Megatherm Induction Ltd.

•

megatherm.comBSE: -NSE: MEGATHERM

Market Cap₹ 431 Cr.

Current Price

High / Low₹ 315 / 170

Stock P/E18.2

Book Value₹ 88

Price to Book1.96

Dividend Yield0.00 %

ROCE17.7 %

ROE15.4 %

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%

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PROS

Company has delivered good profit growth of 50.3% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 22.0%
Company has delivered good sales growth of 26.0% CAGR over last 5 years
Company comfortably covers its interest (8.9x coverage)
Stock looks reasonably valued - P/E of 18.2 is below its historical median
Company maintains a comfortable, low leverage position

CONS

Equity base is being diluted - shares outstanding up 104.1%
Total debt has risen sharply - up 51.6% year on year
Growth is decelerating - 3Y profit CAGR (19.1%) trails the 5Y trend (50.3%)
Though reporting repeated profits, the company pays out little dividend (0.0%)

* 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.	MEGATHERM	228.75	18.20	430.98	0.00	—	—	—	—	17.71	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

No quarterly results found

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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	109	188	266	306	321	346
	96	180	238	270	285	313
Operating Profit	13	8	28	36	36	33
OPM %	12.08%	4.22%	10.36%	11.77%	11.14%	9.59%
	0	1	1	1	3	6
Interest	7	5	6	6	6	4
Depreciation	2	2	2	3	4	5
Profit before Tax	4	2	20	28	29	31
Tax %	27.35%	27.57%	29.40%	24.91%	26.39%	22.61%
Net Profit	3	1	14	21	21	24
EPS	2.25	0.80	10.11	11.00	11.31	12.57
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 26%
3 Years:: 9%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 50%
3 Years:: 19%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -26%

RETURN ON EQUITY

10 Years:: —
5 Years:: 18%
3 Years:: 19%
Last Year:: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	9	9	9	19	19	19
	26	27	41	102	123	146
	43	40	35	33	30	49
Trade Payables	29	37	43	43	43	49
	39	58	68	87	78	88
Total Liabilities	146	173	196	282	292	351
	43	40	58	64	77	86
Capital Work in Progress	0	2	1	0	1	3
	0	0	0	7	6	2
	53	69	71	82	97	127
	0	0	0	32	35	38
Cash & Bank	10	18	21	61	50	60
	40	44	45	37	26	37
Total Assets	146	173	196	282	292	351

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	16	18	30	23	16	5
Cash from Investing	-5	-3	-20	-37	-20	12
Cash from Financing	-6	-7	-3	36	-10	13
	4	7	3	22	-14	30

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	3.38	1.19	15.17	11.00	11.31	12.57
Book Value (₹)	38.46	39.67	54.83	63.88	75.18	87.75
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	3.79	2.28	11.87	12.80	13.41	15.01
PROFITABILITY
Operating Margin %	12.31%	4.56%	10.57%	11.77%	11.14%	9.59%
Net Margin %	2.84%	0.59%	5.27%	6.77%	6.65%	6.84%
ROE %	8.80%	3.07%	32.10%	24.24%	16.26%	15.43%
ROCE %	14.44%	8.38%	30.12%	27.03%	21.13%	17.71%
	2.11%	0.69%	7.59%	8.66%	7.41%	7.36%
EFFICIENCY
Debtor Days	82	48	33	33	38	38
Inventory Days	179	118	96	91	102	118
Payable Days	139	80	73	69	67	67
	122	86	56	55	73	90
FINANCIAL HEALTH
Debt to Equity (x)	1.23x	1.10x	0.85x	0.30x	0.23x	0.30x
Interest Coverage (x)	1.60x	1.30x	4.40x	5.47x	5.82x	8.95x
	1.13x	1.05x	1.01x	1.38x	1.43x	1.39x
GROWTH
Revenue Growth %	0.00%	72.31%	41.55%	15.18%	4.65%	8.02%
Operating Profit Growth %	0.00%	-36.13%	227.76%	32.25%	4.73%	2.29%
Net Profit Growth %	0.00%	-64.38%	1171.94%	47.98%	2.81%	11.15%
	0.00%	0.00%	0.00%	-27.48%	2.81%	11.15%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	23.42x	24.05x	13.66x
P/B (x)	0.00x	0.00x	0.00x	4.03x	3.62x	1.96x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	12.40x	12.71x	7.87x

Shareholding Pattern

Numbers in percentages

	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	72.71	72.79	72.79	71.83	71.85
	1.80	0.28	0.27	0.27	0.27
	1.13	0.00	0.00	0.00	0.04
Government	0.00	0.00	0.00	0.00	0.00
	24.37	26.93	26.94	27.90	27.84

Documents

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

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