Mahickra Chemicals Ltd.

•

₹ 257.5-0.33%

2026-08-21

mahickra.comBSE: -NSE: MAHICKRA

Market Cap₹ 254 Cr.

Current Price₹ 258

High / Low₹ 301 / 131

Stock P/E49.2

Book Value₹ 68

Price to Book2.85

Dividend Yield0.06 %

ROCE9.9 %

ROE7.3 %

Face Value₹ 10

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ABOUT

KEY POINTS

PROS

Company maintains a comfortable, low leverage position

CONS

A large part of profit comes from other income (74.4% of PBT)
Operating cash flow has been negative in recent years
Company has a low return on equity of 7.1% over last 3 years
Company has a low return on capital employed of 9.7%
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.12x)

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

Peer comparison

EDIT COLUMNS

ChemicalsChemicalsChemicals

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

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	SOLARINDS	19800.00	89.97	179170.31	0.06	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1650.00	63.40	167935.41	1.30	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2575.00	35.31	76329.39	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4679.55	83.59	51404.86	0.06	219.00	19.02	1588.00	23.97	10.02	26.83
5.	NAVINFLUOR	8281.50	53.80	42484.11	0.18	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1217.10	34.87	40998.14	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1767.85	30.78	24112.24	0.42	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1639.40	92.52	21759.40	0.00	62.75	33.45	326.56	27.49	11.65	31.47
9.	ATUL	6581.75	24.36	19377.83	0.46	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	526.90	35.99	19112.07	0.19	155.00	260.47	2387.00	42.42	6.39	16.00
11.	DEEPAKFERT	1474.65	18.98	18678.34	0.68	490.04	100.95	3256.26	22.47	12.12	25.96
12.	MAHICKRA	259.65	49.24	253.83	0.06	—	—	—	—	9.86	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

No quarterly results found

We don't have this information yet. Please check back later.

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	102	103	72	88
	101	101	71	86
Operating Profit	6	6	3	5
OPM %	6	6	4	6
Other Income	4	4	2	3
Interest	1	1	1	1
Depreciation	0	1	0	0
	5	5	2	4
Tax %	28	28	29	28
Net Profit	3	3	1	3
EPS	4	4	1	3
Dividend Payout %	16	16	23	6
Minority Interest	0	0	0	0
Share of Associates	0	0	0	0
Adjusted EPS	4	4	1	3
Minority Interest	0	0	0	0
Share of Associates	0	0	0	0
Adjusted EPS	4	4	1	3

Mar 2022

: 102
: 101
Operating Profit: 6
OPM %: 6
Other Income: 4
Interest: 1
Depreciation: 0
: 5
Tax %: 28
Net Profit: 3
EPS: 4
Dividend Payout %: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2023

: 103
: 101
Operating Profit: 6
OPM %: 6
Other Income: 4
Interest: 1
Depreciation: 1
: 5
Tax %: 28
Net Profit: 3
EPS: 4
Dividend Payout %: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2024

: 72
: 71
Operating Profit: 3
OPM %: 4
Other Income: 2
Interest: 1
Depreciation: 0
: 2
Tax %: 29
Net Profit: 1
EPS: 1
Dividend Payout %: 23
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1

Mar 2025

: 88
: 86
Operating Profit: 5
OPM %: 6
Other Income: 3
Interest: 1
Depreciation: 0
: 4
Tax %: 28
Net Profit: 3
EPS: 3
Dividend Payout %: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: -5%

COMPOUNDED PROFIT GROWTH

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

STOCK PRICE CAGR

10 Years:: —
5 Years:: 26%
3 Years:: 46%
1 Year:: 81%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 7%
Last Year:: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-
Equity Capital	8	8	8	8
	22	24	25	28
	8	9	13	15
Trade Payables	24	20	13	17
	3	2	1	1
Total Liabilities	65	63	61	68
ASSETS	-	-	-	-
	2	4	5	5
Capital Work in Progress	3	0	1	0
	17	19	23	32
	0	0	23	26
	43	39	9	6
Total Assets	65	63	61	68
Total Debt	10	10	13	15
Net Working Capital	26	28	28	29
Contingent Liabilities	0	0	4	6
Book Value per Share	36.63	40.01	41.03	43.95
Face Value	10.00	10.00	10.00	10.00
Total Debt	10	10	13	15
Net Working Capital	26	28	28	29
Contingent Liabilities	0	0	4	6
Book Value per Share	36.63	40.01	41.03	43.95
Face Value	10.00	10.00	10.00	10.00

Mar 2022

Equity Capital: 8
: 22
: 8
Trade Payables: 24
: 3
Total Liabilities: 65
: 2
Capital Work in Progress: 3
: 17
: 0
: 43
Total Assets: 65
Total Debt: 10
Net Working Capital: 26
Contingent Liabilities: 0
Book Value per Share: 36.63
Face Value: 10.00
Total Debt: 10
Net Working Capital: 26
Contingent Liabilities: 0
Book Value per Share: 36.63
Face Value: 10.00

Mar 2023

Equity Capital: 8
: 24
: 9
Trade Payables: 20
: 2
Total Liabilities: 63
: 4
Capital Work in Progress: 0
: 19
: 0
: 39
Total Assets: 63
Total Debt: 10
Net Working Capital: 28
Contingent Liabilities: 0
Book Value per Share: 40.01
Face Value: 10.00
Total Debt: 10
Net Working Capital: 28
Contingent Liabilities: 0
Book Value per Share: 40.01
Face Value: 10.00

Mar 2024

Equity Capital: 8
: 25
: 13
Trade Payables: 13
: 1
Total Liabilities: 61
: 5
Capital Work in Progress: 1
: 23
: 23
: 9
Total Assets: 61
Total Debt: 13
Net Working Capital: 28
Contingent Liabilities: 4
Book Value per Share: 41.03
Face Value: 10.00
Total Debt: 13
Net Working Capital: 28
Contingent Liabilities: 4
Book Value per Share: 41.03
Face Value: 10.00

Mar 2025

Equity Capital: 8
: 28
: 15
Trade Payables: 17
: 1
Total Liabilities: 68
: 5
Capital Work in Progress: 0
: 32
: 26
: 6
Total Assets: 68
Total Debt: 15
Net Working Capital: 29
Contingent Liabilities: 6
Book Value per Share: 43.95
Face Value: 10.00
Total Debt: 15
Net Working Capital: 29
Contingent Liabilities: 6
Book Value per Share: 43.95
Face Value: 10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	3	2	-1	-0
Cash from Investing	-1	-1	-1	-0
Cash from Financing	-2	-1	2	0
	-0	0	-0	0
Free Cash Flow	3	1	-2	-0
OCF / Net Profit	0.97	0.70	-1.24	-0.07
Cumulative 5-Year FCF	0	0	0	0
OCF / Net Profit	0.97	0.70	-1.24	-0.07
Cumulative 5-Year FCF	0	0	0	0

Mar 2022

: 3
Cash from Investing: -1
Cash from Financing: -2
: -0
Free Cash Flow: 3
OCF / Net Profit: 0.97
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.97
Cumulative 5-Year FCF: 0

Mar 2023

: 2
Cash from Investing: -1
Cash from Financing: -1
: 0
Free Cash Flow: 1
OCF / Net Profit: 0.70
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.70
Cumulative 5-Year FCF: 0

Mar 2024

: -1
Cash from Investing: -1
Cash from Financing: 2
: -0
Free Cash Flow: -2
OCF / Net Profit: -1.24
Cumulative 5-Year FCF: 0
OCF / Net Profit: -1.24
Cumulative 5-Year FCF: 0

Mar 2025

: -0
Cash from Investing: -0
Cash from Financing: 0
: 0
Free Cash Flow: -0
OCF / Net Profit: -0.07
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.07
Cumulative 5-Year FCF: 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-
EPS (₹)	4.12	4.05	1.32	3.12
Book Value (₹)	36.63	40.01	41.03	43.95
Dividend per Share (₹)	0.65	0.65	0.30	0.20
Cash EPS (₹)	4.43	4.73	1.66	3.49
PROFITABILITY	-	-	-	-
Operating Margin %	5.55%	5.87%	0.93%	2.83%
Net Margin %	3.27%	3.19%	1.49%	2.87%
ROE %	11.26%	10.56%	3.26%	7.34%
ROCE %	13.63%	13.35%	5.96%	9.86%
	5.14%	5.11%	1.73%	3.92%
EFFICIENCY	-	-	-	-
Debtor Days	136	133	153	102
Inventory Days	62	65	107	113
Payable Days	98	91	104	71
	101	106	156	144
FINANCIAL HEALTH	-	-	-	-
Debt to Equity (x)	0.34x	0.31x	0.40x	0.43x
Interest Coverage (x)	6.99x	5.89x	2.29x	3.73x
	1.76x	1.95x	2.03x	1.92x
GROWTH	-	-	-	-
Revenue Growth %	0.00%	0.72%	-30.20%	22.58%
Operating Profit Growth %	0.00%	6.68%	-51.42%	74.06%
Net Profit Growth %	0.00%	-1.84%	-67.35%	135.98%
	0.00%	0.00%	-67.35%	135.98%
VALUATION	-	-	-	-
P/E (x)	0.00x	0.00x	92.75x	40.22x
P/B (x)	0.00x	0.00x	2.99x	2.85x
Dividend Yield %	0.00%	0.00%	0.24%	0.16%
	0.00x	0.00x	38.42x	22.88x

Mar 2022

EPS (₹): 4.12
Book Value (₹): 36.63
Dividend per Share (₹): 0.65
Cash EPS (₹): 4.43
Operating Margin %: 5.55%
Net Margin %: 3.27%
ROE %: 11.26%
ROCE %: 13.63%
: 5.14%
Debtor Days: 136
Inventory Days: 62
Payable Days: 98
: 101
Debt to Equity (x): 0.34x
Interest Coverage (x): 6.99x
: 1.76x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 4.05
Book Value (₹): 40.01
Dividend per Share (₹): 0.65
Cash EPS (₹): 4.73
Operating Margin %: 5.87%
Net Margin %: 3.19%
ROE %: 10.56%
ROCE %: 13.35%
: 5.11%
Debtor Days: 133
Inventory Days: 65
Payable Days: 91
: 106
Debt to Equity (x): 0.31x
Interest Coverage (x): 5.89x
: 1.95x
Revenue Growth %: 0.72%
Operating Profit Growth %: 6.68%
Net Profit Growth %: -1.84%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 1.32
Book Value (₹): 41.03
Dividend per Share (₹): 0.30
Cash EPS (₹): 1.66
Operating Margin %: 0.93%
Net Margin %: 1.49%
ROE %: 3.26%
ROCE %: 5.96%
: 1.73%
Debtor Days: 153
Inventory Days: 107
Payable Days: 104
: 156
Debt to Equity (x): 0.40x
Interest Coverage (x): 2.29x
: 2.03x
Revenue Growth %: -30.20%
Operating Profit Growth %: -51.42%
Net Profit Growth %: -67.35%
: -67.35%
P/E (x): 92.75x
P/B (x): 2.99x
Dividend Yield %: 0.24%
: 38.42x

Mar 2025

EPS (₹): 3.12
Book Value (₹): 43.95
Dividend per Share (₹): 0.20
Cash EPS (₹): 3.49
Operating Margin %: 2.83%
Net Margin %: 2.87%
ROE %: 7.34%
ROCE %: 9.86%
: 3.92%
Debtor Days: 102
Inventory Days: 113
Payable Days: 71
: 144
Debt to Equity (x): 0.43x
Interest Coverage (x): 3.73x
: 1.92x
Revenue Growth %: 22.58%
Operating Profit Growth %: 74.06%
Net Profit Growth %: 135.98%
: 135.98%
P/E (x): 40.22x
P/B (x): 2.85x
Dividend Yield %: 0.16%
: 22.88x

Shareholding Pattern

Numbers in percentages

TRADES

	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	52.18	53.05	53.84	54.95	51.81	48.57	48.27	40.10
	0.59	0.59	0.59	0.59	0.59	0.59	0.00	0.00
DIIs	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
	47.23	46.36	45.57	44.46	47.60	50.84	51.73	59.90

Sep 2022

: 52.18
: 0.59
DIIs: 0.00
Government: 0.00
: 47.23

Mar 2023

: 53.05
: 0.59
DIIs: 0.00
Government: 0.00
: 46.36

Sep 2023

: 53.84
: 0.59
DIIs: 0.00
Government: 0.00
: 45.57

Mar 2024

: 54.95
: 0.59
DIIs: 0.00
Government: 0.00
: 44.46

Sep 2024

: 51.81
: 0.59
DIIs: 0.00
Government: 0.00
: 47.60

Mar 2025

: 48.57
: 0.59
DIIs: 0.00
Government: 0.00
: 50.84

Sep 2025

: 48.27
: 0.00
DIIs: 0.00
Government: 0.00
: 51.73

Mar 2026

: 40.10
: 0.00
DIIs: 0.00
Government: 0.00
: 59.90

Documents

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Annual Reports

Credit Ratings

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Concalls

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