williams %R (14) | -5.4 | Sell |
| ATR (14) | 16.58 | High Volatility |
| ROC (12) | 7.37 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 73.2 | Sell |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 8 Sep - Notice of 9th AGM on 30 Sep 2026 via VC/OAVM; e-voting and book closure announced. | [Copy of Newspaper Publication 8 Sep - Notice of 9th AGM on 30 Sep 2026 via VC/OAVM; e-voting and book closure announced.](https://nsearchives.nseindia.com/corporate/Mahickra_08092026212529_Advt_Letter-merged.pdf) |
| 5 Sep - Share transfer books close 24-30 September 2026 for AGM on 30 September 2026. | [General Updates 5 Sep - Share transfer books close 24-30 September 2026 for AGM on 30 September 2026.](https://nsearchives.nseindia.com/corporate/Mahickra_05092026185303_Intimation_of_Book_Closure_05-09-2026.pdf) |
| 5 Sep - Mahickra Chemicals shares FY26 annual report link and AGM notice for September 30, 2026. | [General Updates 5 Sep - Mahickra Chemicals shares FY26 annual report link and AGM notice for September 30, 2026.](https://nsearchives.nseindia.com/corporate/Mahickra_05092026184417_Intimation_of_Weblink_of_AR_05-09-2026.pdf) |
| 5 Sep - Mahickra Chemicals schedules 9th AGM on September 30, 2026; annual report and e-voting dates disclosed. | [Shareholders meeting 5 Sep - Mahickra Chemicals schedules 9th AGM on September 30, 2026; annual report and e-voting dates disclosed.](https://nsearchives.nseindia.com/corporate/Mahickra_05092026182016_Intimation_of_Notice_and_AR_05-09-2026.pdf) |
| 5 February 2026 - Mahickra publishes corrigendum to Extraordinary General Meeting notice in Financial Express on Feb 05, 2026. | [Copy of Newspaper Publication 5 February 2026 - Mahickra publishes corrigendum to Extraordinary General Meeting notice in Financial Express on Feb 05, 2026.](https://nsearchives.nseindia.com/corporate/Mahickra_05022026192025_Intimation_of_Newspaper_ADVT_Corrigendum.pdf) |
| 4 February 2026 - Corrigendum: preferential issue up to 28,53,000 shares at ₹157, aggregating ₹44.79 crore; EGM Feb 23, 2026. | [General Updates 4 February 2026 - Corrigendum: preferential issue up to 28,53,000 shares at ₹157, aggregating ₹44.79 crore; EGM Feb 23, 2026.](https://nsearchives.nseindia.com/corporate/Mahickra_04022026183722_Intimation_of_Corrigendum.pdf) |
| 31 May - Board declared Rs. 0.15 interim dividend; record date set for June 5, 2026. | [Record Date 31 May - Board declared Rs. 0.15 interim dividend; record date set for June 5, 2026.](https://nsearchives.nseindia.com/corporate/Mahickra_31052026215100_Intimation_of_Record_Date.pdf) |
| 30 May 2026 - On May 30, 2026, board approved CFO change, Rs.0.15 interim dividend, and FY26 audited results. | [Appointment 30 May 2026 - On May 30, 2026, board approved CFO change, Rs.0.15 interim dividend, and FY26 audited results.](https://nsearchives.nseindia.com/corporate/Mahickra_30052026183855_Outcome.pdf) |
| 30 May 2026 - No deviation in ₹2,596.39 lakh preferential issue proceeds; ₹1,436.99 lakh remains unutilized as of Mar 31, 2026. | [Statement of deviation(s) or variation(s) under Reg. 32 30 May 2026 - No deviation in ₹2,596.39 lakh preferential issue proceeds; ₹1,436.99 lakh remains unutilized as of Mar 31, 2026.](https://nsearchives.nseindia.com/corporate/Mahickra_30052026185349_SOD_Covering_Letter.pdf) |
| 30 May 2026 - Mahickra Chemicals Limited has informed regarding Disclosure of Regulation 30(5) of SEBI LODR | [Disclosure of material issue 30 May 2026 - Mahickra Chemicals Limited has informed regarding Disclosure of Regulation 30(5) of SEBI LODR](https://nsearchives.nseindia.com/corporate/Mahickra_30052026185209_Outcome_for_Dividend.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31576_MAHICKRA_2025_2026_A_8279425_05092026181708.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_27840_MAHICKRA_2024_2025_A_16837617_28082025193643.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_25347_MAHICKRA_2023_2024_30082024194319.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_22681_MAHICKRA_2022_2023_07082023174402_08072023180002.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/SME_AR_21114_MAHICKRA_2021_2022_02092022180158_09022022190001.zip) |
| from nse | [Annual Report 2021 from nse](https://archives.nseindia.com/annual_reports/SME_AR_18840_MAHICKRA_2020_2021_23082021191021_23082021200007.zip) |
| from nse | [Annual Report 2020 from nse](https://archives.nseindia.com/annual_reports/SME_AR_16948_MAHICKRA_2019_2020_28082020175307_28082020180003.zip) |
| from nse | [Annual Report 2019 from nse](https://archives.nseindia.com/annual_reports/SME_AR_16032_MAHICKRA_2018_2019_23092019155434_23092019160003.zip) |
| from nse | [Annual Report 2018 from nse](https://archives.nseindia.com/annual_reports/SME_AR_13965_MAHICKRA_2017_2018_03102018123058.zip) |

---

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 2026-09-13T18:46:03.745Z.