Minal Industries Ltd.

•

minalindustrieslimited.inBSE: -NSE: MINALIND

Market Cap₹ 98 Cr.

Current Price

High / Low₹ 5 / 2

Stock P/E261.7

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	2886.00	52.48	390684.34	0.04	-1461.54	-249.67	32923.98	49.92	13.30	15.57
2.	PREMIERENE	1002.00	27.32	45485.94	0.10	471.92	53.32	2462.59	35.25	33.72	29.03
3.	AEGISLOG	1286.15	36.08	45143.87	0.68	544.84	210.70	2356.86	37.07	19.76	30.28
4.	CPPLUS	3748.55	92.91	44345.51	0.04	142.20	332.51	1402.42	89.51	29.48	14.52
5.	REDINGTON	372.40	17.12	29113.28	1.61	453.49	94.65	34922.47	34.57	18.96	2.03
6.	HONASA	477.45	62.55	15566.03	0.63	90.45	118.87	755.95	27.00	8.99	14.58
7.	LLOYDSENT	71.95	97.81	10983.54	0.21	109.98	-55.77	563.03	70.15	12.84	18.07
8.	SGMART	814.50	82.57	10265.57	0.00	455.80	1310.71	13085.70	1044.08	10.43	4.49
9.	MMTC	62.28	20.88	9342.00	0.00	104.24	135.52	0.68	-50.00	33.46	-1423.53
10.	ENTERO	1847.60	64.12	8041.32	0.00	52.05	72.17	1940.50	38.23	10.93	5.00
11.	CELLO	343.50	24.77	7747.24	0.44	73.40	-8.99	526.72	-0.43	17.15	18.80
12.	MINALIND	5.10	261.68	97.87	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
PER SHARE
EPS (₹)	-0.02	-0.16	-0.47	0.00	-0.27	-0.11	0.02	0.02	-0.15	0.08
Book Value (₹)	5.33	5.23	4.85	3.13	2.88	2.76	2.79	2.85	2.78	2.77
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 (₹)	-0.02	-0.15	-0.47	-0.03	-0.35	-0.21	0.07	0.02	-0.08	0.25
PROFITABILITY
Operating Margin %	-371.91%	-74.05%	-60759.92%	0.77%	-21.09%	-29.49%	7.58%	7.81%	2.11%	7.56%
Net Margin %	-460.88%	-76.63%	0.00%	0.81%	-19.27%	-34.12%	2.35%	-1.15%	-5.49%	8.24%
ROE %	-0.38%	-3.05%	-9.42%	0.43%	-12.87%	-8.83%	1.24%	-0.57%	-3.84%	7.90%
ROCE %	-0.35%	-3.08%	-9.33%	1.35%	-9.03%	-6.68%	2.10%	2.21%	-2.26%	6.89%
	-0.07%	-0.50%	-2.48%	0.32%	-7.70%	-5.55%	0.85%	-0.39%	-2.37%	4.78%
EFFICIENCY
Debtor Days	0	0	0	366	185	257	118	146	115	138
Inventory Days	0	2003	0	360	616	1626	708	760	617	417
Payable Days	0	0	0	113	58	71	45	128	201	146
	0	2003	0	613	744	1812	781	778	530	409
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.35x	0.34x	0.36x	0.15x	0.20x	0.23x	0.14x
Interest Coverage (x)	-24.29x	-160.51x	-824.87x	2.30x	-15.35x	-18.37x	3.41x	0.83x	-7.57x	24.97x
	1.16x	1.15x	9.90x	3.15x	3.66x	3.21x	6.22x	3.57x	4.49x	5.88x
GROWTH
Revenue Growth %	-99.48%	4696.28%	-99.63%	0.00%	-5.19%	-63.62%	101.64%	-5.09%	41.23%	35.06%
Operating Profit Growth %	-458.15%	-854.94%	-200.88%	103.48%	-2692.91%	49.12%	151.82%	-2.22%	49.51%	56.81%
Net Profit Growth %	-934.32%	-697.47%	-194.70%	103.61%	-2352.90%	35.57%	113.89%	-146.41%	-574.72%	302.52%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-971.60%	153.56%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	42.08x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.63x	1.20x
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	31.74x	14.34x

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

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