Mitcon Consultancy & Engineering Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Consultancy and Training: 69.0% • Project Services: 30.3% • Wind Power Generation: 0.7%
AI Sector View
AI GENERATEDServices
Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.
PROS
- Operating margins have improved to 17.1% from 10.3%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.37x)
- Company maintains a comfortable, low leverage position
- Attractively priced for its growth - PEG of 0.8
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (60.6% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of 5.5% over last 3 years
- Company has a low return on capital employed of 8.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| PFOCUS | 310.60 | 209.28 | 24188.72 | 0.00 | -457.78 | -514.43 | 12668.15 | 1196.88 | 2.74 | 23.76 |
| SAGILITY | 45.15 | 21.28 | 21136.20 | 0.33 | 216.81 | 45.94 | 1963.48 | 27.59 | 13.82 | 22.32 |
| HORIZONIND | 55.65 | 244.03 | 16043.35 | 0.00 | -116.27 | — | 2005.46 | — | 3.32 | 80.26 |
| SYNGENE | 382.65 | 69.89 | 15446.40 | 0.33 | -9.00 | -110.38 | 736.00 | -15.84 | 9.48 | 12.34 |
| INDGN | 578.05 | 34.74 | 13929.08 | 0.39 | 116.20 | -0.17 | 1063.10 | 39.73 | 18.92 | 16.39 |
| IGIL | 314.20 | 22.27 | 13578.46 | 1.59 | 165.74 | 30.98 | 370.78 | 23.22 | 77.00 | 60.35 |
| NESCO | 1102.75 | 18.65 | 7769.97 | 0.63 | 99.96 | 3.97 | 211.80 | 9.55 | 19.23 | 48.33 |
| LEAPIND | 144.55 | 102.15 | 6367.95 | 0.00 | 247.33 | — | 2034.13 | — | 9.32 | 51.19 |
| SPARC | 196.10 | 4.02 | 6363.87 | 0.00 | -20.78 | 59.94 | 39.92 | 314.11 | 163.94 | -85.17 |
| SMARTWORKS | 530.60 | 217.74 | 6069.06 | 0.00 | 13.15 | 413.27 | 546.25 | 44.05 | 61.12 | 63.33 |
| JUSTDIAL | 665.10 | 15.59 | 5656.61 | 0.00 | 115.74 | 38.44 | 270.27 | 16.23 | 12.88 | 26.17 |
| MITCON | 80.15 | 14.34 | 139.61 | 0.00 | 2.75 | 129.85 | 67.58 | 176.64 | 9.36 | 11.31 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 16 | 24 | 10 | 20 | 10 | 15 | 11 | 16 | 13 | 15 | 11 | 21 | 9 | |
| 13 | 20 | 8 | 18 | 8 | 12 | 9 | 14 | 12 | 13 | 10 | 18 | 10 | |
| Operating Profit | 3 | 3 | 2 | 3 | 2 | 3 | 2 | 2 | 2 | 2 | 1 | 3 | -1 |
| OPM % | 17.99% | 13.89% | 18.87% | 13.55% | 18.27% | 21.09% | 15.21% | 14.11% | 12.76% | 12.96% | 11.29% | 14.49% | -5.42% |
| 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| Interest | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 3 | 3 | 2 | 3 | 2 | 3 | 1 | 2 | 1 | 2 | 1 | 3 | 1 |
| Tax % | 37.11% | 26.99% | -2.19% | 32.55% | 35.56% | 30.98% | 40.58% | 34.50% | 30.82% | 27.59% | 27.97% | 21.82% | 35.35% |
| Net Profit | 2 | 2 | 2 | 2 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 1 |
| 1.20 | 1.78 | 1.39 | 1.28 | 0.87 | 1.49 | 0.59 | 0.92 | 0.70 | 0.72 | 0.49 | 1.24 | 0.36 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 45 | 44 | 58 | 58 | 36 | 33 | 77 | 44 | 70 | 51 | 56 | |
| 38 | 39 | 55 | 57 | 34 | 35 | 72 | 38 | 59 | 42 | 51 | |
| Operating Profit | 7 | 5 | 3 | 1 | 2 | -3 | 5 | 7 | 11 | 9 | 6 |
| OPM % | 15.60% | 11.76% | 5.70% | 1.84% | 5.12% | -9.02% | 7.02% | 14.66% | 15.46% | 17.13% | 10.09% |
| 4 | 3 | 4 | 5 | 7 | 3 | 2 | 3 | 4 | 5 | 6 | |
| Interest | 0 | 0 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 3 | 3 |
| Depreciation | 4 | 2 | 3 | 2 | 2 | 2 | 1 | 2 | 2 | 3 | 3 |
| Profit before Tax | 7 | 6 | 4 | 4 | 6 | -3 | 5 | 6 | 10 | 8 | 7 |
| Tax % | 31.62% | 20.06% | 21.13% | 17.91% | 26.83% | 31.33% | 53.13% | 10.07% | 25.65% | 34.45% | 26.41% |
| Net Profit | 5 | 4 | 3 | 3 | 4 | -2 | 2 | 6 | 8 | 5 | 5 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -1.45 | 1.63 | 4.32 | 5.65 | 3.68 | — |
| Dividend Payout % | 26.25% | 27.35% | 42.81% | 38.61% | 6.61% | -13.76% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 2%
- 5 Years:
- 7%
- 3 Years:
- -13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 0%
- 5 Years:
- 6%
- 3 Years:
- 35%
STOCK PRICE CAGR
- 10 Years:
- 5%
- 5 Years:
- 11%
- 3 Years:
- 7%
- 1 Year:
- 24%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 3%
- 3 Years:
- 5%
- Last Year:
- 4%
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 | 12 | 12 | 12 | 12 | 13 | 13 | 13 | 13 | 13 | 14 |
| 77 | 80 | 81 | 82 | 90 | 88 | 91 | 97 | 104 | 116 | |
| 0 | 0 | 0 | 10 | 8 | 15 | 15 | 19 | 23 | 27 | |
| Trade Payables | 5 | 6 | 8 | 8 | 12 | 9 | 14 | 6 | 10 | 6 |
| 5 | 5 | 6 | 5 | 4 | 6 | 6 | 7 | 11 | 11 | |
| Total Liabilities | 100 | 103 | 107 | 118 | 128 | 131 | 140 | 141 | 162 | 175 |
| 26 | 23 | 21 | 20 | 19 | 23 | 24 | 30 | 29 | 31 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 9 | 30 | 7 | 23 | 38 | 55 | 54 | 80 | 81 | 83 | |
| 0 | 0 | 0 | 0 | 6 | 1 | 2 | 0 | 1 | 1 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20 | 24 | |
| Cash & Bank | 14 | 19 | 25 | 9 | 11 | 25 | 4 | 4 | 8 | 1 |
| 51 | 31 | 54 | 66 | 55 | 28 | 56 | 27 | 23 | 34 | |
| Total Assets | 100 | 103 | 107 | 118 | 128 | 131 | 140 | 141 | 162 | 175 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -14 | 28 | 6 | 13 | 5 | 1 | -4 | 15 | 12 | -2 | |
| Cash from Investing | -5 | -19 | 2 | -33 | 3 | 6 | -3 | -16 | -13 | -15 |
| Cash from Financing | -1 | -1 | -2 | 7 | -5 | -1 | -1 | 0 | 6 | 9 |
| -24 | 5 | 6 | -15 | 1 | 11 | -10 | -0 | 5 | -7 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-26 - MITCON Consultancy & Engineering Services Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-25 - MITCON Consultancy & Engineering Services Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 17, 2026
2026-08-14 - MITCON Consultancy & Engineering Services Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - MITCON Consultancy & Engineering Services Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-03 - MITCON Consultancy & Engineering Services Limited has informed the Exchange about Acquisition
2026-08-03 - MITCON Consultancy & Engineering Services Limited has informed the Exchange about General Updates
2026-07-17 - MITCON Consultancy & Engineering Services Limited has informed the Exchange about General Updates
2026-07-14 - MITCON Consultancy & Engineering Services Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-25 - MITCON Consultancy & Engineering Services Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
News
Recent coverage and analyst commentary for MITCON
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