---
title: "MCON Rasayan India Ltd (MCON) — Share Price, Financials & Analysis"
symbol: "MCON"
company: "MCON Rasayan India Ltd"
canonical: "https://tapetide.com/stocks/MCON"
isin: "INE0O4M01019"
nse_symbol: "MCON"
sector: "Construction"
industry: "Construction Materials"
market_cap_cr: 29.56
generated_at: "2026-09-13T18:23:24.696Z"
---

# MCON Rasayan India Ltd (MCON)

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

## Company

- **NSE Symbol:** MCON
- **ISIN:** INE0O4M01019
- **Sector:** Construction
- **Industry:** Construction Materials
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Listed Since:** 2023-03-20
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** mconrasayan.com

## About

Incorporated in 2016, Mcon Rasayan India
Ltd is in the business of modern building materials and construction chemicals[1]

## Latest Price

- **Price:** ₹41.2
- **Change:** -0.45 (-1.08%)
- **Open:** ₹41
- **Day High:** ₹41.2
- **Day Low:** ₹40
- **Previous Close:** ₹41.65
- **Volume:** 10000
- **As Of:** 2026-09-11T08:50:29+00:00

## Key Fundamentals

Observed at 2026-09-11T04:38:14.166771Z.

- **Market Cap:** ₹29.56 Cr
- **Classification:** SME
- **P/E (reported):** 10
- **Book Value:** ₹49.41
- **Price to Book:** 0.84
- **Dividend Yield:** 0%
- **ROE:** 8.4%
- **ROCE:** 14.52%
- **Debt to Equity:** 0.5
- **Revenue (yearly):** ₹65.4 Cr
- **Net Income:** ₹3 Cr
- **EBITDA:** ₹7.8 Cr
- **52-Week High:** ₹81.5
- **52-Week Low:** ₹37.3
- **RSI (14):** 44.16

## Tapetide Score

- **Score:** 55 / 100
- **Score date:** 2026-09-04
- **Archetype:** Losing Momentum
- **What it means:** A capable business whose price trend has turned while the multiple is still demanding. Often a re-rating in progress rather than a broken company — watch whether earnings stay resilient.
- **Pillar profile:** Quality: Good · Valuation: Expensive · Momentum: Falling
- **Percentile:** 70.1 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 43.38 | 9% |
| growth | 72.8 | 9% |
| momentum | 29.59 | 12% |
| ownership | 66.73 | 24% |
| quality | 65.22 | 22% |
| valuation | 45.82 | 24% |

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

## Key Insights

### Strengths

- Stock is trading at 0.83 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 10.2% over last 3 years.
- Company has high debtors of 166 days.
- Promoter holding has decreased over last 3 years: -9.24%

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | 128.97% | 4.07% | 307.61% |
| ebitda margin growth | 33.33% | -6.37% | -11.39% | 58.88% |
| net income growth | 100% | 30.43% | 39% | 74% |
| revenue growth | 0% | 27.24% | 28% | 49% |
| roce | — | 21.81% | -33.91% | 17.29% |
| roe | — | 22.63% | 9.85% | -59.3% |

## Financial Statements

### Quarterly Results

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

| Item | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 11.72 | 13.04 | 18.01 | 17.25 | 24.88 | 21.57 | 29.18 | 28.38 | 36.86 |
| Expenses | 10.92 | 11.65 | 16.71 | 15.23 | 21.6 | 18.11 | 26.79 | 25.04 | 32.54 |
| Operating Profit | 0.8 | 1.39 | 1.3 | 2.02 | 3.28 | 3.46 | 2.39 | 3.34 | 4.32 |
| OPM % | 6.83 | 10.66 | 7.22 | 11.71 | 13.18 | 16.04 | 8.19 | 11.77 | 11.72 |
| Other Income | 0 | 0 | 0.01 | 0.27 | 0.14 | 0.01 | 0.68 | 0.05 | 0.08 |
| Interest | 0.2 | 0.28 | 0.5 | 0.45 | 1.06 | 1 | 1 | 0.75 | 1.03 |
| Depreciation | 0.17 | 0.21 | 0.17 | 0.38 | 0.69 | 0.88 | 0.97 | 0.95 | 0.9 |
| Profit before tax | 0.43 | 0.9 | 0.64 | 1.46 | 1.67 | 1.59 | 1.1 | 1.69 | 2.47 |
| Tax % | 25.58 | 26.67 | 25 | 25.34 | 30.54 | 21.38 | 8.18 | 26.04 | 27.13 |
| Net Profit | 0.32 | 0.67 | 0.47 | 1.09 | 1.16 | 1.26 | 1.02 | 1.25 | 1.8 |
| EPS in Rs | 2.13 | 3.57 | 0.75 | 1.73 | 1.84 | 2 | 1.39 | 1.71 | 2.46 |

### Profit & Loss

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

| Item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 6.98 | 8.97 | 8.97 | 19.22 | 30.98 | 41.81 | 50.58 | 64.98 |
| Expenses | 6.43 | 8.23 | 8.06 | 17.79 | 28.29 | 36.51 | 44.73 | 57.33 |
| Operating Profit | 0.55 | 0.74 | 0.91 | 1.43 | 2.69 | 5.3 | 5.85 | 7.65 |
| OPM % | 7.88 | 8.25 | 10.14 | 7.44 | 8.68 | 12.68 | 11.57 | 11.77 |
| Other Income | 0.04 | 0 | 0.02 | 0.01 | 0 | 0.42 | 0.69 | 0.13 |
| Interest | 0.25 | 0.32 | 0.4 | 0.43 | 0.78 | 1.52 | 2 | 1.77 |
| Depreciation | 0.21 | 0.3 | 0.28 | 0.32 | 0.38 | 1.07 | 1.85 | 1.85 |
| Profit before tax | 0.13 | 0.12 | 0.25 | 0.69 | 1.53 | 3.13 | 2.69 | 4.16 |
| Tax % | 23.08 | 25 | 28 | 27.54 | 26.14 | 28.43 | 15.24 | 26.68 |
| Net Profit | 0.09 | 0.09 | 0.19 | 0.5 | 1.14 | 2.24 | 2.27 | 3.04 |
| EPS in Rs | 1.8 | 0.89 | 1.27 | 3.33 | 1.81 | 3.55 | 3.1 | 4.15 |
| Dividend Payout % | 0 | 0 | 7.89 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

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

| Item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.5 | 1.01 | 1.5 | 1.5 | 6.3 | 6.3 | 7.33 | 7.34 |
| Reserves | 0.11 | 0.2 | 0.28 | 0.9 | 7.07 | 9.35 | 25.85 | 28.91 |
| Borrowings | 2.78 | 3.22 | 3.47 | 7.4 | 8.47 | 15.96 | 19.64 | 18.17 |
| Other Liabilities | 5.65 | 3.35 | 3.07 | 4.65 | 8.47 | 14.01 | 18.08 | 22.3 |
| Total Liabilities | 9.04 | 7.78 | 8.32 | 14.45 | 30.31 | 45.62 | 70.9 | 76.72 |
| Fixed Assets | 1.49 | 0 | 1.29 | 1.34 | 1.13 | 9.78 | 14.99 | 15.27 |
| CWIP | 0 | 0 | 0 | 1.17 | 5.69 | 5.43 | 0.42 | 0.07 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 7.55 | 7.78 | 7.03 | 11.94 | 23.49 | 30.41 | 55.49 | 61.38 |
| Total Assets | 9.04 | 7.78 | 8.32 | 14.45 | 30.31 | 45.62 | 70.9 | 76.72 |

### Cash Flow

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

| Item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -0.03 | -0.04 | -0.02 | -1.97 | -5.26 | 3.93 | -14.12 | 4.09 |
| Cash from Investing Activity | -0.6 | -0.11 | -0.29 | -1.49 | -4.68 | -9.47 | -2.04 | -1.79 |
| Cash from Financing Activity | 0.66 | 0.13 | 0.34 | 3.5 | 10.12 | 5.97 | 16.85 | -3.23 |
| Net Cash Flow | 0.03 | -0.02 | 0.03 | 0.03 | 0.19 | 0.42 | 0.7 | -0.92 |
| Free Cash Flow | -0.67 | -0.15 | -0.32 | -3.46 | -9.94 | -5.55 | -16.19 | 2.3 |
| CFO/OP | 0 | -1 | 2 | -132 | -188 | 81 | -221 | 56 |

### Ratios

| Item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 322.64 | 128.18 | 146.9 | 97.99 | 121 | 148.76 | 163.02 | 165.59 |
| Inventory Days | 83.45 | 118.22 | 225.55 | 161.11 | 150.31 | 198.62 | 493.94 | 326.77 |
| Days Payable | 499.81 | 263.18 | 238.65 | 145.48 | 160.39 | 212.44 | 282.28 | 203.8 |
| Cash Conversion Cycle | -93.71 | -16.79 | 133.79 | 113.62 | 110.92 | 134.94 | 374.68 | 288.57 |
| Working Capital Days | 20.39 | 118.82 | 74.06 | 34.18 | 92.96 | 41.38 | 157.17 | 136.5 |
| ROCE % | — | 11.25 | 13.43 | 14.88 | 14.6 | 17.32 | 11.11 | 11.06 |

## Shareholding Pattern

### Quarterly

| Category | Dec 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 91.45% | 66.65% | 66.65% | 66.65% | 66.65% | 57.32% | 57.32% | 57.41% |
| FIIs | 0% | 0% | 0% | 0% | 1.51% | 4.12% | 1.73% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 3.48% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 0% | 23.11% | 24.36% | 25.12% | 26.95% | 30.11% | 28.71% | 31.18% |
| Others | 8.55% | 10.24% | 8.99% | 8.23% | 4.9% | 8.45% | 12.24% | 7.93% |
| No. of Shareholders | 0 | 539 | 295 | 413 | 486 | 638 | 684 | 636 |

## Technical Indicators

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

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 4 / 4 / 11

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 43 | Sell |
| EMA (10) | 42.66 | Sell |
| SMA (20) | 43.51 | Sell |
| EMA (20) | 43.46 | Sell |
| SMA (50) | 43.77 | Sell |
| EMA (50) | 61.68 | Sell |
| SMA (100) | 86.63 | Sell |
| EMA (100) | 106.67 | Sell |
| SMA (200) | 160.5 | Sell |
| EMA (200) | 137.71 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 46.29 | Neutral |
| MACD (12,26,9) | -1.74 | Buy |
| Stochastic (14,3,3) | 8.93 | Buy |
| ADX (14) | 3.32 | Neutral |
| Williams %R (14) | -85.88 | Buy |
| ATR (14) | 4.36 | High Volatility |
| ROC (12) | -15.05 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 43.48 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 8 Sep - Executed ₹24.65 crore loan and working capital facility with Yes Bank on 31 August 2026. | [Updates 8 Sep - Executed ₹24.65 crore loan and working capital facility with Yes Bank on 31 August 2026.](https://nsearchives.nseindia.com/corporate/MCON_08092026204802_IntimationtoNSEforTermLoanYesBank24082026Finalsigned.pdf) |
| 8 April 2026 - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written … | [Price movement 8 April 2026 - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written …](https://www.nseindia.com/companies-listing/corporate-filings-announcements?symbol=MCON&tabIndex=sme) |
| 7 April 2026 - Reg. 74(5) certificate filed for quarter ended March 31, 2026. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 7 April 2026 - Reg. 74(5) certificate filed for quarter ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/MCON_07042026145118_Regulation745March2026.pdf) |
| 7 April 2026 - Promoters declared no new encumbrance on MCON shares as of April 7, 2026. | [Updates 7 April 2026 - Promoters declared no new encumbrance on MCON shares as of April 7, 2026.](https://nsearchives.nseindia.com/corporate/MCON_07042026143502_MconRegulation314SIGNED.pdf) |
| 5 March 2026 - Virtual group meeting on 9 March 2026, 4-5pm, organized by Arihant Capital Markets. | [Analysts/Institutional Investor Meet/Con. Call Updates 5 March 2026 - Virtual group meeting on 9 March 2026, 4-5pm, organized by Arihant Capital Markets.](https://nsearchives.nseindia.com/corporate/MCON_05032026184347_IntimationArihantConference050326SIGNED.pdf) |
| 30 May - Audio/video of post-earnings conference call held on May 29, 2026 shared. | [Analysts/Institutional Investor Meet/Con. Call Updates 30 May - Audio/video of post-earnings conference call held on May 29, 2026 shared.](https://nsearchives.nseindia.com/corporate/MCON_30052026143904_IntimationtoNSEVideoMarch2026signed.pdf) |
| 30 March 2026 - Allotment of 6,298 ESOP shares on 30/03/2026 at Rs.12.6; total capital Rs.7,33,53,880; one-year lock-in. | [Outcome of Board Meeting 30 March 2026 - Allotment of 6,298 ESOP shares on 30/03/2026 at Rs.12.6; total capital Rs.7,33,53,880; one-year lock-in.](https://nsearchives.nseindia.com/corporate/MCON_30032026164939_Outcome30032026V1SIGNED.pdf) |
| 3 Sep - 10th AGM scheduled for 28 September 2026; notice published in Marathi and English newspapers on 3 September 2026. | [Copy of Newspaper Publication 3 Sep - 10th AGM scheduled for 28 September 2026; notice published in Marathi and English newspapers on 3 September 2026.](https://nsearchives.nseindia.com/corporate/MCON_03092026123140_Newspapercoveringlettersigned.pdf) |
| 29 May 2026 - FY26 revenue rose 29% to ₹652 million; PAT up 34% to ₹30 million, with 188+ distributors. | [Investor Presentation 29 May 2026 - FY26 revenue rose 29% to ₹652 million; PAT up 34% to ₹30 million, with 188+ distributors.](https://nsearchives.nseindia.com/corporate/MCON_29052026123426_MCONRasayanH2FY26.pdf) |
| 29 May 2026 - FY2026 SDD compliance certificate filed; 11 events captured, no non-compliance observed. | [Structural Digital Database 29 May 2026 - FY2026 SDD compliance certificate filed; 11 events captured, no non-compliance observed.](https://nsearchives.nseindia.com/corporate/MCON_29052026184310_Covering_Letter_Compliance_Certficate_Mcon_FY_202526signd.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from web | [Annual Report 2024 from web](https://nsearchives.nseindia.com/annual_reports/SME_AR_24993_MCON_2023_2024_17082024165310.pdf) |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31175_MCON_2025_2026_A_63641504_02092026213546.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_27967_MCON_2024_2025_A_65690861_30082025180151.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_26397_MCON_2023_2024_U_13022025180602.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_23734_MCON_2022_2023_07092023143012_09072023150000.zip) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2025 | [Concall - Nov 2025](https://nsearchives.nseindia.com/corporate/MCON_19112025183922_IntimationtoNSETranscriptSIGNED.pdf) |
| Nov 2024 | [Concall - Nov 2024](https://nsearchives.nseindia.com/corporate/MCON_19112024165413_IntimationtoNSETranscriptsigned.pdf) |
| May 2024 | [Concall - May 2024](https://nsearchives.nseindia.com/corporate/MCON_31052024154503_IntimationtoNSEtranscript.pdf) |
| Mar 2023 | [Concall - Mar 2023](https://archives.nseindia.com/corporate/MCON_24032023185956_MCon_Rasayan_Investor_Analyst_meeting.pdf) |
| Jun 2025 | [Concall - Jun 2025](https://nsearchives.nseindia.com/corporate/MCON_26062025191641_IntimationtoNSEtranscriptJUNE5.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 2026-09-13T18:23:24.696Z.