MCON Rasayan India Ltd.

•

mconrasayan.comBSE: -NSE: MCON

Market Cap₹ 31 Cr.

Current Price

High / Low₹ 83 / 37

Stock P/E10.2

Book Value₹ 45

Price to Book2.74

Dividend Yield0.00 %

ROCE11.1 %

ROE9.3 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

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 delivered good sales growth of 41.4% CAGR over last 5 years
Operating margins have improved to 11.5% from 7.5%
Institutional investors have been accumulating - FII+DII up 3.5pp

CONS

Operating cash flow has been negative in recent years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.73x)
A large part of profit comes from other income (25.5% of PBT)
Equity base is being diluted - shares outstanding up 388.6%
Working capital days have increased from 47 to 167 days
Free cash flow has been persistently negative

* 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.	MCON	42.50	10.24	31.18	0.00	—	—	—	—	11.11	—

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 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	9	9	19	31	42	51
	8	8	18	28	37	45
Operating Profit	1	1	1	3	5	6
OPM %	7.51%	10.13%	7.46%	8.64%	12.58%	11.53%
	0	0	0	0	0	1
Interest	0	0	0	1	2	2
Depreciation	0	0	0	0	1	2
Profit before Tax	0	0	1	2	3	3
Tax %	30.65%	26.11%	28.24%	26.08%	28.40%	15.41%
Net Profit	0	0	0	1	2	2
EPS	0.32	1.25	3.30	2.62	3.56	3.10
Dividend Payout %	0.00%	8.03%	0.00%	0.00%	0.00%	0.00%

COMPOUNDED SALES GROWTH

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

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 129%
3 Years:: 66%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -35%
1 Year:: -45%

RETURN ON EQUITY

10 Years:: —
5 Years:: 15%
3 Years:: 13%
Last Year:: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1	2	2	6	6	7
	0	0	1	7	9	26
	3	3	7	8	15	18
Trade Payables	3	3	4	7	12	17
	0	1	1	2	3	3
Total Liabilities	8	8	14	30	46	71
	1	1	1	7	10	15
Capital Work in Progress	0	0	1	0	5	0
	1	2	4	7	11	29
	0	0	0	0	17	23
Cash & Bank	0	0	0	0	1	1
	5	4	7	16	1	2
Total Assets	8	8	14	30	46	71

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-0	0	-2	-5	4	-14
Cash from Investing	-0	-0	-1	-5	-9	-2
Cash from Financing	1	0	3	10	6	17
	-0	0	0	0	0	1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	0.36	1.25	3.30	1.80	3.56	3.10
Book Value (₹)	10.96	11.89	16.00	21.22	24.77	45.22
Dividend per Share (₹)	0.00	0.10	0.00	0.00	0.00	0.00
Cash EPS (₹)	1.54	1.38	2.42	2.40	5.25	5.63
PROFITABILITY
Operating Margin %	7.55%	10.36%	7.49%	8.68%	12.58%	11.53%
Net Margin %	0.40%	2.08%	2.58%	3.66%	5.32%	4.48%
ROE %	3.27%	12.92%	23.68%	14.39%	15.46%	9.33%
ROCE %	8.42%	13.62%	14.87%	14.64%	17.38%	11.11%
	0.47%	2.34%	4.38%	5.10%	5.92%	3.91%
EFFICIENCY
Debtor Days	128	138	83	91	118	142
Inventory Days	56	77	64	64	77	144
Payable Days	278	262	120	125	168	238
	-94	-48	27	30	27	49
FINANCIAL HEALTH
Debt to Equity (x)	2.90x	1.94x	3.09x	0.63x	1.02x	0.59x
Interest Coverage (x)	1.17x	1.63x	2.61x	2.97x	3.06x	2.34x
	1.23x	1.37x	1.19x	1.63x	1.22x	1.73x
GROWTH
Revenue Growth %	0.00%	0.13%	114.03%	61.50%	35.75%	20.46%
Operating Profit Growth %	0.00%	37.33%	54.89%	87.09%	112.09%	14.43%
Net Profit Growth %	0.00%	416.02%	165.20%	129.19%	97.39%	1.46%
	0.00%	0.00%	0.00%	0.00%	97.40%	-12.73%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	32.60x	39.98x
P/B (x)	0.00x	0.00x	0.00x	0.00x	4.68x	2.74x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	15.46x	16.70x

Shareholding Pattern

Numbers in percentages

	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	66.65	66.65	66.65	66.65	57.32	57.32	57.41
	0.00	0.00	0.00	1.51	4.12	1.73	0.00
	0.00	0.00	0.00	0.00	2.62	3.48	3.48
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	33.35	33.35	33.35	31.85	35.94	37.47	39.11

Documents

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

No announcements filed.

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