---
title: "Milton Industries Ltd (MILTON) — Share Price, Financials & Analysis"
symbol: "MILTON"
company: "Milton Industries Ltd"
canonical: "https://tapetide.com/stocks/MILTON"
isin: "INE376Y01016"
nse_symbol: "MILTON"
sector: "Consumer Goods"
industry: "Plywood Boards & Laminates"
market_cap_cr: 64.58
generated_at: "2026-09-13T18:45:13.966Z"
---

# Milton Industries Ltd (MILTON)

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

## Company

- **NSE Symbol:** MILTON
- **ISIN:** INE376Y01016
- **Sector:** Consumer Goods
- **Industry:** Plywood Boards & Laminates
- **Macro Sector:** Consumer Discretionary
- **Stock Type:** EQUITY
- **Listed Since:** 2017-10-16
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** miltonindustries.in

## About

Incorporated in 1985, Milton Industries Ltd primarily operates in laminate segments.[1]

## Latest Price

- **Price:** ₹38
- **Change:** +1.8 (+4.97%)
- **Open:** ₹36.35
- **Day High:** ₹38
- **Day Low:** ₹36.35
- **Previous Close:** ₹36.2
- **Volume:** 6600
- **As Of:** 2026-09-08T08:47:01+00:00

## Key Fundamentals

Observed at 2026-09-11T04:46:39.751157Z.

- **Market Cap:** ₹64.58 Cr
- **Classification:** SME
- **P/E (reported):** 35.8
- **Book Value:** ₹28.98
- **Price to Book:** 1.31
- **Dividend Yield:** 0%
- **ROE:** 2.52%
- **ROCE:** 6.36%
- **Debt to Equity:** 0.34
- **Revenue (yearly):** ₹46.41 Cr
- **Net Income:** ₹1.8 Cr
- **EBITDA:** ₹4.42 Cr
- **52-Week High:** ₹53.5
- **52-Week Low:** ₹24.85
- **RSI (14):** 50.09

## Key Insights

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 1.92% over past five years.
- Company has a low return on equity of 4.43% over last 3 years.
- Company has high debtors of 163 days.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -223.21% | 66.95% | -135.8% |
| ebitda margin growth | -2.6% | 15.13% | -19.1% |
| net income growth | 50% | -14% | -7% |
| revenue growth | 1.11% | -9% | 2% |
| roce | -47.78% | -39.08% | 10.65% |
| roe | -63.43% | 5.36% | -64.85% |

## 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 | 18.83 | 23.35 | 25.59 | 34.07 | 29.4 | 31.55 | 41.1 | 47.96 | 22.26 | 21.92 | 22.01 | 24.4 |
| Expenses | 15.63 | 20.3 | 23.2 | 30.17 | 26.85 | 28.25 | 38.97 | 43.07 | 20.93 | 20.59 | 19.98 | 22.01 |
| Operating Profit | 3.2 | 3.05 | 2.39 | 3.9 | 2.55 | 3.3 | 2.13 | 4.89 | 1.33 | 1.33 | 2.03 | 2.39 |
| OPM % | 16.99 | 13.06 | 9.34 | 11.45 | 8.67 | 10.46 | 5.18 | 10.2 | 5.97 | 6.07 | 9.22 | 9.8 |
| Other Income | 0.34 | 0.21 | 0.58 | 0.12 | 0.18 | 0.09 | 0.01 | 0.23 | 0.58 | 1.21 | 0.02 | 0.77 |
| Interest | 0.99 | 0.78 | 0.81 | 0.47 | 0.4 | 0.57 | 0.86 | 1.02 | 0.81 | 0.88 | 0.79 | 0.77 |
| Depreciation | 0.69 | 0.6 | 0.64 | 0.8 | 0.72 | 0.35 | 0.54 | 0.55 | 0.55 | 0.62 | 0.58 | 0.62 |
| Profit before tax | 1.86 | 1.88 | 1.52 | 2.75 | 1.61 | 2.47 | 0.74 | 3.55 | 0.55 | 1.04 | 0.68 | 1.77 |
| Tax % | 0 | 57.98 | 0 | 36.73 | 0 | 48.58 | 0 | 31.27 | 0 | 30.77 | 0 | 36.72 |
| Net Profit | 1.86 | 0.79 | 1.51 | 1.74 | 1.6 | 1.27 | 0.75 | 2.44 | 0.55 | 0.72 | 0.68 | 1.12 |
| EPS in Rs | 1.09 | 0.46 | 0.89 | 1.02 | 0.94 | 0.75 | 0.44 | 1.44 | 0.32 | 0.42 | 0.4 | 0.66 |

### Profit & Loss

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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 43.47 | 39.01 | 53.79 | 68.16 | 42.19 | 59.66 | 60.95 | 89.06 | 44.17 | 46.41 |
| Expenses | 38.78 | 34.69 | 49.4 | 59.92 | 35.94 | 53.38 | 55.1 | 82.04 | 41.51 | 41.99 |
| Operating Profit | 4.69 | 4.32 | 4.39 | 8.24 | 6.25 | 6.28 | 5.85 | 7.02 | 2.66 | 4.42 |
| OPM % | 10.79 | 11.07 | 8.16 | 12.09 | 14.81 | 10.53 | 9.6 | 7.88 | 6.02 | 9.52 |
| Other Income | 0.17 | 0.59 | 1.49 | 0.13 | 0.55 | 0.7 | 0.27 | 0.24 | 1.75 | 0.79 |
| Interest | 2.29 | 2.31 | 1.88 | 2.06 | 1.77 | 1.28 | 0.97 | 1.88 | 1.69 | 1.56 |
| Depreciation | 1.27 | 1.27 | 1.24 | 1.41 | 1.29 | 1.45 | 1.08 | 1.09 | 1.17 | 1.2 |
| Profit before tax | 1.3 | 1.33 | 2.76 | 4.9 | 3.74 | 4.25 | 4.07 | 4.29 | 1.55 | 2.45 |
| Tax % | 27.69 | 2.26 | 28.99 | 28.78 | 29.14 | 23.53 | 29.48 | 25.64 | 23.23 | 26.53 |
| Net Profit | 0.94 | 1.3 | 1.96 | 3.48 | 2.65 | 3.25 | 2.87 | 3.19 | 1.2 | 1.8 |
| EPS in Rs | 1.71 | 0.76 | 1.15 | 2.05 | 1.56 | 1.91 | 1.69 | 1.88 | 0.71 | 1.06 |
| Dividend Payout % | 0 | 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 | 5 | 15.45 | 15.45 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| Reserves | 8.27 | 13.4 | 15.36 | 17.3 | 19.94 | 23.2 | 26.07 | 29.25 | 30.45 | 32.25 |
| Borrowings | 22.84 | 21.89 | 16.39 | 16.39 | 12.68 | 8.89 | 16.46 | 15.22 | 20.42 | 16.92 |
| Other Liabilities | 19.52 | 18.82 | 15.64 | 20.62 | 14.71 | 12.63 | 14.56 | 11.68 | 8.15 | 8.82 |
| Total Liabilities | 55.63 | 69.56 | 62.84 | 71.31 | 64.33 | 61.72 | 74.09 | 73.15 | 76.02 | 74.99 |
| Fixed Assets | 12.24 | 10.98 | 10.82 | 12.27 | 13.21 | 12.66 | 12.41 | 11.58 | 11.39 | 11.02 |
| CWIP | 0.28 | 0.47 | 0.04 | 0 | 0.24 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 43.11 | 58.11 | 51.98 | 59.04 | 50.88 | 49.06 | 61.68 | 61.57 | 64.63 | 63.97 |
| Total Assets | 55.63 | 69.56 | 62.84 | 71.31 | 64.33 | 61.72 | 74.09 | 73.15 | 76.02 | 74.99 |

### 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 | 3.26 | -11.3 | 6.3 | 5.2 | 7.71 | 8.1 | -8.35 | 2.24 | -2.76 | 7.91 |
| Cash from Investing Activity | -0.51 | 0.29 | 0.75 | -3.06 | -2 | -0.33 | 0.78 | -0.02 | 0.57 | -0.05 |
| Cash from Financing Activity | -2.78 | 11.35 | -7.13 | -1.64 | -5.37 | -5.1 | 6.22 | -3.13 | 3.51 | -5.05 |
| Net Cash Flow | -0.04 | 0.33 | -0.08 | 0.51 | 0.34 | 2.67 | -1.34 | -0.9 | 1.32 | 2.8 |
| Free Cash Flow | 2.58 | -11.51 | 5.65 | 2.37 | 5.24 | 7.45 | -7.63 | 2.22 | -2.25 | 7.08 |
| CFO/OP | 74 | -256 | 151 | 69 | 148 | 157 | -115 | 31 | -60 | 190 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 129.56 | 155.6 | 140.87 | 148.55 | 225.02 | 123.46 | 158.64 | 100.49 | 169.73 | 163.11 |
| Inventory Days | 251.87 | 362.46 | 176.81 | 154.33 | 302.38 | 218.04 | 225.1 | 145.2 | 381.05 | 372.31 |
| Days Payable | 144.34 | 179.53 | 90.3 | 97.73 | 137.65 | 76.09 | 97.6 | 39.45 | 72.31 | 71.57 |
| Cash Conversion Cycle | 237.08 | 338.52 | 227.38 | 205.16 | 389.75 | 265.41 | 286.14 | 206.24 | 478.47 | 463.85 |
| Working Capital Days | 75.4 | 216.79 | 170.32 | 142.66 | 258.24 | 171.06 | 189.96 | 148.69 | 293.6 | 262.29 |
| ROCE % | 9.99 | 8.41 | 9.48 | 14.22 | 10.99 | 11.2 | 9.28 | 10.2 | 5.01 | 5.98 |

## Shareholding Pattern

### Quarterly

| Category | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 72.96% | 72.96% | 72.96% | 72.96% | 72.96% | 72.96% | 72.96% | 72.96% | 72.96% | 72.96% | 72.96% | 72.96% |
| 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 | 22.84% | 23.6% | 23.6% | 23.62% | 23.62% | 23.52% | 22.95% | 22.82% | 22.74% | 23% | 22.97% | 23.54% |
| Others | 4.19% | 3.44% | 3.44% | 3.42% | 3.42% | 3.52% | 4.09% | 4.22% | 4.3% | 4.04% | 4.06% | 3.5% |
| No. of Shareholders | 289 | 297 | 297 | 290 | 290 | 265 | 273 | 258 | 252 | 243 | 241 | 229 |

## Technical Indicators

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

- **Overall Signal:** Buy
- **Buy / Neutral / Sell:** 7 / 7 / 5

### Moving Averages — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 38.27 | Sell |
| EMA (10) | 37.65 | Buy |
| SMA (20) | 36.99 | Buy |
| EMA (20) | 37.75 | Buy |
| SMA (50) | 40.11 | Sell |
| EMA (50) | 38.81 | Sell |
| SMA (100) | 38.79 | Sell |
| EMA (100) | 38.74 | Sell |
| SMA (200) | 37.82 | Buy |
| EMA (200) | 37.74 | Buy |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 49.91 | Neutral |
| MACD (12,26,9) | -0.34 | Buy |
| Stochastic (14,3,3) | 35.04 | Neutral |
| ADX (14) | 21 | Neutral |
| Williams %R (14) | -57.69 | Neutral |
| ATR (14) | 1.93 | High Volatility |
| ROC (12) | 3.26 | Buy |
| Stoch RSI (14) | 44.28 | Neutral |
| UO (7,14,28) | 46.01 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 January 2026 - Certificate confirming corporate governance not applicable for quarter ended Dec 31, 2025 under Reg 15(2). | [Integrated Filing- Governance 9 January 2026 - Certificate confirming corporate governance not applicable for quarter ended Dec 31, 2025 under Reg 15(2).](https://nsearchives.nseindia.com/corporate/MILTON_09012026152345_corporate_governance_final.pdf) |
| 7 Sep - Newspaper advertisement published September 6, 2026 for 40th AGM on September 28, 2026 with e-voting information. | [Copy of Newspaper Publication 7 Sep - Newspaper advertisement published September 6, 2026 for 40th AGM on September 28, 2026 with e-voting information.](https://nsearchives.nseindia.com/corporate/MILTON_07092026150046_Covering_News_Paper_ad_Post__1_.pdf) |
| 6 Sep - Milton Industries issued FY2025-26 annual report and AGM notice for 28 Sep 2026, with reappointments and related-party approvals. | [Updates 6 Sep - Milton Industries issued FY2025-26 annual report and AGM notice for 28 Sep 2026, with reappointments and related-party approvals.](https://nsearchives.nseindia.com/corporate/MILTON_06092026144357_Annual_Report_Final.pdf) |
| 6 Sep - Board fixed September 22, 2026 record date for 40th AGM on September 28, 2026. | [Record Date 6 Sep - Board fixed September 22, 2026 record date for 40th AGM on September 28, 2026.](https://nsearchives.nseindia.com/corporate/MILTON_06092026145020_Record_Date.pdf) |
| 6 Sep - AGM remote e-voting cut-off date fixed as 21 September 2026; voting runs 25-27 September. | [Updates 6 Sep - AGM remote e-voting cut-off date fixed as 21 September 2026; voting runs 25-27 September.](https://nsearchives.nseindia.com/corporate/MILTON_06092026145934_Cutoff_date.pdf) |
| 6 Sep - 40th AGM on 28 Sept 2026; seeks approvals for director reappointments, remuneration, and related-party transactions. | [Shareholders meeting 6 Sep - 40th AGM on 28 Sept 2026; seeks approvals for director reappointments, remuneration, and related-party transactions.](https://nsearchives.nseindia.com/corporate/MILTON_06092026143039_Notice_Final.pdf) |
| 5 Jun - Vijay Pal Jain has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, … | [Disclosure under SEBI Takeover Regulations 5 Jun - Vijay Pal Jain has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, …](https://nsearchives.nseindia.com/corporate/team_sandeshc_30042026113928_REG5.pdf) |
| 31 Aug - Published pre-dispatch notice for Milton Industries' annual report and 40th AGM on September 28, 2026. | [Copy of Newspaper Publication 31 Aug - Published pre-dispatch notice for Milton Industries' annual report and 40th AGM on September 28, 2026.](https://nsearchives.nseindia.com/corporate/MILTON_31082026150220_Newspaper_Advertisement.pdf) |
| 3 April 2026 - Milton Industries says corporate governance provisions and Regulation 27 reporting are not applicable for FY2025-26. | [Integrated Filing- Governance 3 April 2026 - Milton Industries says corporate governance provisions and Regulation 27 reporting are not applicable for FY2025-26.](https://nsearchives.nseindia.com/corporate/MILTON_03042026164859_CG_Non_Applicability_MILTON_F__1_.pdf) |
| 28 May - Outcome of Meeting of Board of Milton Industries Limited ( Company ) held on Thursday, May 28, 2026. | [Integrated Filing- Financial 28 May - Outcome of Meeting of Board of Milton Industries Limited ( Company ) held on Thursday, May 28, 2026.](https://nsearchives.nseindia.com/corporate/MILTON_28052026201357_OutcomeF.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31652_MILTON_2025_2026_A_63004243_06092026202129.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28920_MILTON_2024_2025_A_35840213_08092025173936.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_25967_MILTON_2023_2024_0609202415143.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_23849_MILTON_2022_2023_08092023172214_09082023180000.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/SME_AR_21614_MILTON_2021_2022_07092022171748_09072022180027.zip) |
| from nse | [Annual Report 2021 from nse](https://archives.nseindia.com/annual_reports/SME_AR_19563_MILTON_2020_2021_07092021123424_09072021130005.zip) |
| from nse | [Annual Report 2020 from nse](https://archives.nseindia.com/annual_reports/SME_AR_17831_MILTON_2019_2020_24112020115717_26112020120141.zip) |
| from nse | [Annual Report 2019 from nse](https://archives.nseindia.com/annual_reports/SME_AR_16116_MILTON_2018_2019_30092019174940.zip) |
| from nse | [Annual Report 2018 from nse](https://archives.nseindia.com/annual_reports/SME_AR_14356_MILTON_2017_2018_20102018123521.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 2026-09-13T18:45:13.966Z.