Mahickra Chemicals Ltd.

•

mahickra.comBSE: -NSE: MAHICKRA

Market Cap₹ 288 Cr.

Current Price

High / Low₹ 309 / 131

Stock P/E56.0

Book Value₹ 68

Price to Book2.85

Dividend Yield0.05 %

ROCE9.9 %

ROE7.3 %

Face Value₹ 10

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ABOUT

AI Sector View

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Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence

55%

View full sector analysis →

PROS

Company has a consistent dividend-paying track record
Company maintains a comfortable, low leverage position

CONS

A large part of profit comes from other income (74.4% of PBT)
Operating cash flow has been negative in recent years
Company has a low return on equity of 7.1% over last 3 years
Company has a low return on capital employed of 9.7%
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.12x)
Company's sales have been declining over the last five years

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

Peer comparison

ChemicalsChemicalsChemicals

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

S.No.	Name
1.	SOLARINDS	21410.70	97.29	193745.54	0.05	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1632.00	62.71	166117.97	1.32	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2605.00	35.72	77218.67	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4691.60	83.80	51537.23	0.06	219.00	19.02	1588.00	23.97	9.58	26.83
5.	NAVINFLUOR	8697.20	56.51	44623.69	0.17	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1155.90	33.12	38936.61	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1727.25	30.08	23558.49	0.43	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1656.35	93.47	21984.38	0.00	62.75	33.45	326.56	27.49	11.65	31.47
9.	ATUL	6465.50	23.93	19035.57	0.46	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	501.75	34.27	18199.81	0.20	155.00	260.47	2387.00	42.42	6.95	16.00
11.	DEEPAKFERT	1356.30	17.46	17179.29	0.74	490.04	100.95	3256.26	22.47	12.12	25.96
12.	MAHICKRA	295.00	55.94	288.39	0.05	—	—	—	—	9.86	—

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

No standalone quarterly results found

We don't have this information yet. Please check back later.

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	20	80	94	87	102	103	72	88
	19	79	94	84	101	101	71	86
Operating Profit	1	1	1	2	2	2	1	2
OPM %	3.93%	1.30%	0.61%	2.44%	1.70%	2.20%	0.93%	2.83%
	0	2	4	3	4	4	2	3
Interest	0	1	1	1	1	1	1	1
Depreciation	0	0	0	0	0	1	0	0
Profit before Tax	1	3	4	4	5	5	2	4
Tax %	21.45%	29.87%	27.59%	29.42%	27.93%	28.02%	28.51%	28.19%
Net Profit	1	2	3	3	3	3	1	3
EPS	0.00	0.00	0.00	3.83	4.12	4.04	1.32	3.12
Dividend Payout %	0.00%	0.00%	8.14%	5.23%	15.77%	16.08%	22.68%	6.41%

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: -1%
3 Years:: -5%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: -3%
3 Years:: -9%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 31%
3 Years:: 54%
1 Year:: 95%

RETURN ON EQUITY

10 Years:: —
5 Years:: 9%
3 Years:: 7%
Last Year:: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5	7	8	8	8	8	8	8
	3	8	16	19	22	24	25	28
	6	5	6	9	9	10	13	15
Trade Payables	20	22	19	19	24	20	13	17
	1	1	2	3	2	1	1	1
Total Liabilities	35	43	50	58	65	63	61	68
	1	1	1	1	2	4	5	5
Capital Work in Progress	0	0	2	3	3	0	1	0
	10	8	11	15	17	19	23	32
	0	0	0	0	0	0	23	26
Cash & Bank	1	0	0	0	0	0	0	0
	23	34	36	39	43	39	9	6
Total Assets	35	43	50	58	65	63	61	68

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-11	-3	-2	-1	5	4	-1	-0
Cash from Investing	-1	-0	-3	-1	-1	-1	-1	-0
Cash from Financing	13	3	6	3	-2	-1	2	0
	1	-1	0	-0	-0	0	-0	0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	1.44	2.82	3.69	3.83	4.12	4.04	1.32	3.12
Book Value (₹)	15.14	20.83	29.53	33.15	36.63	40.00	41.03	43.95
Dividend per Share (₹)	0.00	0.00	0.30	0.20	0.65	0.65	0.30	0.20
Cash EPS (₹)	1.53	2.92	3.81	3.97	4.43	4.72	1.66	3.49
PROFITABILITY
Operating Margin %	6.26%	4.39%	5.22%	5.88%	5.55%	5.87%	0.93%	2.83%
Net Margin %	3.78%	2.55%	3.17%	3.59%	3.27%	3.19%	1.49%	2.87%
ROE %	9.49%	17.88%	15.33%	12.21%	11.82%	10.55%	3.26%	7.34%
ROCE %	8.33%	20.23%	19.52%	14.84%	14.03%	13.34%	5.97%	9.86%
	2.13%	5.26%	6.41%	5.75%	5.45%	5.11%	1.73%	3.93%
EFFICIENCY
Debtor Days	313	92	99	129	128	133	153	102
Inventory Days	189	42	38	55	58	65	107	113
Payable Days	416	105	89	91	87	91	104	71
	85	29	48	94	99	106	156	144
FINANCIAL HEALTH
Debt to Equity (x)	0.82x	0.32x	0.23x	0.39x	0.34x	0.31x	0.40x	0.43x
Interest Coverage (x)	4.97x	6.53x	7.00x	8.71x	6.99x	5.89x	2.29x	3.73x
	1.29x	1.53x	1.82x	1.81x	1.76x	1.95x	2.03x	1.92x
GROWTH
Revenue Growth %	0.00%	310.09%	17.77%	-8.23%	18.24%	0.72%	-30.20%	22.58%
Operating Profit Growth %	0.00%	187.26%	40.24%	3.39%	11.46%	6.60%	-51.36%	74.02%
Net Profit Growth %	0.00%	176.81%	46.59%	3.82%	7.75%	-1.97%	-67.27%	135.80%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-67.27%	135.80%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	92.64x	40.20x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.99x	2.85x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.24%	0.16%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	38.40x	22.87x

Shareholding Pattern

Numbers in percentages

	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	52.18	53.05	53.84	54.95	51.81	48.57	48.27	40.10
	0.59	0.59	0.59	0.59	0.59	0.59	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	47.23	46.36	45.57	44.46	47.60	50.84	51.73	59.90

Documents

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

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