Minal Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2011 • Jewellery Division: 100.0% • Engineering Division: 0.0%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
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.
PROS
- Company is almost debt free
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.17x)
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Recent results are weak - TTM profit is down 137.5% versus prior year
- Interest coverage is weak at -41.6x - earnings barely cover interest
- Operating cash flow has been negative in recent years
- Company has a low return on capital employed of -3.0%
- Company has a low return on equity of -3.0% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 2886.00 | 52.48 | 390684.34 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| PREMIERENE | 1002.00 | 27.32 | 45485.94 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| AEGISLOG | 1286.15 | 36.08 | 45143.87 | 0.68 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| CPPLUS | 3748.55 | 92.91 | 44345.51 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| REDINGTON | 372.40 | 17.12 | 29113.28 | 1.61 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 477.45 | 62.55 | 15566.03 | 0.63 | 90.45 | 118.87 | 755.95 | 27.00 | 8.99 | 14.58 |
| LLOYDSENT | 71.95 | 97.81 | 10983.54 | 0.21 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 814.50 | 82.57 | 10265.57 | 0.00 | 455.80 | 1310.71 | 13085.70 | 1044.08 | 10.43 | 4.49 |
| MMTC | 62.28 | 20.88 | 9342.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1847.60 | 64.12 | 8041.32 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| CELLO | 343.50 | 24.77 | 7747.24 | 0.44 | 73.40 | -8.99 | 526.72 | -0.43 | 17.15 | 18.80 |
| MINALIND | 5.10 | 261.68 | 97.87 | 0.00 | 2.37 | 248.02 | 13.11 | 30.60 | 6.89 | 15.55 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 6 | 1 | 0 | 0 | 0 | |
| 0 | -1 | 2 | -0 | 0 | 1 | 0 | 1 | 5 | 1 | 1 | 1 | 1 | |
| Operating Profit | -0 | 1 | -1 | 0 | 0 | -1 | -0 | -1 | 0 | -0 | -0 | -1 | -1 |
| OPM % | — | 553.33% | -77.78% | — | 56.00% | — | -1350.00% | — | 5.30% | -17.31% | -73.53% | -234.78% | -279.27% |
| 0 | 0 | 0 | -4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | -0 | 1 | -1 | -4 | 0 | -1 | -0 | -1 | 0 | -0 | -0 | -0 | -0 |
| Tax % | -9.09% | 15.38% | 15.38% | 1.38% | 26.09% | 14.12% | -0.00% | 1.89% | 0.00% | -0.00% | -0.00% | -119.44% | 6.25% |
| Net Profit | -0 | 1 | -1 | -4 | 0 | -1 | -0 | -1 | 0 | -0 | -0 | -1 | -0 |
| -0.01 | 0.04 | -0.03 | -0.19 | 0.02 | -0.04 | -0.01 | -0.03 | 0.02 | -0.01 | -0.01 | -0.04 | -0.02 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 4 | 1 | 1 | 2 | |
| 16 | 1 | 1 | 1 | 7 | 19 | 1 | 4 | 1 | 2 | 3 | |
| Operating Profit | -16 | -1 | -1 | -1 | -7 | -19 | -0 | 0 | 0 | -1 | -2 |
| OPM % | -109350.23% | -20153.92% | — | — | — | — | -21.28% | 10.90% | 0.39% | -163.70% | -83.69% |
| 8 | 0 | 0 | 1 | 4 | 1 | 1 | 1 | -3 | 0 | 1 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | -9 | -1 | -0 | -0 | -3 | -17 | 0 | 1 | -3 | -1 | -1 |
| Tax % | -0.48% | 0.19% | 3.18% | 112.26% | -0.03% | -0.01% | 3.90% | -2.04% | 0.25% | 0.43% | -40.72% |
| Net Profit | -9 | -1 | -0 | 0 | -3 | -17 | 0 | 1 | -3 | -1 | -1 |
| EPS | -0.45 | 0.00 | 0.00 | 0.00 | -0.14 | -0.90 | 0.02 | 0.05 | -0.18 | -0.06 | — |
| 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:
- 1%
- 5 Years:
- —
- 3 Years:
- 2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- -6%
- 5 Years:
- -9%
- 3 Years:
- -3%
- Last Year:
- -3%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | 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 |
| 24 | 23 | 22 | 22 | 20 | 3 | 3 | 4 | 1 | -1 | |
| Trade Payables | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 0 |
| Total Liabilities | 69 | 62 | 62 | 61 | 58 | 41 | 42 | 44 | 40 | 38 |
| 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | |
| 12 | 12 | 12 | 12 | 12 | 6 | 6 | 6 | 6 | 6 | |
| 15 | 15 | 15 | 15 | 9 | 9 | 9 | 11 | 10 | 9 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 4 | |
| 40 | 34 | 34 | 34 | 36 | 25 | 26 | 27 | 19 | 18 | |
| Total Assets | 69 | 62 | 62 | 61 | 58 | 41 | 42 | 44 | 40 | 38 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -9 | -0 | -0 | -0 | 0 | 6 | -0 | -2 | -1 | -0 | |
| Cash from Investing | 9 | 0 | 0 | 0 | 0 | -6 | 0 | 3 | 1 | 1 |
| Cash from Financing | 0 | -0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | -0 |
| -0 | -0 | -0 | -0 | -0 | 0 | 0 | 0 | -0 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -0.45 | -0.05 | -0.02 | 0.00 | -0.14 | -0.90 | 0.02 | 0.05 | -0.18 | -0.06 |
| Book Value (₹) | 3.24 | 3.19 | 3.17 | 3.17 | 3.03 | 2.14 | 2.15 | 2.21 | 2.03 | 1.97 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -0.45 | -0.05 | -0.02 | 0.02 | -0.13 | -0.90 | 0.02 | 0.05 | -0.18 | -0.06 |
| PROFITABILITY | ||||||||||
| Operating Margin % | -57935.00% | -20053.86% | 0.00% | 0.00% | 0.00% | 0.00% | 56.06% | 24.94% | 0.39% | -163.70% |
| Net Margin % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 49.08% | 23.29% | -329.88% | -143.24% |
| ROE % | -13.04% | -1.70% | -0.63% | 0.01% | -4.40% | -34.76% | 0.87% | 2.39% | -8.56% | -2.91% |
| ROCE % | -12.91% | -1.69% | -0.63% | -0.09% | -4.37% | -34.75% | 0.91% | 2.49% | -8.56% | -2.85% |
| -2.60% | -1.61% | -0.62% | 0.01% | -4.37% | -34.57% | 0.87% | 2.33% | -8.25% | -2.86% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 0 | 0 | 0 | 0 | 0 | 0 | 365 | 178 | 1306 | 1905 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 4476 | 825 | 3620 | 4625 |
| Payable Days | 0 | 0 | 0 | 0 | 8 | -4974 | 114 | 111 | 1337 | 260 |
| 0 | 0 | 0 | 0 | -8 | 4974 | 4727 | 891 | 3589 | 6270 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.01x | 0.01x | 0.01x | 0.01x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Interest Coverage (x) | 0.00x | -189.21x | -44.09x | -3.66x | -257.57x | 0.00x | 936.00x | 16.66x | -1392.32x | -41.58x |
| 8.91x | 83.72x | 83.06x | 87.92x | 333.91x | 126.48x | 207.08x | 18.12x | 29.44x | 72.09x | |
| GROWTH | ||||||||||
| Revenue Growth % | -97.90% | -67.06% | -100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 486.56% | -75.48% | -26.09% |
| Operating Profit Growth % | -417.03% | 88.60% | 65.06% | 169.01% | -1995.08% | -284.98% | 102.39% | 160.97% | -39.72% | -263.69% |
| Net Profit Growth % | -394.58% | 87.91% | 63.32% | 102.33% | 0.00% | -558.21% | 102.08% | 178.35% | -447.32% | 67.91% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -447.60% | 67.92% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.24x | 1.69x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 135.11x | -60.20x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
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Minal Industries Ltd.
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