Maha Rashtra Apex Corporation Ltd.
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ABOUT
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has a healthy return on capital (ROCE) of 41.0%
- Company has a good return on equity (ROE) track record: 3 Years ROE 40.5%
- Promoters have been increasing their shareholding - up 9.0pp over 2 years
CONS
- Company is loss-making at the operating / net level
- Recent results are weak - TTM profit is down 153.6% versus prior year
- Company's sales have been declining over the last five years
- Operating margins have contracted to 2.3% from 193.0%
- Free cash flow has been persistently negative
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJFINSV | 1917.30 | 30.28 | 307163.22 | 0.08 | 6296.67 | 18.15 | 42036.90 | 92.22 | 11.88 | 40.79 |
| AIIL | 546.65 | 22.13 | 46422.91 | 0.00 | 11082.20 | 1075.19 | 14695.40 | 1109.37 | 13.85 | 88.91 |
| CHOLAHLDNG | 1525.75 | 10.74 | 28650.15 | 0.09 | 1788.99 | 42.04 | 11113.57 | 42.92 | 10.52 | 57.53 |
| TVSHLTD | 13000.05 | 13.35 | 26301.84 | 0.66 | 1173.58 | 73.77 | 17076.18 | 40.01 | 19.39 | 16.25 |
| CGCL | 266.10 | 22.71 | 25602.92 | 0.08 | 353.38 | 102.04 | 1576.47 | 62.12 | 11.68 | 68.54 |
| MAHSCOOTER | 13002.55 | 53.35 | 14860.05 | 1.69 | 3.32 | -90.61 | 5.41 | -81.52 | 1.06 | 84.10 |
| JSWHL | 11435.95 | 92.40 | 12693.48 | 0.00 | 24.54 | -92.74 | 34.58 | 14.97 | 0.58 | 92.45 |
| JMFINANCIL | 124.75 | 11.48 | 11938.08 | 2.61 | 368.57 | -19.66 | 1200.53 | 9.69 | 11.91 | 58.30 |
| TSFINV | 437.25 | 19.95 | 9711.49 | 2.55 | 124.95 | -92.11 | 305.57 | 102.23 | 3.47 | 53.35 |
| RELIGARE | 256.95 | 161.25 | 8857.93 | 0.00 | -46.98 | -674.86 | 2353.40 | 1051.76 | 4.71 | -2.08 |
| KAMAHOLD | 2282.95 | 7.87 | 7326.12 | 1.82 | 584.02 | 10.80 | 4657.56 | 7.07 | 20.86 | 22.01 |
| MAHAPEXLTD | 54.09 | 71.24 | 152.45 | 0.00 | 34.76 | -85.43 | 0.60 | 1100.00 | -1.33 | 3235.00 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 1 | 1 | 7 | 1 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 1 | |
| 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 5 | |
| Operating Profit | -0 | -0 | -0 | 6 | -0 | -0 | -0 | -0 | -0 | -0 | 1 | -0 | -5 |
| OPM % | -91.67% | -19.18% | -36.51% | 81.98% | -94.34% | -95.83% | -700.00% | -50.00% | -840.00% | -750.00% | 71.57% | -816.67% | -781.67% |
| 0 | 2 | 0 | 1 | 0 | 1 | 6 | 10 | 2 | 0 | 1 | 0 | 14 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | -0 | 2 | 0 | 7 | -0 | 0 | 6 | 10 | 1 | -0 | 2 | -0 | 36 |
| Tax % | -0.00% | 19.48% | 0.00% | 15.66% | -0.00% | -2.78% | 2.35% | 40.32% | 0.00% | -0.00% | 15.46% | -571.43% | 3.42% |
| Net Profit | 0 | 0 | 0 | 0 | 120 | -80 | -68 | 224 | 239 | -307 | 49 | -50 | 35 |
| 0.27 | 1.71 | -6.37 | 296.90 | 8.64 | -5.65 | -4.83 | 15.90 | 16.93 | 0.81 | 3.48 | -3.52 | 1.23 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 3 | 3 | 4 | 3 | 4 | 2 | 9 | 1 | 2 | 3 | |
| 4 | 5 | 5 | 7 | 3 | 4 | 5 | 4 | 3 | 2 | 7 | |
| Operating Profit | -2 | -2 | -2 | -2 | -0 | 0 | -3 | 5 | -1 | 0 | -4 |
| OPM % | -78.61% | -43.95% | -76.45% | -61.19% | -2.66% | 3.70% | -128.38% | 55.37% | -106.53% | 2.27% | -156.88% |
| 9 | 8 | 13 | 2 | 7 | 6 | 8 | 5 | 18 | 3 | 15 | |
| Interest | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 6 | 5 | 10 | 14 | 32 | 2 | -42 | 333 | 24 | -6 | 38 |
| Tax % | 1.41% | 16.68% | -0.35% | 0.09% | -4.92% | 30.33% | -0.27% | 0.46% | 17.41% | -11.64% | 5.15% |
| Net Profit | 6 | 4 | 10 | 14 | 34 | 1 | -42 | 331 | 20 | -7 | 36 |
| EPS | 20.59 | 38.21 | 7.11 | 9.72 | 23.93 | 0.95 | -29.72 | 235.24 | 13.95 | -4.87 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- -7%
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 16%
- 5 Years:
- 2%
- 3 Years:
- -7%
- 1 Year:
- 1%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 18%
- 3 Years:
- 40%
- Last Year:
- -1%
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 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| 23 | 77 | 87 | 101 | 135 | 136 | 99 | 432 | 452 | 445 | |
| 115 | 110 | 109 | 113 | 111 | 109 | 96 | 87 | 77 | 77 | |
| Total Liabilities | 152 | 201 | 211 | 228 | 261 | 260 | 209 | 534 | 543 | 536 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 139 | 190 | 196 | 209 | 238 | 236 | 188 | 504 | 513 | 503 | |
| 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash & Bank | 3 | 2 | 5 | 4 | 5 | 5 | 3 | 1 | 3 | 3 |
| 9 | 8 | 8 | 14 | 17 | 19 | 18 | 28 | 27 | 30 | |
| Total Assets | 152 | 201 | 211 | 228 | 261 | 260 | 209 | 534 | 543 | 536 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0 | 0 | -2 | 5 | 4 | -3 | -8 | -9 | -4 | -2 | |
| Cash from Investing | -0 | -0 | 6 | -0 | -0 | 1 | 5 | 6 | 1 | -0 |
| Cash from Financing | -0 | -1 | -1 | -6 | 1 | 1 | 1 | 0 | 6 | 2 |
| -0 | -1 | 3 | -1 | 1 | -0 | -2 | -2 | 2 | -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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - The Exchange has sought clarification from Maha Rashtra Apex Corporation Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.
2026-08-24 - Maha Rashtra Apex Corporation Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 24, 2026
2026-08-14 - Maha Rashtra Apex Corporation Limited has informed the Exchange about General Updates
2026-08-13 - Maha Rashtra Apex Corporation Limited has informed the Exchange about General Updates
2026-08-13 - Maha Rashtra Apex Corporation Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-24 - Maha Rashtra Apex Corporation Limited has informed the Exchange regarding Outcome of Board Meeting held on July 24, 2026.
2026-07-09 - Maha Rashtra Apex Corporation Limited has informed the Exchange regarding 'Corrigendum to the Outcome of the Board Meeting dated 08th June, 2026'.
2026-07-03 - Maha Rashtra Apex Corporation Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-23 - Maha Rashtra Apex Corporation Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
News
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