Mangalam Organics Ltd.
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ABOUT
AI Sector View
AI GENERATEDChemicals
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.
PROS
- Promoters have been increasing their shareholding - up 3.7pp over 2 years
- Working capital cycle has improved - days down from 33 to 18
- Company generates healthy free cash flow
CONS
- Operating cash flow has been negative in recent years
- Recent results are weak - TTM profit is down 40.1% versus prior year
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -13.76x)
- Company has a low return on equity of -1.2% over last 3 years
- Company has a low return on capital employed of 2.6%
- Receivables are growing faster than sales - a possible quality concern
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 21410.70 | 97.29 | 193745.54 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1632.00 | 62.71 | 166117.97 | 1.32 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2605.00 | 35.72 | 77218.67 | 0.35 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4691.60 | 83.80 | 51537.23 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8697.20 | 56.51 | 44623.69 | 0.17 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1155.90 | 33.12 | 38936.61 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| DEEPAKNTR | 1727.25 | 30.08 | 23558.49 | 0.43 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| AETHER | 1656.35 | 93.47 | 21984.38 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| ATUL | 6465.50 | 23.93 | 19035.57 | 0.46 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 501.75 | 34.27 | 18199.81 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1356.30 | 17.46 | 17179.29 | 0.74 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| MANORG | 490.00 | 20.18 | 419.66 | 0.00 | 7.27 | -40.56 | 179.09 | 22.21 | 7.51 | 12.40 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 109 | 169 | 111 | 105 | 118 | 138 | 124 | 150 | 147 | 158 | 164 | 154 | 179 | |
| 100 | 159 | 101 | 95 | 107 | 126 | 108 | 130 | 125 | 158 | 145 | 107 | 170 | |
| Operating Profit | 9 | 10 | 10 | 10 | 11 | 12 | 16 | 20 | 22 | 0 | 19 | 47 | 9 |
| OPM % | 8.13% | 5.69% | 9.03% | 9.71% | 9.21% | 8.92% | 12.68% | 13.13% | 14.75% | 0.17% | 11.75% | 30.37% | 4.82% |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 17 | 0 | -20 | 0 | |
| Interest | 4 | 4 | 4 | 4 | 4 | 4 | 6 | 8 | 6 | 7 | 8 | 7 | 7 |
| Depreciation | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 5 | 6 | 6 | 10 | 6 |
| Profit before Tax | 1 | 1 | 1 | 2 | 2 | 3 | 5 | 7 | 15 | 4 | 5 | 9 | 9 |
| Tax % | 43.40% | 14.86% | 12.62% | -45.56% | 20.10% | 30.65% | 24.84% | 22.15% | 16.75% | 23.21% | 20.99% | 33.18% | 16.48% |
| Net Profit | 0 | 0 | 0 | 0 | 2 | 2 | 4 | 5 | 12 | 3 | 4 | 6 | 7 |
| 0.36 | 0.83 | 1.05 | 2.87 | 1.95 | 2.48 | 4.25 | 5.92 | 14.28 | 3.73 | 5.07 | 6.56 | 8.49 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 375 | 338 | 491 | 493 | 494 | 530 | 655 | |
| 288 | 210 | 400 | 495 | 455 | 471 | 580 | |
| Operating Profit | 86 | 128 | 91 | -3 | 39 | 59 | 75 |
| OPM % | 23.05% | 37.78% | 18.54% | -0.56% | 7.83% | 11.05% | 11.43% |
| -9 | 1 | 1 | 0 | 1 | 0 | -3 | |
| Interest | 5 | 1 | 4 | 14 | 16 | 21 | 30 |
| Depreciation | 9 | 14 | 15 | 18 | 20 | 21 | 29 |
| Profit before Tax | 63 | 114 | 73 | -34 | 4 | 17 | 27 |
| Tax % | 23.80% | 25.83% | 26.59% | 19.36% | -7.53% | 24.20% | 23.89% |
| Net Profit | 48 | 85 | 54 | -27 | 4 | 13 | 21 |
| EPS | 55.53 | 98.82 | 62.68 | -31.63 | 5.06 | 14.60 | — |
| Dividend Payout % | 1.80% | 1.52% | 2.39% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 7%
- 3 Years:
- 3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- -23%
- 3 Years:
- -38%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 7%
- 1 Year:
- -14%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 11%
- 3 Years:
- -1%
- Last Year:
- 4%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 |
| 159 | 243 | 296 | 267 | 272 | 285 | |
| 17 | 24 | 203 | 175 | 157 | 249 | |
| Trade Payables | 11 | 24 | 32 | 33 | 24 | 47 |
| 18 | 12 | 21 | 19 | 22 | 34 | |
| Total Liabilities | 215 | 311 | 560 | 503 | 483 | 624 |
| 102 | 121 | 198 | 227 | 244 | 269 | |
| Capital Work in Progress | 3 | 0 | 8 | 1 | 5 | 26 |
| 65 | 106 | 244 | 189 | 136 | 213 | |
| 0 | 0 | 0 | 0 | 56 | 69 | |
| Cash & Bank | 1 | 34 | 1 | 1 | 2 | 1 |
| 44 | 50 | 109 | 83 | 40 | 44 | |
| Total Assets | 215 | 311 | 560 | 503 | 483 | 624 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 110 | 56 | -62 | 77 | 73 | -8 | |
| Cash from Investing | -59 | -28 | -100 | -41 | -40 | -67 |
| Cash from Financing | -36 | 2 | 183 | -36 | -33 | 74 |
| -2 | 0 | -1 | 1 | 1 | -1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| PER SHARE | ||||||
| EPS (₹) | 55.53 | 98.82 | 62.75 | -31.79 | 5.06 | 14.60 |
| Book Value (₹) | 196.04 | 293.86 | 355.04 | 321.90 | 327.70 | 342.30 |
| Dividend per Share (₹) | 1.00 | 1.50 | 1.50 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 66.45 | 114.79 | 80.29 | -11.30 | 28.17 | 39.01 |
| PROFITABILITY | ||||||
| Operating Margin % | 23.33% | 38.09% | 18.84% | -0.49% | 7.83% | 11.05% |
| Net Margin % | 12.80% | 25.06% | 10.95% | -5.53% | 0.87% | 2.38% |
| ROE % | 28.55% | 40.41% | 19.34% | -9.39% | 1.54% | 4.39% |
| ROCE % | 36.22% | 49.69% | 19.55% | -4.07% | 4.26% | 7.51% |
| 22.31% | 32.22% | 12.34% | -5.12% | 0.87% | 2.28% | |
| EFFICIENCY | ||||||
| Debtor Days | 31 | 35 | 29 | 34 | 38 | 43 |
| Inventory Days | 63 | 92 | 130 | 161 | 120 | 120 |
| Payable Days | 20 | 53 | 37 | 35 | 34 | 47 |
| 74 | 75 | 122 | 160 | 124 | 116 | |
| FINANCIAL HEALTH | ||||||
| Debt to Equity (x) | 0.12x | 0.10x | 0.70x | 0.69x | 0.62x | 0.91x |
| Interest Coverage (x) | 13.05x | 115.10x | 18.44x | -1.45x | 1.26x | 1.77x |
| 3.29x | 3.55x | 1.76x | 1.42x | 1.24x | 1.09x | |
| GROWTH | ||||||
| Revenue Growth % | 0.00% | -9.69% | 45.06% | 0.38% | 0.20% | 7.39% |
| Operating Profit Growth % | 0.00% | 47.47% | -28.26% | -102.63% | 1724.93% | 49.37% |
| Net Profit Growth % | 0.00% | 76.86% | -36.61% | -150.66% | 115.74% | 193.91% |
| 0.00% | 0.00% | 0.00% | 0.00% | 115.93% | 188.33% | |
| VALUATION | ||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 53.85x | 24.37x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.83x | 1.04x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 10.25x | 9.71x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-29 - We wish to inform you that the Company has sent a communication to those Members whose e-mail addresses are not registered with the Company / MUFG Intime India Private Limited (formerly Link Intime India Private Limited), the Registrar and Transfer Agent of the Company, or with their respective Depository Participants of the 44th Annual General Meeting Notice and Integrated Annual Report.
2026-08-29 - Mangalam Organics Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 24, 2026
2026-08-29 - Mangalam Organics Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Mangalam Organics Limited has informed the Exchange about General Updates
2026-08-07 - Mangalam Organics Limited has informed the Exchange about Copy of Newspaper Publication of the notice to Equity Shareholders of the Company regarding transfer of equity shares of the Company to Investor Education and Protection Fund (IEPF) Account
2026-07-30 - Mangalam Organics Limited has informed the Exchange about the Investor Presentation for the quarter ended June 30, 2026
2026-07-29 - Mangalam Organics Limited has informed the Exchange about Copy of Newspaper Publication pertaining to the extract of the Unaudited Standalone and Consolidated Financial Results for the Quarter ended June 30, 2026
2026-07-28 - Mangalam Organics Limited has informed the Exchange regarding 'Intimation of 44th Annual General Meeting, Book Closure, Cut-off Date and Remote E-voting Schedule'.
2026-07-28 - Mangalam Organics Limited has informed the Exchange regarding Outcome of Board Meeting held on July 28, 2026 approved the appointment of M/s JMT & Associates, Chartered Accountants as the Statutory Auditors of the Company for a term of five years, subject to the approvalof shareholders at the ensuing AGM of the Company.
News
Recent coverage and analyst commentary for MANORG
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