Macpower CNC Machines Ltd.

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macpowercnc.comBSE: -NSE: MACPOWER

Market Cap₹ 1,906 Cr.

Current Price

High / Low₹ 2,050 / 761

Stock P/E49.0

Book Value₹ 185

Price to Book4.53

Dividend Yield0.08 %

ROCE29.4 %

ROE21.3 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has delivered good profit growth of 41.2% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 28.8%
Company has a good return on equity (ROE) track record: 3 Years ROE 21.0%
Latest quarter profit grew 110.6% YoY, showing strong momentum
Company has delivered good sales growth of 24.2% CAGR over last 5 years

CONS

Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.45x)
Valuation is stretched - P/E of 49.0 is well above its own 5-year median (29.3)
Recurring exceptional / one-off items are inflating headline profit
Though reporting repeated profits, the company pays out little dividend (4.4%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	433.35	62.03	150895.22	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	970.60	89.95	47994.32	0.61	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3634.35	72.98	43305.57	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	35625.15	57.15	31498.06	0.31	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1002.85	70.89	22807.13	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2248.45	80.08	20407.72	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	TRITURBINE	577.50	54.59	18358.64	0.74	51.10	-20.65	442.70	19.23	35.95	11.59
8.	AZAD	2775.95	128.99	17927.57	0.00	35.16	19.46	172.60	25.90	12.28	37.29
9.	LLOYDSENGG	84.28	58.44	13072.16	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1547.15	550.12	11623.38	0.13	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KRN	1579.75	106.67	10340.80	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	MACPOWER	1904.90	49.00	1905.69	0.08	95.82	2003.16	952.37	1460.60	29.40	16.20

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	40	63	66	71	50	71	60	80	61	86	86	100	95
	37	54	56	59	44	58	53	66	53	72	71	84	82
Operating Profit	3	9	10	13	7	13	8	14	8	14	16	16	13
OPM %	8.33%	14.33%	15.27%	18.04%	13.08%	17.92%	12.93%	17.86%	12.98%	16.51%	18.08%	16.19%	13.42%
	0	0	0	0	0	0	0	-1	0	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	1	1	0
Depreciation	1	1	1	1	1	1	2	2	2	2	2	2	2
Profit before Tax	3	8	9	12	5	11	6	12	6	13	13	14	13
Tax %	24.25%	25.33%	25.21%	26.86%	25.83%	26.61%	25.62%	27.73%	25.37%	25.08%	24.75%	25.66%	26.01%
Net Profit	2	6	7	9	4	8	4	9	5	9	10	10	10
	2.03	6.16	7.03	8.84	4.02	8.30	4.47	8.59	4.55	9.37	9.79	10.14	9.58

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	69	107	140	82	113	190	202	241	262	333	367
	68	95	124	77	104	170	181	206	220	279	309
Operating Profit	2	12	17	5	9	20	21	35	42	54	59
OPM %	2.32%	10.77%	11.82%	5.87%	8.13%	10.78%	10.24%	14.70%	15.87%	16.15%	15.99%
	0	1	3	1	0	1	0	1	-0	0	0
Interest	0	0	0	0	0	0	0	0	1	2	2
Depreciation	1	1	1	1	3	3	3	4	6	7	8
Profit before Tax	1	11	18	4	7	18	17	32	35	45	52
Tax %	18.89%	34.49%	30.07%	30.18%	10.74%	30.18%	25.62%	25.70%	26.54%	25.20%	25.38%
Net Profit	1	7	13	3	6	13	13	24	25	34	39
EPS	0.00	0.00	0.00	0.00	6.03	12.84	12.89	24.09	25.43	33.86	—
Dividend Payout %	0.00%	13.93%	7.76%	0.00%	0.00%	11.68%	11.64%	6.23%	5.90%	4.43%	—

COMPOUNDED SALES GROWTH

10 Years:: 18%
5 Years:: 24%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: 49%
5 Years:: 41%
3 Years:: 38%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 59%
3 Years:: 80%
1 Year:: 125%

RETURN ON EQUITY

10 Years:: 18%
5 Years:: 19%
3 Years:: 21%
Last Year:: 21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	1	10	10	10	10	10	10	10	10	10
	3	43	56	57	62	75	87	109	133	165
	4	0	0	1	0	0	0	0	3	0
Trade Payables	24	36	37	23	44	41	28	43	55	72
	1	5	6	7	17	17	18	17	17	18
Total Liabilities	32	94	109	98	134	143	143	180	218	265
	3	5	6	36	37	40	44	47	55	61
Capital Work in Progress	0	0	6	1	1	0	0	3	5	1
	0	8	1	1	20	5	5	5	0	0
	17	28	47	46	61	76	71	90	109	146
	0	0	0	0	0	0	0	22	34	46
Cash & Bank	0	39	28	6	5	9	5	10	7	7
	12	15	21	8	10	14	18	3	9	6
Total Assets	32	94	109	98	134	143	143	180	218	265

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-1	14	-5	3	24	-1	9	17	7	14
Cash from Investing	-1	-10	-3	-1	-20	10	-7	-10	-11	-11
Cash from Financing	-4	39	2	-1	-1	-1	-1	-2	1	-3
	-6	39	-11	-0	2	3	-3	5	-3	0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	13.07	7.18	12.89	2.78	6.03	12.84	12.89	24.09	25.43	33.86
Book Value (₹)	60.41	52.72	65.08	67.74	72.43	84.70	96.60	119.07	142.76	175.17
Dividend per Share (₹)	0.00	1.00	1.00	0.00	0.00	1.50	1.50	1.50	1.50	1.50
Cash EPS (₹)	2.51	8.06	13.82	3.81	8.63	15.63	16.25	28.22	31.37	41.25
PROFITABILITY
Operating Margin %	2.94%	11.26%	13.90%	6.54%	8.44%	11.22%	10.36%	14.70%	15.87%	16.15%
Net Margin %	1.13%	6.58%	9.02%	3.33%	5.34%	6.75%	6.38%	9.99%	9.72%	10.17%
ROE %	24.27%	25.45%	21.89%	4.19%	8.68%	16.34%	14.22%	22.34%	19.43%	21.30%
ROCE %	18.68%	36.87%	31.52%	6.56%	9.97%	23.59%	19.37%	30.30%	26.85%	29.40%
	2.77%	11.17%	12.48%	2.65%	5.21%	9.27%	9.00%	14.90%	12.77%	14.01%
EFFICIENCY
Debtor Days	36	25	17	27	11	9	17	26	39	44
Inventory Days	72	77	98	208	173	131	133	122	139	139
Payable Days	132	129	120	184	159	118	90	80	110	113
	-24	-27	-6	50	26	23	59	68	68	70
FINANCIAL HEALTH
Debt to Equity (x)	1.10x	0.01x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	3.40x	40.32x	77.54x	11.57x	40.84x	123.60x	76.35x	130.63x	62.81x	29.91x
	1.00x	2.13x	2.20x	2.01x	1.54x	1.79x	2.25x	2.24x	2.25x	2.34x
GROWTH
Revenue Growth %	9.57%	54.58%	31.14%	-41.55%	37.68%	68.44%	6.19%	19.45%	8.56%	27.26%
Operating Profit Growth %	-15.66%	493.01%	61.89%	-72.51%	77.83%	123.78%	-1.92%	76.00%	13.80%	29.45%
Net Profit Growth %	24.18%	798.19%	79.56%	-78.41%	120.94%	112.88%	0.39%	86.95%	5.58%	33.13%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	86.87%	5.58%	33.13%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	45.94x	29.32x	23.42x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	9.29x	5.22x	4.53x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.14%	0.20%	0.19%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	29.81x	17.65x	14.51x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.17	73.17	73.17	73.17	73.17	73.17	73.17	73.17	73.22
	0.82	1.13	1.25	1.32	1.29	1.05	1.03	1.11	0.57
	0.00	0.00	0.00	0.27	0.28	0.36	0.35	0.52	0.39
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	26.01	25.70	25.58	25.24	25.26	25.42	25.44	25.20	25.82

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-24

Appointment

2026-08-24 - Macpower CNC Machines Limited has informed the Exchange regarding Appointment of Mr SUJEET TULSIBHAI KATELIYA as Company Secretary & Compliance Officer of the company w.e.f. August 24, 2026.

2026-08-24

Outcome of Board Meeting

2026-08-24 - Macpower CNC Machines Limited has informed the Exchange regarding Outcome of Board Meeting held on August 24, 2026.

2026-08-22

Resignation of Director/KMP/SMP

2026-08-22 - Macpower CNC Machines Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-22

Resignation

2026-08-22 - Macpower CNC Machines Limited has informed the Exchange regarding Resignation of Mr CS Kishor M. Kikani as Company Secretary & Compliance Officer of the company w.e.f. August 22, 2026.

2026-08-22

Outcome of Board Meeting

2026-08-22 - Macpower CNC Machines Limited has informed the Exchange regarding Outcome of Board Meeting held on August 22, 2026.

2026-08-21

Copy of Newspaper Publication

2026-08-21 - Macpower CNC Machines Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-20

Shareholders meeting

2026-08-20 - Macpower CNC Machines Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 23, 2026

2026-08-20

Record Date

2026-08-20 - Macpower CNC Machines Limited has informed the Exchange that Record date for the purpose of final Dividend is 16-Sep-2026.

2026-08-17

Updates

2026-08-17 - Macpower CNC Machines Limited has informed the Exchange regarding Request for inclusion in Promoter Group due to Promoter Group inter se Transfer of shares

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