Minal Industries Ltd.

•

minalindustrieslimited.inBSE: -NSE: MINALIND

Market Cap₹ 107 Cr.

Current Price

High / Low₹ 6 / 2

Stock P/E285.3

Book Value₹ 3

Price to Book1.20

Dividend Yield0.00 %

ROCE6.9 %

ROE7.9 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2021 • Manufacturing: 91.6% • Unallocated: 8.4%

AI Sector View

AI GENERATED

Oil Gas & Consumable Fuels

Reduce

Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

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PROS

Company comfortably covers its interest (25.0x coverage)
Working capital cycle has improved - days down from 631 to 465
Company maintains a comfortable, low leverage position

CONS

Recent results are weak - TTM profit is down 72.9% versus prior year
Receivables are growing faster than sales - a possible quality concern
Company has a low return on capital employed of 2.3%
Company has a low return on equity of 1.2% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.29x)
Operating cash flow has been negative in recent years

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

Peer comparison

Oil Gas & Consumable FuelsTradingTrading

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

S.No.	Name
1.	ADANIENT	3057.10	55.59	413846.54	0.04	-1461.54	-249.67	32923.98	49.92	13.30	15.57
2.	AEGISLOG	1353.10	37.96	47493.81	0.64	544.84	210.70	2356.86	37.07	19.76	30.28
3.	CPPLUS	3830.15	94.94	45310.84	0.04	142.20	332.51	1402.42	89.51	29.48	14.52
4.	PREMIERENE	974.55	26.57	44239.84	0.10	471.92	53.32	2462.59	35.25	33.72	29.03
5.	REDINGTON	393.65	18.09	30774.55	1.52	453.49	94.65	34922.47	34.57	18.96	2.03
6.	HONASA	470.95	61.70	15354.11	0.64	90.45	118.87	755.95	27.00	20.87	14.58
7.	LLOYDSENT	69.79	94.88	10653.81	0.21	109.98	-55.77	563.03	70.15	12.84	18.07
8.	SGMART	751.25	76.16	9468.39	0.00	455.80	1310.71	13085.70	1044.08	10.43	4.49
9.	MMTC	61.96	20.78	9294.00	0.00	104.24	135.52	0.68	-50.00	33.46	-1423.53
10.	ENTERO	1819.35	63.14	7918.37	0.00	52.05	72.17	1940.50	38.23	10.93	5.00
11.	EBGNG	683.00	54.67	7786.99	0.00	28.93	56.21	412.46	32.08	20.58	11.97
12.	MINALIND	5.56	285.29	106.70	0.00	2.37	248.02	13.11	30.60	6.89	15.55

Detailed Comparison with:

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
	6	5	15	13	12	11	9	19	10	9	9	15	13
	8	9	8	12	12	11	10	15	9	10	10	14	11
Operating Profit	-3	-4	7	0	1	0	-1	4	1	-1	-1	1	2
OPM %	-46.46%	-85.23%	47.81%	3.52%	5.61%	1.76%	-10.82%	20.51%	7.37%	-13.26%	-13.55%	5.80%	14.35%
	1	0	-1	-2	0	0	1	-0	0	1	0	1	0
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	-2	-4	6	-2	1	0	-0	4	1	-1	-1	2	2
Tax %	-0.64%	-3.36%	-1.19%	-16.94%	41.79%	-11.54%	96.15%	-0.57%	11.69%	2.74%	-0.00%	15.62%	-4.31%
Net Profit	0	0	0	0	0	0	-0	4	1	-1	-1	2	2
	-0.08	-0.22	0.31	-0.11	0.02	0.02	0.00	0.18	0.04	-0.04	-0.05	0.08	0.12

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	0	4	0	41	38	14	28	27	38	51	46
	1	7	17	42	48	19	28	27	37	47	46
Operating Profit	-1	-3	-16	-1	-9	-5	-0	-0	1	4	0
OPM %	-639.54%	-74.23%	-111484.75%	-2.75%	-24.60%	-38.63%	-0.56%	-0.92%	2.11%	7.56%	0.87%
	0	0	8	1	3	1	2	2	-2	1	3
Interest	0	0	0	1	0	0	0	2	0	0	0
Depreciation	0	0	0	-1	1	1	1	1	1	1	1
Profit before Tax	-0	-3	-9	1	-7	-5	1	-0	-2	4	2
Tax %	-3.48%	1.98%	-0.46%	50.35%	0.54%	7.20%	33.15%	-5.95%	-23.34%	-0.64%	7.39%
Net Profit	-0	-3	-9	0	-7	-5	1	-0	-2	4	2
EPS	0.00	0.00	0.00	0.00	-0.39	-0.25	0.04	0.02	-0.15	0.08	—
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:: 12%
5 Years:: 6%
3 Years:: 22%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 55%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: -3%
5 Years:: -1%
3 Years:: 1%
Last Year:: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	38	38	38	38	38	38	38	38	38	38
Minority Interest	0	0	0	12	10	7	7	7	8	10
	64	62	55	22	17	15	15	16	15	15
	0	0	0	21	20	20	9	12	13	8
Trade Payables	509	530	8	9	1	2	1	8	15	11
	0	0	0	2	2	1	1	3	2	3
Total Liabilities	613	632	102	104	89	83	73	84	91	85
	1	1	1	4	6	5	4	4	4	4
	21	21	12	0	0	0	0	0	0	0
	22	22	15	65	64	60	49	62	65	51
	0	0	0	0	0	0	0	0	15	24
Cash & Bank	0	0	0	6	0	1	1	0	0	1
	568	588	74	28	18	16	18	17	7	5
Total Assets	613	632	102	104	89	83	73	84	91	85

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-8	-1	-10	2	-3	5	-18	-2	-1	4
Cash from Investing	5	0	9	-0	0	-6	30	1	1	0
Cash from Financing	3	1	2	1	-2	2	-13	1	0	-4
	-0	-0	-0	2	-5	1	-1	-0	-0	1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	40.63	40.63	40.63	40.63	40.63	40.63	40.63	40.78	40.79
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	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	0.00
	59.37	59.37	59.37	59.37	59.37	59.37	59.37	59.22	59.21

Documents

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

No announcements filed.

News

Recent coverage and analyst commentary for MINALIND

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AI Stock Analyst

Minal Industries Ltd.

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Name

ADANIENT

3057.10

55.59

413846.54

0.04

-1461.54

-249.67

32923.98

49.92

13.30

15.57

AEGISLOG

1353.10

37.96

47493.81

0.64

544.84

210.70

2356.86

37.07

19.76

30.28

CPPLUS

3830.15

94.94

45310.84

0.04

142.20

332.51

1402.42

89.51

29.48

14.52

PREMIERENE

974.55

26.57

44239.84

0.10

471.92

53.32

2462.59

35.25

33.72

29.03

REDINGTON

393.65

18.09

30774.55

1.52

453.49

94.65

34922.47

34.57

18.96

2.03

HONASA

470.95

61.70

15354.11

0.64

90.45

118.87

755.95

27.00

20.87

14.58

LLOYDSENT

69.79

94.88

10653.81

0.21

109.98

-55.77

563.03

70.15

12.84

18.07

SGMART

751.25

76.16

9468.39

0.00

455.80

1310.71

13085.70

1044.08

10.43

4.49

MMTC

61.96

20.78

9294.00

0.00

104.24

135.52

0.68

-50.00

33.46

-1423.53

ENTERO

1819.35

63.14

7918.37

0.00

52.05

72.17

1940.50

38.23

10.93

5.00

EBGNG

683.00

54.67

7786.99

0.00

28.93

56.21

412.46

32.08

20.58

11.97

MINALIND

5.56

285.29

106.70

0.00

2.37

248.02

13.11

30.60

6.89

15.55

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

Operating Profit

-3

-4

-1

OPM %

-46.46%

-85.23%

47.81%

3.52%

5.61%

1.76%

-10.82%

20.51%

7.37%

-13.26%

-13.55%

5.80%

14.35%

-1

-2

-0

Interest

-0

Depreciation

Profit before Tax

-2

-4

-2

-0

-1

Tax %

-0.64%

-3.36%

-1.19%

-16.94%

41.79%

-11.54%

96.15%

-0.57%

11.69%

2.74%

-0.00%

15.62%

-4.31%

Net Profit

-0

-1

-0.08

-0.22

0.31

-0.11

0.02

0.00

0.18

0.04

-0.04

-0.05

0.08

0.12

Mar 2014

Mar 2015

Mar 2016

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

Operating Profit

-1

-3

-16

-1

-9

-5

-0

OPM %

-639.54%

-74.23%

-111484.75%

-2.75%

-24.60%

-38.63%

-0.56%

-0.92%

2.11%

7.56%

0.87%

-2

Interest

Depreciation

-1

Profit before Tax

-0

-3

-9

-7

-5

-0

-2

Tax %

-3.48%

1.98%

-0.46%

50.35%

0.54%

7.20%

33.15%

-5.95%

-23.34%

-0.64%

7.39%

Net Profit

-0

-3

-9

-7

-5

-0

-2

EPS

0.00

-0.39

-0.25

0.04

0.02

-0.15

0.08

—

Dividend Payout %

0.00%

—

Mar 2014

Mar 2015

Mar 2016

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

Minority Interest

Trade Payables

509

530

Total Liabilities

613

632

102

104

Cash & Bank

568

588

Total Assets

613

632

102

104

Mar 2014

Mar 2015

Mar 2016

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-8

-1

-10

-3

-18

-2

-1

Cash from Investing

-0

-6

Cash from Financing

-2

-13

-4

-0

-5

-1

-0

Mar 2014

Mar 2015

Mar 2016

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

40.63

40.78

40.79

FIIs

0.00

DIIs

0.00

Government

0.00

59.37

59.22

59.21

Minal Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Minal Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI